Systems and methods for providing financial analyses for service providers

A computer program product for implementing within a computer system a method for obtaining automatic updates on insurance prices to provide a financial analysis of a service provider's practice to reduce inefficiencies in the provider's practice, the computer program product comprising:

• a computer-readable, non-transitory medium for providing computer program code means utilized to implement the method, wherein the computer program code means is comprised of executable code for implementing steps comprising:
• gathering information, on a continual basis and for a chosen period of time, about a set of chosen procedures performed by the practice, wherein the gathered information includes a reported time required for the provider to perform each of the chosen procedures, the provider's fee for service charge for each of the chosen procedures, dynamic fees that an insurance company is willing to pay for each of the chosen procedures, a number of each of the chosen procedures that are reported to have been performed by the provider in the chosen period, and a reported gross income of the provider during the chosen period, wherein at least some of the gathered information is gathered by the computer system on a continual basis via electronic importation;
• obtaining the dynamic fees that the insurance company is willing to pay from an automatically updated database;
• checking the gathered information for correctness by at least one of:
• i) generating, by a processor of the computer system, a freedom time multiplier for each of the chosen procedures by dividing the reported time required for each of the chosen procedures by a calculated time spent on each of the chosen procedures during the chosen period;
• ii) determining, by the processor, a factored volume for each of the chosen procedures by multiplying the number of each of the chosen procedures that are reported to have been performed by the provider in the chosen period by an adjusted amount of time that it takes the provider to perform the each of the chosen procedures, wherein the adjusted amount of time is calculated by multiplying the reported time required for the provider to perform each of the chosen procedures by the freedom time multiplier corresponding to each of the chosen procedures;
• and
• iii) determining, by the processor, a total possible income the provider could have earned during the chosen period based on the provider's fee for service charge for each of the chosen procedures and comparing the total possible income against the reported gross income of the provider during the chosen period;
• determining, by the processor, an overall expense amount per hour accrued by the practice;
• determining, by the processor, an overall income per hour earned through the insurance company;
• and
• comparing the overall expense per hour to the overall income per hour earned through the insurance company to calculate an hourly profit/loss associated with the insurance company;
• and
• automatically providing output to reduce the inefficiencies in the provider's practice by controlling selection of at least one of:
• (i) procedures performed by the provider, (ii) instrumentation and/or materials used by the provider, (iii) payment options accepted by the provider, (iv) procedure pricing, and (v) billing procedures used by the provider.

A computer program product for implementing within a computer system a method for obtaining automatic updates on insurance prices to provide a financial analysis of a service provider's practice to reduce inefficiencies in the provider's practice, the computer program product comprising:

• a computer-readable, non-transitory medium for providing computer program code means utilized to implement the method, wherein the computer program code means is comprised of executable code for implementing steps comprising:
• gathering information, on a continual basis and for a chosen period of time, about a subset of chosen procedures selected from all procedures performed by the practice, wherein the gathered information includes a reported time required for the provider, and not the provider's support personnel, to perform each of the chosen procedures, the provider's fee for service charge for each of the chosen procedures;
• dynamic fees that an insurance company is willing to pay for each of the chosen procedures;
• and a number of each of the chosen procedures that are performed by the provider in the chosen period, wherein at least some of the gathered information is gathered by the computer system on a continual basis via electronic importation;
• obtaining the dynamic fees that the insurance company is willing to pay from an automatically updated database;
• generating, by a processor of the computer system, a weighted percent for each of the chosen procedures by dividing the number of each of the chosen procedures that are performed by the provider in the chosen period by a total number of all of the chosen procedures that are performed by the provider in the chosen period;
• generating, by the processor, a net profit/loss for each of the chosen procedures that are performed by the provider in the chosen period;
• continually determining, by the processor, a weighted profit/loss for each of the chosen procedures under the fee for service charge and under the dynamic fees that the insurance company is willing to pay by multiplying for each of the chosen procedures, under the fee for service charge and under the dynamic fees that the insurance company is willing to pay, the net profit/loss for each of the chosen procedures performed by the provider in the chosen period by the weighted percent of each of the chosen procedures;
• and
• automatically providing output to reduce the inefficiencies in the provider's practice by controlling selection of at least one of:
• (i) procedures performed by the provider, (ii) instrumentation and/or materials used by the provider, (iii) payment options accepted by the provider, (iv) procedure pricing, (v) insurance selection, and (iv) billing procedures used by the provider.