It's 4 p.m. do you know where the day's revenue is?

Why This Topic Matters

Revenue leakage can significantly affect practice profitability even when patient volume is steady. Understanding common breakdowns and internal control concepts helps practices spot problems earlier and maintain more reliable financial processes.

Article Sections

1. Common sources of lost revenue

   Describes several routine ways medical practices can lose income through administrative and operational breakdowns. The section focuses on broad categories of billing, charge capture, and purchasing issues.

2. Why internal control matters

   Explains the general accounting concept of internal control and how it helps protect a practice’s assets. The section frames internal control as a safeguard against both mistakes and fraud.

3. Basic tenets of good internal control

   Outlines practical management principles for handling money, paperwork, and inventory within a practice. The section emphasizes separation of duties, daily tracking, and follow-up processes.

4. Consultant selection and implementation considerations

   Notes considerations for obtaining outside help with internal control in a medical practice. The section addresses experience with healthcare financial operations and the practical effort involved.