Benchmarks - Articles

Performance Measurement Codes for Chiropractic: Although there are hundreds of Performance Measurement (PM) services and events, only two may be reported for chiropractors for the 2017 reporting year. Pain Assessment and Follow-Up 131 ENCOUNTER: 90791, 90792, 92002, 92004, 92012, 92014, 92507, 92508, 92526, 96116, 96118, 96150, 96151, 97161, 97162, 97163, 97164, 97165, 97166, 97167, ...

Are you one of those busy physicians who pay just a cursory glance at monthly collections? Then you should be prepared to lose revenue every single day like this obgyn practice in southeast Georgia. It is essential for medical practices to track financial performance metrics, as every dollar that...

Benchmarking is simply a standard or point of reference against which things may be compared or assessed. For all businesses, it is a way of comparing your business processes to another business in the same industry to determine where shortfalls exist or improvements can be made to maintain profitability.

The net collection ratio is a calculation that shows the practice how much money they are collecting of the money, which they could have collected after insurance adjustments. It is an excellent measure of how well the practice is doing in collecting accounts receivable.

CEO - stop "Making decisions." If the data and metrics are correct, the decisions are self evident. Spend time instead developing your team, your culture of communication, and ensuring that you are measuring the right activities. Stop managing departments and start managing patients. The...

When working my AR, I work my surgeries separately since that is my big money or bulk money. I want to make sure I get that money in as quickly as possible. For me, I created an excel spreadsheet. The columns are: DOS - PATIENT NAME/MRN - PROC NAME - CARRIER(S) - CPT® - MODIFIER - BILLED -...

Practices should monitor their days in accounts receivable monthly and compare their days with the average days of other practices by specialty. Days in Receivables Outstanding: A/R/(last 3 months of gross charges/90) = Days in A/R Example: 3 months of charges= $927,009; A/R = 567,828 Average...

Run your aging report every month in summary and in detail by payer class. A good goal is to have less than 20% of your total accounts receivable 120 days or older. Practices with great accounts receivable policies and procedures can have a lower percentage than this. Remember, young is good in...

Accounts Receivable benchmark data includes a measurement of the gross collection rate, the net or adjusted collection ratio, an aging report, or an aged trial balance and the total days in accounts receivable outstanding. It is critical for physician practices to measure and track this data on a monthly basis and to compare that data with national standards.

The gross collection ratio is shockingly low for many practices. Physicians do not understand why they collect only 20, 40, 60 or 80 cents on the dollar. The percentage of collections based on the gross charges varies significantly by practice and specialty. It is influenced by a number of...