Neil H. Baum, MD, presented “Numbers to Know” for the Grand Rounds in Urology audience in July, 2020.
How to cite: Baum, Neil H. “Numbers to Know” July, 2020. Accessed Nov 2024. https://grandroundsinurology.com/numbers-to-know/
Numbers to Know – Summary:
GRU Contributing Editor Neil H. Baum, MD 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, Clinical Professor of Urology at Tulane Medical School, reviews five important metrics that will help doctors truly understand the value of the service they are providing. These metrics include charges and receipts, accounts receivable, charge lag, denials and new patient percentages. He analyzes what these numbers look like in a perfect world versus reality, and what physicians can do about them. Lastly, 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.
For more commentary from Dr. Baum, visit his Improving Your Urology Practice page.
ABOUT THE AUTHOR
Neil H. Baum, MD, is a Clinical Professor of Urology at Tulane Medical School in New Orleans, Louisiana. He is also a retired urologic surgeon. Additionally, Dr. Baum serves as the Medical Advisor to Vanguard Communications Group. Dr. Baum is the author of Marketing Your Clinical Practice - Ethically, Effectively, and Economically, which is in its 4th edition, has sold over 175,000 copies, and has been translated into Spanish. He also wrote The Complete Business Guide to a Successful Medical Practice, which was published in 2015. Dr. Baum was the columnist for American Medical News for more than 25 years. Dr. Baum also wrote the popular column, “The Bottom Line,” for Urology Times for more than 20 years. He is a requested speaker each year to the Practice Management Seminar for the American Urological Association (AUA), where he discusses techniques for making urology practices more efficient and more productive. He has written more than 9 books on practice management and over 250 peer-reviewed articles on various urologic topics. Dr. Baum is also the medical advisor to Vanguard Communications Group.
