Bookkeeping for medical practices.
FigureWise gives medical practices books that reflect what you actually collect, not just what you bill: insurance reimbursements reconciled against contractual adjustments, patient payments tracked separately, and overhead measured against collections.
The numbers to watch.
| # | Metric | |
|---|---|---|
| 01 | Net collection rateOf the money you were contractually entitled to, how much did you actually collect? This is the truest measure of revenue cycle health, and small gaps compound into large annual losses. | Of the money you were contractually entitled to, how much did you actually collect? This is the truest measure of revenue cycle health, and small gaps compound into large annual losses. |
| 02 | Days in accounts receivableHow long claims take to turn into cash. A rising number is the earliest warning that denials, coding issues, or a slow payer are building up. | How long claims take to turn into cash. A rising number is the earliest warning that denials, coding issues, or a slow payer are building up. |
| 03 | Overhead as a percentage of collectionsWith reimbursement rates largely fixed, overhead ratio is the profitability lever you actually control. Tracking it monthly catches creep before it becomes structural. | With reimbursement rates largely fixed, overhead ratio is the profitability lever you actually control. Tracking it monthly catches creep before it becomes structural. |
| 04 | Collections per providerNormalizes performance across a multi-provider practice and grounds compensation and scheduling conversations in data instead of impressions. | Normalizes performance across a multi-provider practice and grounds compensation and scheduling conversations in data instead of impressions. |
Where medical practices books go wrong.
01
Billed charges are fiction; collections are real
Insurance contracts mean you collect a fraction of what you bill, and every payer pays differently. Books built on gross charges overstate revenue; books built on collections without tracking adjustments hide how much each payer is really discounting you.
02
A revenue cycle spread across systems
Practice management software, clearinghouses, payer portals, and the bank each hold a piece of the picture. Reconciling remittances to actual deposits is tedious at volume, and unposted payments quietly distort your numbers.
03
Overhead creep in a fixed-fee world
You mostly cannot raise prices; payers set them. That makes staff costs, rent, supplies, and software the levers you control, and they need to be watched as a share of collections, not just as line items.
04
Provider compensation and owner draws
Productivity-based comp, guaranteed salaries, and owner distributions each hit the books differently. Blurring them makes the practice look more or less profitable than it is and complicates both tax planning and partner conversations.
What we put in place.
- Deposits reconciled to remittances every month, so posted payments, patient payments, and bank reality all agree.
- Contractual adjustments tracked by payer, so you can see who is discounting you hardest before renegotiation time.
- Overhead reported as a share of collections on a monthly dashboard, with trends flagged before they become habits.
- Payroll for clinical and front-office staff, including provider compensation structures, kept clean and consistent.
- AI-assisted matching handles the transaction volume; a human bookkeeper reviews exceptions, and we work only within the financial records, never clinical ones.
Medical Practices, answered.
Better decisions start here.
A free, no-commitment review of your medical practices books.