How do you know that you are being reimbursed efficiently and completely?
As a physician you work hard to provide convenient and quality care to your patients. Then you rely on other individuals to ensure that you are properly compensated for those services.
There are key performance measures that put you in control of your money and provide confidence that you are receiving all collectable dollars. In this post series we will introduce and review those key measures.
We begin with the Net Collection Percentage:
Net Collection Percentage: This measures the organization’s success in collecting all “collectable” dollars.
Target: 98%
Tips to Improve Your Organization’s Percentage:
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Develop standardized billing processes
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Complete a financial clearance process on all patients prior to providing services
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Clearly communicate payment expectations to patients
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Focus on time-of-service payments
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Identify root causes of denials and take corrective action
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Monitor payer remittances for underpayment
Don’t leave your revenue to chance. Contact us today to schedule your assessment and take the first step towards optimizing your revenue cycle operations.
Email wshields@eyeprogpo.com or use the calendar link below: