Understanding the Profit Forecast Report and How To Ensure the Correct Data Is Flowing Into It

 Profit Forecast Report TIPS & TRICKS 

Understanding the Profit Forecast Report and How To Ensure the Correct Data Is Flowing Into It

The Profit Forecast calculates business days in the Forecast. It does not consider projected minutes in the projections screen. The facility gets credit for weekend and holiday visits in the Part A and Part B columns but not in Forecast Part A and Part B. As the month progresses, these two columns will grow closer together in total amount. The Forecast is the average of to-date current month tx mins provided. So as patients are evaluated, it will begin to add that to the average each time the patients are seen. The average is based on calendar weekdays remaining in the month. The Other column Forecasts commercial, private pay, Medicaid, etc.

At the bottom of the Profit Forecast Report, there is a note section that shows how the report calculates the forecast:

How To Manage the Profit Forecast

Watching the Part A, Part B, Other billed column, and the Forecast column grow closer together through the month will give a good indication that the facility is on track. By the last week, the Forecast will be a little lower because there are fewer days to project.

The best way to manage and improve the accuracy of this report is to:

1. Gain a better understanding of the way the Profit Forecast report is calculated.

2. Validate all payers are set up correctly for their respective patient in the case manager.

3. Review the facility insurance contracts to make sure any Managed payers have the correct rate set up.

Managed payers can have changes in rates throughout the year, and it is important to stay on top of these rate changes and request an update of the payer rates when a change is seen. Payer change requests are done by emailing Ensign-TherapyPayerSetup@ensignservices.net.

Keeping Assessments up to date in projections, both estimated and actual, helps with keeping the forecast more accurate. Without adding an estimate, the system will default to a general daily rate, which is typically lower than the rate the facility is receiving for the patient.

• Add an estimate the first time the patient is being scheduled in projections based on the therapy evaluations.

• Convert the estimates to actual during the daily technical meeting with the IDT when the case mixes are discussed and established.

Closing cases in case manager is another way to help improve the accuracy of the Profit Forecast. Cases that remain open, even with completed discharges, will continue to falsely inflate the Forecast. Only closed cases stop projecting revenue. Open cases without active tracks have a dot or bubble in the patient list.

A combination of all of these items will help make the Profit Forecast more accurate. Net Health is an excellent help as long as there is accurate data given to the system. Accurate data in = Accurate data out.