Finances and Your Practice
Five Key Metrics for Financial Success in Your Practice
Many providers are under the impression they can assess the financial health of their practice by evaluating cash flow only. However, cash flow is just one factor. You don't have to be a finance expert to understand the other important metrics that should be calculated and reviewed when evaluating the revenue cycle.
The AAFP has put together a series of online education modules to help you understand the five key metrics in revenue cycle management. Obtain a better understanding of the following topics and why they are important for your practice:
- Days in Accounts Receivable
- Days in Accounts Receivable Greater Than 120 Days
- Adjusted Collection Rate
- Denial Rate
- Average Reimbursement Rate
Closing or Selling Your Practice
Retiring, selling, or closing your practice can be an exciting but complicated time in a physician's life. You may feel consumed by details and deadlines involved with the closing process and may be wondering where to begin. The AAFP has resources to assist you in this transition.