Business managers tend to be very calculated about important decisions without acting impulsively. These are highly experienced individuals who are guided by critical thinking and management reports that help them make data-driven decisions that offer the best chances for success. At the same time, behavioral health organizations and ABA therapy practices also need to track and analyze important reports throughout the fiscal year to maximize their growth opportunities.

These data-driven approaches and strategic business models have a lot in common, which makes it easy for one to learn from the other. Though knowing just which reports to assign the most gravity can be challenging.

In this article, we’ll take a closer look at 8 types of reports that behavioral health organizations need to be monitoring to analyze their performance as well as ensure their fiscal health in the short and long term.

What Are The Most Important Reports to Monitor?

While modern business management software tends to spit out a lot of analytics eight reports rise to the top when it comes to things like accountable tracking and business management for behavioral health practices.

The following reports need to be a top priority for monitoring, tracking, and analytics for any behavioral health organization. They can help you do things like determine where to allocate business resources as well as how to recruit and retain employees. Some can also help you draft in-depth marketing plans, or improve your behavioral health billing practices.

  • Annual report
  • Accounts receivable report
  • Your Working capital report
  • The Marketing report
  • The in-house inventory report
  • The online traffic/digital marketing report
  • The sales & revenue report
  • Payments and adjustments report
  • Comprehensive analysis of the reports

These reports help serve as key guideposts for an organization’s management, and will factor heavily into a behavioral health organization’s long-term financial success.

The Annual Report

Your behavioral health business annual report lets you see what’s been accomplished in the organization during the preceding year. This helps your organization plan important expenditures, allocate money for the marketing budget, and make informed long-term business strategies. The annual report also gives potential investors the much-needed information they need to continue their investment in your behavioral health business.

The annual report is also an important analysis tool, as it includes all your important financial statements as well as a detailed list of your expenditures. This includes things like:

  • Income statements
  • Your cash flow statement
  • The balance sheet
  • The shareholders’ statement.

In short, your behavioral health business’ annual report plays a critical role in informing stakeholders and investors on whether they should provide the necessary funding to maintain or even grow your practice.

The Accounts Receivable Report

Also known as the A/R Report it highlights all unpaid client/patient invoices and groups them by the number of outstanding days. The accounts receivable report helps your behavioral health business to keep track of unpaid customer invoices and how long they’ve been unpaid. It also makes it easier for you to collect payments on time and in a set order while not losing track of other essential services, overall improving your behavioral health billing.

Your Working Capital Report

Your behavioral health business’ working capital report details your practice’s available resources. The data used to generate it is based on the difference between available assets and liabilities.

It clearly outlines your current assets, including active cash deposits as well as your currently available inventories. It counter-balances these active assets against your current liabilities, including your short-term debts that need to be resolved within the year.

Your behavioral health business’ working capital report also reflects your long-term planning and management goals as well as the payment of services rendered. It lets you understand your assets, liabilities, and available expenditure budgets at a glance.

The Marketing Report

Your marketing report gives you easy access to key marketing data at a glance. It also includes in-depth analytics on your various marketing strategies. A comprehensive marketing report also includes:

  • Tracking content marketing
  • The effectiveness of your advertising
  • The results of your social media marketing
  • Physical marketing
  • Promotional marketing
  • Marketing analytics.

This helps you make more informed financial decisions on marketing to help retain existing clients/patients or attract new ones.

The Online Traffic/Digital Marketing Report

Most modern businesses today separate the online traffic and digital marketing report from the primary marketing report, or they make it a separate addendum within the report. It provides an at-a-glance method to assess your presence online, as well as measure the effectiveness of your digital marketing efforts. This includes services offered on social media sites and websites. You can then use this information to make more informed choices about how to allocate your digital marketing budget.

The Inventory Report

Your inventory report provides you with all the hard data to clearly understand all your fully stocked physical inventory. It details how much stock of key items you have as well as how much has been utilized in a given period, and the demands.

The inventory report also helps track your practice’s on-hand inventory throughout a period. This can help identify areas of inefficiency where improvements can be made in the future. It can also be used to create an easy-to-read checklist of supplies to make sure you can meet your behavioral health business’ most immediate needs.

The Sales & Revenue Report

A behavioral health business’ sales and revenue report focuses on the sales and revenue statistics over the month, fiscal quarter, year, or any other given period of time time. This gives you the ability to quickly calculate your profit gains by studying the report to note the sales statistics. It also allows you to more accurately plan for future sales projections.

The Payment Adjustments Report

Your payment adjustments report tracks transactions and rectifies the details of each payment for a given period of time. It provides in-depth data on payments and adjustments that enable your behavioral health business to follow up on collecting any submitted payments while assessing the organization’s financial stability.