Numbers to Know
Neil H. Baum, MD, Clinical Professor of Urology at Tulane Medical School, discusses the business of medicine and some important numbers that urologists need to know. Highlighting the need for doctors to improve their business skills in order to survive in today’s market, Dr. Baum goes over five important metrics that will help doctors truly understand the value of the service they are providing. These numbers include charges and receipts, accounts receivable, charge lag, denials, and new patient percentages. He talks about what these numbers look like in a perfect world versus reality and what doctors can do about them. Dr. Baum emphasizes that doctors need only spend five minutes every month monitoring these metrics in order to become more involved in the business of their practice.
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