Overview
Missed charges could be costing your clinic
hundreds of thousands dollars a year.
Because you have already delivered the services and products. You have paid all the costs – the wages, the rent, the consumables, the drugs, etc. The only thing you have not done is collect the revenue.
Since there are no further costs to be deducted from that revenue – it drops straight to your bottom line and is equal to lost profits.
Here's an example of just how much you could be missing
Most people do not absorb this important issue on first read.
So please look at the following example that shows how a clinic with a $1 million of revenue could be losing $250,000 in profits.
Then re-read the paragraphs above.
|
|
Current Profit |
Profit with"Missed Charges"captured |
|
Current Revenues |
$1,000,000 |
$1,000,000 |
|
"Missed Charges" Captured |
0 |
$250,000 |
|
Total Revenue |
$1,000,000 |
$1,250,000 |
|
Less Costs |
$900,000 |
$900,000 |
|
Profits |
$100,000 |
$350,000 |
|
Difference in Profits |
|
$250,000 |
These financial issues go to the very core of the viability of your practice. So RxWorks has built a complete suite of tools – many of which are unique to RxWorks – to help you address these issues now. Plus these tools help you manage and monitor these financial issues going forward.
The above are “honest mistakes”.
Are your staff stealing from you?
Unfortunately many practices are the victims of embezzlement – whether they know it or not. A trusted employee can easily steal tens of thousands of dollars off you in a relatively short time.
A detailed audit trail in RxWorks lets you investigate any suspicions you may have. Even if everything is ok, at least you will have put your mind at ease. If something is wrong, then you have evidence you can take to the police and your insurance company.
RxWorks has a range of reports that you can review. These reports often reveal anomalies that you will want to investigate. Once staff realize you have the tools to properly monitor your business, and that you do so regularly, they will be less likely to steal from you.
RxWorks Safety Nets
Discover more about RxWorks Safety Nets and how they can benefit your practice.
Supporting Videos
The Real Cost of Missed Charges
View Denise Tumblin (CPA Veterinary Economics) on the topic of 'The Real Cost of Missed Charges.'
The RxWorks 3-Part Webinar Series on Missed Charges
View the RxWorks webinars on 'Missed Charges.'
