Advice on keeping track of billables/collections

[GoBeers]

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Hello,

All of us have are in position to obtain a percentage of collections as payment for our work. But logistically speaking, any of you have advice on how we keep track of such things to make sure the numbers add up?

I was wondering if any of you had a template on keeping track of all billables and collections?

Thanks in advance.

 

[drusso]

Hello,

All of us have are in position to obtain a percentage of collections as payment for our work. But logistically speaking, any of you have advice on how we keep track of such things to make sure the numbers add up?

I was wondering if any of you had a template on keeping track of all billables and collections?

Thanks in advance.

Your practice management software program should spit this out with a click of one button. Then, plug it into your compensation model:

Gross Provider collections
--minus direct costs, payroll, payroll expenses, benefits, retirement, CME, auto/mileage, cell phone, technology package, etc.
--minus Your portion of the fixed overhead
--minus Your portion of other employee costs (PA, MA's, Admin, etc)
--minus Your portion of the variable overhead
--minus Your portion of other costs

= Net Provider Collections

--plus quality incentive payments due you
--plus your portion of ancillary streams if vested
--minus management fees (should be calculated on net provider collections not gross)

= Net of Net Collections = What you bring home