In our Tips and Tricks series, we share some neat ways for making the most of Practice Perfect.
Most clinic owners didn’t choose to become clinic owners because of their business acumen—they chose to become clinic owners because of their commitment to providing patients with quality care that patients can rely on. But the fact is, when you assume ownership of a clinic, you’re being thrust into the business world whether you like it or not–and believe us–we understand if crunching numbers isn’t your thing. Fortunately, your EMR software might be able to help ease the burden of tracking financial information. This is primarily achieved through the use of canned financial reports, and today we’re going to talk about how they can be leveraged to help you track your clinic’s success.
Having a clear understanding of your clinic’s monthly financials is integral to its success. You need to be able to know exactly how much you spent on your office’s rent or mortgage, how much you’re paying your therapists, how much you’re being charged for your various services (i.e. internet, phone, EMR, etc.), and perhaps most importantly, how much money your clinic earned. These figures will give you a clear indication whether your clinic is earning money. Let’s take a closer look at how you can use your EMR to track the money you’re bringing in.
Many clinic owners wait until the end of the year to review their earnings. This means that they’re waiting a full 12 months just to figure out if they’ve managed to turn a profit or if they’re just scraping by. Meanwhile, the smarter clinic owners are reviewing their finances on a monthly, and often weekly basis. This is advantageous for several reasons: They gain a clearer understanding of how their clinic is performing, they can intervene earlier if it isn’t performing well, and they focus on what’s working best.
Now, when you’re looking at your clinic’s monthly revenue, there are several figures you should be looking at closely:
– Treatment revenue
– Treatment revenue by provider
– Product revenue
These figures, and more, and be generated with the click of a button. By simply selecting, ‘Reports’, ‘Finances’ and ‘Revenue Report’ from the menu bar in Practice Perfect, you can generate a comprehensive list of your earnings, and further classify it according to a specific treatment or service, provider, or product.
If you’re in need a quick refresher on some of the canned reports in Practice Perfect, don’t hesitate to contact the support department for further assistance.