Could your medical practice use some help?

How would you say your practice compares to your counterparts?

Are you doing as well as you could be? 

Do you have any opportunity for improvement?

For your practice to be successful, it is important to know that there are key performance indicators (KPIs) that can be employed to ensure that your practice is doing as well as it could be. There are also ways to monitor the results of your efforts to grow your practice. Adaptability is paramount for your practice to be successful—it is imperative to know your current state (where you are), your desired state (where you are going), and how to bridge that gap.

To begin working towards a more successful practice, it is important to have access to the proper tools to provide the appropriate data in an actionable format. Ideally, you should have:

1. A dashboard that provides manageable tasks to stay on top of your accounts receivable (getting paid!)

2. Robust reporting tools and billing analytics that provides up-to-date information about your practice

3. Easy access to your tasks and reports from anywhere at anytime

Once you are aware of the current state of your practice, you can begin to set goals to improve. There are several industry standard best practices to work towards:

1. Fewer than three days for claim submission after time of service

2. Average Days in A/R is less than 40

3. 85-90% of claims are being paid in 45 days or less

4. At most 15% of A/R over 120 days

5. Less than 4% of claims are unpaid

6. Less than 4% of claims are denied

7. Net collection rate of at least 96%

Automation and mobility in your practice can greatly assist in improving the overall efficiency and begin to reveal the health of your practice. Having this information can provide a foundation for you to begin working towards metrics like those mentioned above.

Do you know how well your practice is performing? Ask these questions:

• Do you know your basic KPIs like Days in A/R and your practice’s denial rate?

• Do you know how quickly is your practice submitting claims?

• Is your practice collecting everything that you are owed?

If your answer was “no” to any of these questions, your practice may benefit from improved reporting, better task managements, and streamlining your processes.

If you have additional questions feel free to email us at info@qualichealth.com. 

Article written by Eric Chiyembekeza, Senior Consultant with Qualic Health.