chiropractic patient financial report

Patients need and want care or they wouldn’t come to your office. Provide a thorough consult, exam and Report of Findings to establish the need and benefit of care. Then offer a simple, compliant, FINANCIAL Report of Findings using ChiroHealthUSA to show patients how you can help keep their care affordable, whether they have insurance or not.

Full Answer

DOCUMENTATION @ CHIRO.ORG

Patient Forms - Chiropractic

Why are notes placed at the back of financial statements?

These notes are placed at the back of the statements so as not to obscure the actual figures reported.

Why do we need notes on financial statements?

Notes to financial statements are standardized disclosure requirements and are meant to provide additional useful information to users of the statements. These notes are placed at the back of the statements so as not to obscure the actual figures reported. Financial statements, when used in conjunction with other financial reports (such as cash flow projections), will help you make informed decisions about your practice.

What is balance sheet?

A balance sheet is a statement, at a particular point in time, of the financial position of your practice. It includes figures for the current fiscal year and comparatives for the previous fiscal year.

What is the purpose of a statement of income and expenses?

Also known as the “income statement,” a statement of income and expenses summarizes the revenues earned and expenditures made for a stated period of time. The statement of income and expenses generally covers a full fiscal year and shows comparative figures for the previous fiscal year.

7.3 Break-even Analysis

The Break-even Analysis indicates what is needed in monthly revenue to reach the break-even point.

7.6 Business Ratios

The following table outlines some of the more important ratios from the Office of Chiropractors industry. The final column, Industry Profile, details specific ratios based on the industry as it is classified by the Standard Industry Classification (SIC) code, 8041.

7.1 Important Assumptions

The financial plan depends on Important Assumptions, most of which are shown in the following table as annual assumptions. The monthly assumptions are included in the appendix.

7.2 Break-even Analysis

The following chart and table summarize our Break-even Analysis. With fixed costs of $6,775 per month at the outset, our clinic will need to collect $6,775 of billings to cover our monthly costs.

7.3 Projected Profit and Loss

Our Projected Profit and Loss is shown on the following table, with sales increasing from $99K the first year to about $120K the third, and profits almost negligible for the start-up phase of this business. We show a break-even point after six months of business in December of 2003.

7.4 Projected Cash Flow

Cash Flow projections are critical to our success. The monthly cash flow is shown in the illustration, with one bar representing the cash flow per month, and the other the monthly cash balance. The annual cash flow figures are included here and the more important detailed monthly numbers are included in the appendix.

7.5 Projected Balance Sheet

The Balance Sheet in the following table shows managed but sufficient growth of net worth, and a sufficiently healthy financial position by year three.

8.1 Important Assumptions

The financial plan depends on important assumptions, most of which are shown in the following table as annual assumptions. The monthly assumptions are included in the appendices. From the beginning, we recognize that collection days are critical. Interest rates, tax rates, and personnel burden are based on worst case scenario assumptions.

8.2 Break-even Analysis

Fixed costs are calculated as day-to-day running expenses and are averaged out over the course of 12 months to develop the one month figure.

8.3 Projected Profit and Loss

Our projected profit and loss is shown in the following table, with sales increasing from just under $450K the first year to more than $1.2 million the third. Due in part to the nature of our business (service oriented, without the need of expensive production cost or inventory), we expect modest profits for the first year.

8.4 Projected Cash Flow

Cash flow projections are critical to our success. The monthly cash flow is shown in the illustration, with one bar representing the cash flow per month, and the other the monthly cash balance. The annual cash flow figures are included here and the more important detailed monthly numbers are included in the appendices.

8.5 Projected Balance Sheet

The balance sheet in the following table shows managed but sufficient growth of net worth, and a healthy financial position.

8.6 Business Ratios

The following table shows the projected businesses ratios. We expect to maintain healthy ratios for profitability, risk, and return.

Outline Your Recommendations For Care.

Get Permission to Talk About Finances.

Warm Up The patient.

Give Payment Options.

Review How The Program Works, Keeping It Simple and Address Common Questions.

Reviewing The Payment Policy.

Enroll The Patient in The Care.

Conclusion.

• We can now cross each item off the list below when it comes to doing a proper financial Report of Findings: 1. Outline your recommendations for care. 2. Get permission to talk about finances. 3. Warm up the patient 4. In a private room, review the compliant financial report, pointing out the savings. 5. Give payment options. 6. Review how the progr...

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