Budgets and spreadsheets are great for managing the financial aspects of your practice, but there are some hidden areas that those spreadsheets don’t cover that could be costing your practice money. You may think that you’re managing your money efficiently, but it is always best to know for sure. So keep reading to see if your practice has fallen victim to any of these money mishaps.
Failing to Utilize Patient Recall & Other Money Mistakes Your Practice Could be Making
You Haven't been Looking at Your Numbers
It is great to hit your target numbers in your budget and profits each year, but it isn’t enough for those values to just stay consistent. The important benchmarks in your practice should be improving each year. Take the time to compare this year’s numbers to last year’s to really see how your practice is doing, and get in the habit of comparing these numbers over a quarterly or monthly basis. Some important benchmarks to look out for are chair costs, inventory turnover, and optical capture rate.
You're Purchasing Add on Software
If your practice management and EHR system isn’t an all-in-one solution, you could be costing your practice. Your system should come equipped with things like patient recall, ePrescribing, and code verification. That way you aren’t costing your practice extra money by purchasing those features as add-ons later on.