As mentioned in my last post, now is the time to conduct a financial review of your practice's 2018 financial performance. You should compare performance to your 2017 numbers and to industry benchmarks. In the last post, I provided you with a few numbers to look at. Here are some more:
- Charges by Payor
- Collections by Payor
- Payor Collections by Physician
- Referring Physician by Physician
- E/M coding comparison
- New to Established Patient Ratio
–Closer to zero means you rely on established patients for revenue
–Prepare for practice and for each provider
–Increase marketing efforts to improve the ratio
- Average Wait Time in Reception Area
- Front desk collection success (Copayments and Patients with A/R balances)
- How quickly visits/procedures are billed
- How long does it take to get paid by payors
- Percent of scheduled patients vs. available visit/surgery/procedure appointment times
- Percent of insurance eligibility verifications vs. total scheduled patients
- Recall visits vs. recalls available
- Average number of missing charges vs. services rendered (actual & CPT mistakes)
- Percent of denied/rejected claims vs. total claims filed
- Percent of denied/rejected claims appealed successfully vs. total denial/rejections
- Average days between receipt of payment and payment posted
- Average number of unpaid claims resolved by day per collector
As mentioned in my last post, now is the time to conduct a financial review of your practice’s 2018 financial performance. You should compare performance to your 2017 numbers and to industry benchmarks. In the last post, I provided you with a few numbers to look at. Here are some more:
- Charges by Payor
- Collections by Payor
- Payor Collections by Physician
- Referring Physician by Physician
- E/M coding comparison
- New to Established Patient Ratio
–
Closer to zero means you rely on established patients for revenue
–
Prepare for practice and for each provider
–
Increase marketing efforts to improve the ratio
- Average Wait Time in Reception Area
- Front desk collection success (Copayments and Patients with A/R balances)
- How quickly visits/procedures are billed
- How long does it take to get paid by payors
- Percent of scheduled patients vs. available visit/surgery/procedure appointment times
- Percent of insurance eligibility verifications vs. total scheduled patients
- Recall visits vs. recalls available
- Average number of missing charges vs. services rendered (actual & CPT mistakes)
- Percent of denied/rejected claims vs. total claims filed
- Percent of denied/rejected claims appealed successfully vs. total denial/rejections
- Average days between receipt of payment and payment posted
- Average number of unpaid claims resolved by day per collector
Have questions? I’m here to help.
