What you need to know about Phase Two “Lost” Income Analysis:

 

 

A Holistic Analysis of your Practice:

Busy doctors don’t have time to analyze their practice fully and properly with a heavy patient load. Nor have they been specifically trained how to do so.  Having a consultant gives them that opportunity, without taking away from the vital time needed for the production workload. That way, they can become aware of what is really going on and what needs attention, while continuing to focus on patients.

 

This introductory service studies all aspects of the practice and so provides a holistic approach determining exactly what is occurring in practice so as not to adopt a “band-aid-type” approach.

 

STEP ONE | Gather Practice Data – An Objective Look

 

This is the most important piece of data as it is objective and can be fully relied upon as accurate data. Whereas the next piece of data is very subjective, step one involves a purely statistical investigation including:

 

–         1-2 years’ worth of vital practice statistics –  Production, Collection and New Patient statistics

–         Other specific statistics as needed

 

STEP TWO | Gather Staff and Owner Data – An In-Depth Subjective Look

 

Staff – This includes confidential staff questionnaires which are subjective in nature in that they may or may not be factual. This focuses in on how each staff member views the practice, what they see may need work, if anything, suggestions and their overall evaluation of how the practice is doing.
Marketing Activity – An investigation will also be done of what marketing has been done, has been successful, etc.

Practice Owner – An owner questionnaire is given to identify the owner’s goals, areas of difficulty. Etc.

 

 

STEP THREE | ANALYSIS

 

All collected data is reviewed, evaluated and analyzed before meeting with the practice owner. The key purpose in analyzing this data is to find out exactly what is causing the most income loss in the practice. In analyzing any business, you will always find lots of things to work on. But what will give the owner the biggest bang for his buck? That is the mission and objective of this analysis.

 

SUCCESS | Finding Lost Income in a Practice – Case Study:

 

In one practice, for over a year, new patient numbers had doubled –  however, production and income had only gone up slightly.

 

Knowing the industry, this didn’t make any sense – there should be a big spike in production and income with that many new patients. An investigation was needed to find out what was happening with those patients.

 

Using several of the Lost Income Analysis tools, the situation was traced back to a single staff member who wasn’t doing a certain job and was in general disagreement with financial policy and fees. It was a hidden situation which was literally halting treatment plan acceptance and income.

 

After a solution was implemented, the practice got a “new lease on life” with more new patients accepting treatment and production soaring to highest ever levels.

 

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