Is your medical billing process optimized? You’re probably asking yourself what that even means. Simple, are you billing efficiently? How do you keep track of the process? Do you know how long things are “outstanding”? If you don’t know how to even begin to answer those questions you’ve come to the right place.
Key Performance Indicators for medical billing are: (in no specific order)
- Net collection rate
- For each dollar you can collect, what percentage are you actually collecting? Did you get the entire rate? Great! If not, you need to add the payer’s reimbursement and what the patient may have paid to see where on your percentage meter it falls. While one-hundred percent is the ideal collection rate, ninety-seven is great too. The percent left after is just bad debt and you may just have to chalk it up to that.
- Days outstanding
- If you’re wanting to calculate this, you’ll need to decide what buckets you’re going to use and when to decide to stop pursuing a payment. The ideal outstanding time is 40-45 days. Aged outstanding bills over 120 days are an area you may want to look at keeping under ten-to-twelve percent.
If you feel your medical billing may be too overwhelming and involves more variables than you and your team are willing to expend time and energy on, give Gables a chance to get your reimbursement the first time.
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