What It Is – The first-pass resolution rate (FPRR) is the share of a practice’s claims that get paid upon first submission. Calculation – FPRR = Total Number of Claims Paid ÷ Total Number of Claims in a given time Benchmark – Your practice should aim for a FPRR of 90% or above. Why It Matters – … [Read more...]
A few things that hurt your practice’s revenue cycle
There are plenty of revenue cycle techniques meant to help practices boost profits. While many focus on ways to bring more money in, sometimes saving money is just as important. The problem is many practices engage in processes that diminish the net returns they see from their medical billing … [Read more...]
Good old fashioned patient customer service
What do your patients experience when they visit your practice? More importantly, how do they remember your practice? Or, do they remember you at all? Most medical practices understand that negative patient experiences can hurt the reputation of their practice and cost them valuable patients. … [Read more...]
Should a medical practice go in debt or pay outright?
Acquiring debt is not necessarily a bad thing - it depends on the reasons for doing so. Certainly borrowing to meet current expenses is not usually a good idea unless there's some short-term, predictable reason for it. For asset purchases, there are several factors to consider in determining … [Read more...]
How to beat the top causes of group practice breakup
Despite the benefits of working in a group practice, physicians often underestimate the challenges that come with working as a team. Medical practices that stick together prioritize the following initiatives: Divide "common duties" evenly. Rather than delegating non-patient-care work based on … [Read more...]
Does your physician office have an employee cell phone policy?
Most of my clients have a policy against excessive cell phone usage, including texting and being online via the cell phone. Some have a cell phone policy that the staff is to have their cell phones off at all times during clinic hours while in the clinic. Staff is free to use their cell phones … [Read more...]