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Practice Management Consultants

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Chiropractic Business Model

Thorpe Associates, LLC introduces a New Business Model designed to Support the Single provider Chiropractic Office 
Building a Better Healthcare World One Practice at a Time

The New Chiropractic office Business Model does not require front office staff to manage the Practice Schedule.
The Practice can get payment for services rendered without a billing staff or a Billing Service. 
  

               Purpose of the New Chiropractic Office Business Model.

 

1. Unite the Chiropractic Community Purchasing power and Increase financial leverage for the practice
2. Reduce or eliminate unnecessary business expenses.
3. Improved workflow so the Chiropractic office can achieve business goals and focus on patient care
4. Improve Cash flow and Optimize the Chiropractor’s cash flow
 
The New Chiropractic office Business Model 

    

Scheduling, Billing, Practice Management and Electronic Health Records designed with integrated Electronic Transaction solutions, including Electronic Healthcare Claims, Real-time and Batch insurance eligibility verification and electronic posting insurance payments to the patient account.
Professional Practice Management Services.

 

Requirements of the single office Chiropractor

    

1. Schedule Patients and Collect Co-pays on the date of Service
2. Enter Procedure and diagnosis codes into our software at the point of care
3. One-click to delivery the visit to our claims processing platform.
4. Print Daily deposit slip and Attach the Bank Deposit Receipt
5. Collaborate With your Practice Management Consultant


 

Requirements of Our Practice Management Consultants

1. Daily Document Patient payments by Cash, Checks or Credit Card Payment
2. Evaluate and post insurance explanation of Benefits to the patient account
3. Hold 3rd Party Payers accountable for correct and timely payment for patient services
4. Prepare A Day Sheet and reconcile the accuracy of Accounts Receivables
a) A day sheet is a list of daily charges and payments for each patient
b) We cross reference the day sheet to the schedule to verify and account for daily Charges

Monthly Reports

1. We closeout the accounting period in your Practice management Software
2. Prepare the Practice Income Statement  
a) The Revenue line on the income statement shows the amount of cash collect by the practice
b) We list your practice expenses
c) Subtract expenses from revenue to report profits or Loss
d) Profit/Loss increases or decrease cash reported on the Practice Balance Sheet
3. Prepare the Practice Balance Sheet
a) The Practice Balance Sheet Reports Assets, Liabilities and Owner’s Equity
b) Cash and Accounts Receivables are current assets
c) Outstanding debts are current liabilities
d) Your Assets minus Liabilities equals your Net Worth

Prepare Cash Flow Statement


A cash flow statement reports money coming in the door and money going out the door.

a) Cash flow statement shows from what sources cash comes into the practice and on what the cash been spent. This is a valuable tool in Financial Statement Analysis.
b) Cash Flow from financing operation
c) Cash flow from Investing Activates
4. Print Daily deposit slip and Attach the Bank Deposit Receipt
5. Collaborate With your Practice Management Consultant

Our Practice Management Consultants are trained experts at identifying Bottle necks in your practice that interrupt cash flow.  We will isolate these bottle necks, propose a business solution and collaborate with your leaders to achieve stated practice management goals

Internal Accounting Controls

Accounting controls encompass safeguarding assets and the accuracy of financial records.
The office Staff responsible for collecting Patient Co Pays should not be the same person who handles bank deposit receipts.