Medical Practices Need Routine KPI & Financial Review Meetings and Why Review Alone Isn’t Enough

In many medical practices, financial reports and KPI dashboards exist, but they’re often underutilized. I work with several medical practices as a consultant, and the same is true about many groups I started working with. Reports are generated, emailed, and maybe glanced at by the partner(s). Anything beyond that is few and far between. The practice continues operating the same way without any changes or improved results.

High-performing medical practices distinguish themselves by setting consistent meeting cadences with key stakeholders, routinely reviewing financials and KPIs, and most importantly, taking action based on what the data is telling them.

Data Without Discussion Is Just Data

Most practices track at least some metrics:

• Monthly collections
  
• Visit volume
  
• Denial rates
  
• Total Expenses
  
• Profit

But without a structured forum to review and discuss these metrics, the data loses its power. Routine meetings create accountability, shared understanding across leadership, and early detection of financial and operational issues. A single month’s data might not tell a story. Reviewing KPIs consistently over time does.

Why Meeting Cadence Matters

One of the most common mistakes we see is inconsistency. Meetings happen only when something feels “off,” which means the practice is already reacting instead of leading. A strong cadence might include weekly or biweekly operational huddles, monthly financial and KPI reviews, and quarterly strategic planning sessions. The cadence itself creates discipline. When stakeholders know metrics will be reviewed regularly, performance improves naturally.

Financials Are Not Just for Accountants

Practice financials are often viewed as something only the billing company or accountant needs to understand. That’s a missed opportunity.

When leadership reviews revenue by provider, location, and payer; expense ratios and payroll as a percentage of revenue; and trends in AR, write-offs, and denials, they gain clarity on why the practice is performing the way it is, not just whether it is profitable.

A Real-World Example: When Volume Masks Losses

We recently worked with a multi-provider ophthalmology group that performed a high volume of retinal injections. On the surface, this service line appeared to be a strong revenue driver; volume was high, schedules were full, and collections looked healthy in aggregate.

However, during routine KPI and financial review meetings, we went a level deeper.

By analyzing injection acquisition costs, drug-specific reimbursement by payer, and net collections per injection, we identified that several payers were reimbursing less than the actual cost of the medication itself. In other words, the practice was losing money every time certain injections were administered, despite strong patient volume.

Because this data was reviewed consistently and discussed collaboratively, the practice was able to identify which drugs and payers were unprofitable, adjust treatment protocols where clinically appropriate, and implement tighter financial monitoring around high-cost injectables.

Where a Practice Management Consultant Becomes Critical

Even with good data and regular meetings, many practices struggle to move from review to execution. A practice management consultant brings an objective, third-party perspective, knows which KPIs matter most for each specialty, connects clinical operations to financial outcomes, facilitates focused meetings, and ensures decisions turn into action.

KPIs Should Drive Decisions, Not Just Conversation

A KPI review without next steps becomes a recurring meeting where the same issues are discussed month after month. Effective KPI meetings end with clear action items, assigned owners, defined timelines, and metrics to track improvement. Moving from Reporting to Performance Management.

The Goal of Routine KPI and Financial Meetings Isn’t More Meetings; It’s Better Management

With the right cadence, the right data, and the right guidance, practices stop unknowingly losing money on services, make informed decisions, protect margins, and gain control over their financial future.

Medical practices are complex businesses. The most successful ones don’t just track data; they use it.

*This blog was written with the assistance of AI.

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