Year end practice review and comparison to benchmarks

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.