Money Tip
TOPIC: Making More Money
For those using the
StarStats™
computer statistical software program, It is
easy and simple
to generate the reports that will provided the information needed to make the
analysis mentioned in the Money Tip below.
ANALYZE your billing data by totaling the amount of money in each
category for the month, a six month period , or the year, for Commercial insurance,
Personal Injury , Workers Comp, and Medicare, then note which category produces
the most income in your practice.
Now determine the monthly, bi annual, and or yearly totals for "
New Patient Types" (Workers Comp, Insurance, Managed Care, Cash, Medicare, and
Personal Injury).
Now compare these totals to the amounts of
money being produced in each of the categories (i.e. commercial insurance, personal
injury, and Medicare).
You can convert these figures into percentages
to determine approximately how much money is coming from your new patients.
For example you might determine that
14.57% of your new patients per month are Pers Injury
(PI) patients, yet they may produce 45% of
the office production.
You should surmise that if you increase your PI practice
by 5% just think of the increased income you can generate for your practice!
You can then concentrate your marketing efforts on the categories you wish to
build that not only diversify your practice but insure its profitability!
Your billing office or you
can spend so much time to do this analysis that it probably
wouldn't get done! For those using the StarStats™
computer statistical software program simply "click" to
create a report on the particular time period and analyze/preview/and/or print out the
report. The totals of each of your billing categories will be automatically
calculated.
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