What should be included in management reports?
What should be included in management reports?
When Kyle Allen, RPh, MBA, wants to know how her practice compares to goals every month all she has to do is look at her monthly report. What does it include?
Allen, chief operating officer of integrated practices at Methodist Medical Group in Indianapolis, includes four main sections in her report.
• Practice operations: This includes targets and actuals for the following areas:
— Capacity: The percent of practices with non-traditional hours and percent with open panels, and gross and net revenue per physician.
— Staffing salary: Ratio: Figure as a percent of both gross and net revenue.
— Physician salary ratio: As above
— Administrative expense ratio: Includes figures for the month, the yearly budgeted total, and the year to date actual.
• Overall financials: Includes the actual, the budget, and the variance for net income for the month and the year to date.
• Risk/covered lives: Includes the monthly totals and year-to-date budgets and actuals for commercial and senior patients. Also includes sections on net premium yield, medical expenses for commercial patients, and variables, such as the number of inpatient days and cost per prescription.
• Billing: Includes the monthly and year-to-date totals for:
— gross days in accounts receivable;
— gross collection percentage;
— adjusted collection percentage;
— capitation payment percentage;
— collection goal;
— actual collections.
Subscribe Now for Access
You have reached your article limit for the month. We hope you found our articles both enjoyable and insightful. For information on new subscriptions, product trials, alternative billing arrangements or group and site discounts please call 800-688-2421. We look forward to having you as a long-term member of the Relias Media community.