Business Strategies For Your Medical Practice
Account receivables turn around time or A/R days (as it is commonly known as well) is the time an insurance claim takes from the moment the practice submits it, to the moment it gets paid. In other words, A/R turn around time is the indicator that measures how fast a health insurance company is paying you. Recently, the topic of how to calculate this key indicator came up on SOAPM. Chip Hart - my Pediatric Practice Management AwesomeCast … [Read more...]
Revenue per encounter is an excellent barometer of your practice's financial health. There are many things that influence the revenue per encounter and consequently allow you to see the impact of things such as: Are your claims being processed timely? Are your claims being paid properly? Are you being paid fairly? Is your payor mix excellent, fair or poor? Are you following proper CPT coding guidelines? To determine your practice's … [Read more...]
I don't know about you, but when I first started managing our practice, it took me a while to understand what part of the business I needed to measure. In other words, what were the best performance indicators I needed to keep tabs on to ensure the practice was doing well. Of course things like cash flow and account receivables were obvious to me due to by background. But it was apparent that the medical business world is different than, let's … [Read more...]
I don't know about you, but when I first started managing our practice, it took me a while to understand what part of the business I needed to measure. In other words, what were the best performance indicators I needed to keep tabs on to ensure the practice was doing well. Of course things like cash flow and account receivables were obvious to me due to by background. But it was apparent that the medical business world is different than, let's … [Read more...]
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