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 Jan 2021. 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.