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URGENT CARE ASSOCIATION
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Within this page, you will find Industry Perspective blogs written by the UCA Corporate Support Partners (CSP); Insights from UCA CEO Laurel Stoimenoff, PT, CHC; Practice Management blogs to help you better manage center operations; and bonus UCA education in Educational Insights.


EDUCATIONAL INSIGHTS: UCA2019 Convention Take Home Tactics Dose 10: Navigating and Utilizing Your Profit & Loss Statement

Posted: Aug 20, 2019
Comments: 0
Author: UCA Admin

We want to make sure you are continuing the conversations started at the 2019 Urgent Care Convention & Expo by giving you Take Home Tactics.

Share this with your staff as a way of offering everyone the opportunity to change the way they look at on-demand medicine.

For many operators, the P&L statement is a misused management tool that is defended rather than utilized for success. Management of the P&L should include operators and be part of the ongoing daily center management. Tracy Patterson offered advice on how to navigate and utilize the profit & loss statement.

Take Home Tactic #1: The key to effectively using your P&L data in center management is understanding which inputs (revenues and expenses) you have control over or the ability to impact. In looking to impact revenue, dive deeper, “…visit volume often is outside the realm of accounting software; volume numbers should be part of P&L, revenue subsection.  Remember to include net revenue per visit.”

Take Home Tactic #2: The P&L typically does not contain the payroll data you need to manage your center; work with the payroll person/department to get the data you need.  “Here’s a helpful tip: remember the hours-worked by type are more important data [inputs] than total dollars in managing and impacting your center.”

Take Home Tactic #3: If looking at your revenue, separate contractual adjustments from other adjustments.  Other adjustments, such as bad debt, you can impact with staff awareness and training.  Keep in mind, what front desk processes impacts bad debt.  Conversations on how to manage the following can help eliminate some of the bad debt adjustments:

  • Missed co-pays vs. deductibles
  • Missed eligibility checks
  • Missed coding for self-pays

PURCHASE THE ENTIRE RECORDED SESSION OF NAVIGATING AND UTILIZING YOUR PROFIT & LOSS STATEMENT HERE.

(UCA members must log in first to receive member pricing)

 

Tracy Patterson, MBA, MHSA, CHC, is the Principal for Continuum Health Solutions. With over 20 years of urgent care experience in multi-state settings, she is acutely aware of opportunities and potential risks which can be avoided as a result of that acumen. Since creating Continuum Health Solutions, Ms. Patterson has served as the project manager for both large metropolitan and smaller community health systems in their development of their urgent care service line including the selection, design and project management of urgent care sites and the interim operational management. She also assists clients in developing business plans, financial modeling, establishing operational policies and meeting regulatory compliance. Ms. Patterson is involved with UCA as a volunteer and as a consultant. She currently serves as UCA’s Educational Content Advisor for Practice Management and as an accreditation surveyor. Additionally, she serves on the Accreditation Standards & Processing Committee and chairs the Payer Relations Committee. She holds a Masters of Business Administration, a Masters of Health Services, a Bachelors in Accounting and is a certified in Healthcare Compliance.

 

 

 

 

 

 

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