8 Reports to Review for a Meaningful Practice Evaluation

Whether you’re overwhelmed, treading water, or fully thriving, pausing to analyze key reports can pave the way for smart and strategic actions.

When was the last time you took a deep dive into your practice’s performance? As you navigate the ups and downs of running a medical and/or weight loss surgery practice, it's critical to evaluate what’s working, what’s not, and where you ultimately want to go. This process may seem daunting, but clarity and actionable insights are always worth the effort.

I’ve had the privilege of working with many various practices over the past two decades. Medical weight loss, surgical weight loss, hospital-based programs, large multi-physician groups, and various other specialties.  While each is unique, one thing is consistent - the need for data-driven decisions.

Whether you’re overwhelmed, treading water, or thriving, pausing to analyze key reports can pave the way for smarter, more strategic actions.  Here are the eight essential reports I review when evaluating a practice, and why you should too.

1.  Organizational Chart

Surprisingly, this foundational piece is often missing. An organizational chart maps out roles and reporting relationships, offering a snapshot of how your team functions. It helps identify areas where responsibilities overlap, any gaps in staffing, and opportunities for a more efficient structure. If your practice is thriving but chaotic, this report often reveals the how to alleviate bottlenecks while maximizing the talents of your team.

2.  Profit and Loss Statement (P&L)

A well-organized P&L statement is the backbone of your practice’s financial health. I typically request the previous year’s P&L and the most recent one available. This allows us to spot trends, uncover inefficiencies, and assess if the practice is meeting its financial goals. Every owner should receive, and interpret this report monthly—ideally no later than the 10th of the following month. 

3.  Top CPT Codes and Reimbursement by Payer

For insurance-based practices, understanding which services drive revenue (and profitability) is crucial. I analyze the volume of top CPT codes, average reimbursement by payer, and payer mix. This insight reveals where your time and energy are being spent—and if those efforts align with your revenue goals – or not. Then it’s time to evaluate changes moving forward.

4.  Accounts Receivable (AR) Report

Your AR report highlights how well your practice manages collections. Are most payments within 30 days, or are they lagging far behind? This report can uncover billing issues, missed charges, or patterns of delayed payments that need attention.

5.  Marketing Expenses Summary

While marketing expenses often appear as a single line item in the P&L, I pull these details separately. This helps determine if you’re achieving a true return on investment (ROI) from your marketing efforts. Whether you're investing in paid ads, organic campaigns, or a mix of both, understanding your ROI is essential. Remember, ROI isn’t about clicks or opt-ins—it’s about attracting new patients and converting them into satisfied, paying patients.

6.  Google Analytics and Paid Advertising Reports

If you run paid advertising, this report provides invaluable insight into how effectively your marketing dollars are working. Coupled with your marketing expenses, these analytics measure the real impact of your campaigns. If you rely solely on organic traffic, Google Analytics can still show how patients find you and engage with your content.

7.  Key Performance Indicators (KPIs)

KPIs offer a snapshot of your practice’s health. Weekly or monthly KPIs might include new patient volume, procedure counts, or conversion rates. If you’re not tracking KPIs yet, don’t worry—start with a few metrics tied to your practice’s goals and grow from there.

8.  Practice Goals

A clear set of goals serves as the guiding star for your evaluation. Are your goals well-defined? Do they align with your KPIs? Reviewing your goals alongside the other reports helps prioritize frustrations, identify gaps, and create actionable plans.

How to Use These Reports

Reviewing these eight reports may seem overwhelming, but here’s how to simplify the process:

1. Start with your biggest frustration. If financial struggles are top of mind, begin with your P&L and AR reports.
2. Prioritize actions. Define your goals, identify the biggest gaps, and tackle them step by step.
3. Involve your team. Share the big picture with your team to ensure everyone is aligned and motivated. Align KPI’s for each position to support your goals.

By taking a methodical approach, you’ll gain clarity and a clear direction for growth. Whether you’re just starting or ready to elevate your practice to the next level, these reports provide the foundation for a data-driven strategy. 

If you would like a free opportunity audit to review where you are, where you want to go, and how to bridge the gap, please reach out to me at [email protected]