Owning your medical practice means wearing many hats—you're working to help people feel better and save lives, but also need to run a profitable business to continue doing your essential job. Trying to remember numbers with sticky notes or manual bookkeeping creates more work, increases the risk of inconsistencies, and in turn, takes up more time. How can you confidently keep track of your business's finances?
What Is a Monthly Revenue Report?
A monthly revenue report is simply a list of revenue—gross or net—that you've made that month from your practice. Computer software keeps track of your practice's financials so that you can quickly review it in an exact, easy-to-look-at list. Businesses can choose how often they check their revenue reports based on their business' needs—for example, annually, quarterly, or monthly.
It Saves You Money
Reviewing your revenue reports is good business practice. Your reports will help you:
- Make predictions and decisions based on accurate data.
- Plan out your budget effectively.
- Track your revenue, expenses, and profitability.
- Improve your processes' performance.
Reviewing your reports also allows you to ask yourself questions like: "is our profit consistent with our budget?" and "is our revenue aligning with our expenses?" Knowing your business is growing and staying on track gives you the peace of mind to confidently make other important business decisions for your practice.
As a medical professional, you often don't receive full payment immediately following a patient's appointment or procedure. However, you and your staff will likely be on a payment schedule—supplies will still need to be purchased to keep the practice running smoothly, and you need to know if you can continue to grow your practice. Monthly revenue reports allow you to analyze data to make those decisions with confidence.
At SureCollect, we understand the daily challenges of managing a successful medical practice. For a billing solution that can increase your revenue up to 30%, visit our website or call (800) 215-2507.