Financial modeling: Rx for financial success.
In an era of managed care, cost cutting and finding ways to increase revenue are key goals in the survival of group practices. Many practices find that they have to boost their revenue by a certain amount (for example, 20-30% within the next three years) to maintain viability in the health care marketplace. Understanding how to generate that revenue and influence short-term and long-term financial outcomes is a far trickier process. This article details how practice administrators can influence a practice's bottom line through a three-step process: (1) identify the components of the practice's financial performance and drivers of performance results, (2) diagnose the practice's current financial situation, and (3) pinpoint benchmarks and targets for success.
Marino
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dmarino@zaconsulting.com
D004465:Economic Competition; D017598:Efficiency, Organizational; D005376:Financial Management / Q000379:methods*; D006123:Group Practice / Q000191:economics* / Q000458:organization & administration; D008329:Managed Care Programs; D014481:United States