As a therapy and rehab practice, it’s essential to maintain accurate and timely financial records to ensure that your business is running smoothly.
With today’s digital solutions, you can quickly get an accurate picture of your practice’s overall financial health as well as the opportunity to identify potential problems by utilizing a comprehensive dashboard that delivers in-depth financial reports.
Financial Reports for Physical Therapy and Rehab Practices
Having a thorough understanding of your financial performance is essential when it comes to making informed business decisions and provides ample opportunity to optimize your billing. Let’s explore the financial reports that Raintree’s electronic medical record system (EMR) can offer to ensure your therapy and rehab practice is healthy and successful.
1. Financial KPI Reports
KPI reports are one of the most important financial reports for any therapy and rehab practice.
These reports not only help to identify key performance indicators (KPIs) and enable practices to better manage their billing and revenue cycle, they also offer a high-level view of your organization’s financial health. What’s more, KPI reports can be configured by location and time period, delivering tailored insights into the status of your practice and making it easy to compare data points.
By regularly monitoring and analyzing your financial KPI reports, your practice can quickly identify upcoming coding and billing issues and optimize financial performance to future-proof your business against potential revenue threats.
2. “RCM at a Glance” Dashboard
RCM, or revenue cycle management, is a vital component of any therapy and rehab practice. It involves managing all tasks related to the billing and reimbursement of services, including insurance verification, patient eligibility, claim scrubbing and denial management, payment posting and collections, and more!
At its core, RCM is an ongoing process and requires constant attention to ensure all claims are processed efficiently and effectively. Automation within RCM workflows has come a long way in speeding up the process, but continuous revenue improvement means monitoring trends in your financial and productivity metrics.
That’s where “RCM at a Glance” comes in. This dashboard gives users the ability to quickly see the overall status of their claims management processes. From your clean claims rate to the number of claims that have needed intervention, this report highlights key data points to help you identify priority areas for improvement.
3. Factoring Dashboard
Simply put, this premium Raintree report gives therapists the power to future-proof their practice. By analyzing previous financial trends and comparing them to your current billing situation, this technology enables therapy and rehab organizations to forecast payments, adjustments, and more within a 1% variance.
For practices interested in spotting revenue leaks, the factoring dashboard is an invaluable component of your overall business intelligence (BI) suite. This dashboard works in harmony with the rest of your financial reports to provide you with a comprehensive overview of your practice’s financial health. This can be instrumental in helping you make more informed decisions, as well as gaining a better understanding of how to optimize your financial performance going forward.
Business Intelligence and Revenue Cycle Management Tools
Raintree’s all-in-one EMR offers a suite of business intelligence tools that delivers a wealth of insights and data that can help inform key decision-making and allow providers to gain a deeper understanding of their current and projected financial performance.
While there’s no doubt that financial reports are essential for tracking and evaluating the financial success of any practice, choosing the right digital solution to manage your daily tasks beyond billing and RCM is another matter entirely. That’s why Raintree’s flexible practice management software doesn’t just offer reporting tools for your financial operations. From optimized billing to automated patient engagement to clinical documentation tools, Raintree is dedicated to providing the technology therapists need to deliver quality healthcare.
