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A delay in entering invoice charges is associated with a decrease in total invoice amount in equine practice.
Journal of the American Veterinary Medical Association
|April 10, 2024
Summary
Equine veterinary practices can increase revenue by entering charges on the same day services are performed. Delayed charge entry significantly reduces total invoice amounts, impacting practice finances.
Area of Science:
- Veterinary Economics
- Equine Practice Management
- Healthcare Administration
Background:
- Accurate and timely financial record-keeping is crucial for veterinary practice management.
- Understanding revenue drivers in equine practice is essential for financial sustainability.
Purpose of the Study:
- To investigate the correlation between the delay in charge entry and the total invoice amount in equine veterinary practice.
- To identify potential financial improvements through optimized charge entry timing.
Main Methods:
- Analysis of 67,597 invoices from 49 veterinarians across 3 equine hospitals.
- Statistical modeling (generalized additive model) to assess the relationship between time delay to charge entry and invoice total.
- Consideration of variables including invoice category and month of work.
Main Results:
- A significant association was found between time delay for charge entry and total invoice amount (P < .0001).
- Invoices entered on the same day as service averaged $299 ± $345, compared to $193 ± $196 for entries over one day later.
- Invoice category also influenced total amount, with same-day entries yielding higher revenue.
Conclusions:
- Prompt charge entry on the same day as service delivery presents a significant opportunity to enhance revenue in equine veterinary practices.
- Implementing same-day charge entry protocols could lead to improved financial performance for equine practitioners.
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