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Fathom Tips: Healthcare, Medical & Dental Services
Fathom Tips: Healthcare, Medical & Dental Services

Best practices for analysis, reporting & forecasting in Fathom

Updated over a week ago


πŸ’‘ Pro Tip: You can download and view a sample Fathom healthcare services report at the bottom of this article.

Healthcare metrics or KPIs

While Fathom provides several default financial KPIs (Key Performance Indicators) to choose from, you can also create custom KPIs to track for your healthcare business.

There are four main types of custom KPIs:

Custom KPI Type

How a healthcare providers might use it...

Import and track data outside of your Chart of Accounts, such as:

  • Bed or Room Occupancy Rate

  • Non-attendance / Cancelled Appointments

  • Number of Patients

  • Number of Staff

  • Number of Treatments

  • Number of Patients Discharged

  • Patient Satisfaction

Track the performance of important accounts or headings at a glance, such as:

  • Accounts Receivable

  • Cash

Create custom formulas using your financial and non-financial results, such as:

  • Average Cost per Discharge

  • Average Treatment Charge

  • Expenses as a % of Income

  • Staff Costs as a % of Turnover

  • Staff Costs per Patient

  • Staff-to-Patient Ratio

If you have divisions (e.g. classes, locations, tracking categories), then you can track the performance of a metric for specific divisions, such as:

  • Operating Profit Margin (%)

  • Total Revenue

πŸ’‘ Pro Tip: You can also filter variables by division when creating a custom Formula KPI to create your own custom Divisional KPIs.

You can learn more about setting up KPIs for your healthcare company by seeing our 'Step 4 - KPIs' article.

Reporting for healthcare services

πŸ’‘ Pro Tip: You can download and view a sample Fathom healthcare services report at the bottom of this article.

To provide context for a healthcare service provider's financial performance, you may want to include metrics like average treatment charge, staff-to-patient ratio, or the number of patients during a period.

Before bringing this data into a report, you must create custom KPIs to track these metrics in Fathom.

After these KPIs have been created, you can report on any KPI data with:

πŸ’‘ Pro Tip: If reporting for several similar companies, you can copy custom KPIs and custom report templates to other companies in the same Fathom organisation.

For more general information on reporting in Fathom, please see the following articles:

Including specific staff salaries in reports

Some healthcare providers want to report on the salaries of specific practitioners, such as individual doctors.

If the Chart of Accounts is not split out by individual staff members in the source accounting system, these data can be brought into Fathom through non-financial KPIs.

  1. In Step 4 - KPIs of the company's Settings, select Create a KPI

  2. Select Non-financial KPI

  3. Fill in the information about the non-financial KPI

    1. For example, if you want to bring in the salary for the Assistant Doctor, then you could name the KPI 'Assistant Doctor Salary'

  4. Select Create KPI

  5. Select the green Non-financial KPI results option at the top right of the KPI list

  6. Bring in the non-financial KPI data

You can include the non-financial KPI data in reports through KPI tables and charts. You can also create a custom financial statement to include the individual salaries in a financial statement.

Forecasting for healthcare services

Medical, dental, and healthcare service providers often experience seasonality and need to plan for it. In Fathom, you can quickly incorporate seasonality into your forecast with the Smart Prediction value rule.

For more general information on forecasting in Fathom, please see the following articles:

Forecast seasonality in healthcare services

To quickly include seasonality in your forecast, you can use Smart Prediction to forecast Profit & Loss accounts commonly impacted by seasonal changes.

  1. In your forecast, click on the name of the Profit & Loss account

    πŸ’‘ Pro Tip: If you want to forecast all accounts in a classification or all accounts under a heading with seasonality, then click on the classification or heading

  2. Under Baseline Value Rules hover over the existing rule

  3. Select the Three dots icon

  4. Choose New rule or Edit existing rule

    πŸ“ Note: Editing the existing rule will edit the rule for all accounts and periods currently using the rule.

  5. Under Calculation method, select Smart Prediction in the dropdown menu

  6. Choose Linear Regression or Rolling Average

    πŸ“ Note: Linear regression looks at historical data and finds the line of best fit. It will continue that trend line forward into the forecast. Average calculates the rolling average from historical data and forecasts the account(s) using that average. For more detailed information about Smart Prediction, please see our Smart Prediction Methodology article.

  7. Base the Smart Prediction on the last 12 months or 24 months to incorporate seasonality

  8. Check the option to include seasonal adjustments

  9. Select the green Create rule button

πŸ’‘ Pro Tip: You can have different value rules at different times on the same account. To have a new value rule start at a different time, click on the period for the account you want the rule to start in. You can then create the value rule from the menu on the right.

Additional knowledge & common questions

Sample Report

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