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Monitoring Monthly Metrics Leads to Success

Monitoring Monthly Metrics Leads to Success

There are several categories that I monitor at the end of each month. Knowing each month has a different number of working days based upon Holidays, I never make haste decisions based on one months' worth if information. Monitoring monthly, and reviewing quarterly, and annually will yield your best results. Here are the areas my practice looks at:

•Visits - the total patient visits for the month.

•New patients - total new patients for the month.

•Percent A/R (Accounts Receivable) broken down by aging days

•0-30 days old

•30-60 days old

•60-90 days old

•90-120 days old

•120+ days old

•DSO (Days Sales Outstanding) average of three months total –the number of days it takes for a payment to be posted to the patients account after they were seen in the office.

•Number of statements sent – this is very important to insure you have a clean A/R and you are not unnecessarily billing your patients creating a poor customer service experience

•>60 days dollars in A/R outstanding – helps you know how far out your claims are aging

•> 90 days dollars in A/R outstanding – helps you know how far out your claims are aging

•> 120+ days dollars in A/R outstanding – helps you know how far out your claims are aging

•Patient balance in the A/R and the percent of the total A/R that category represents – this is very important to keep your eye on.  If this number is high, your front office staff may not be collecting what’s due from the patient up front.

•Charges – This will help you assess if your staff is coding properly and appropriately.  Due to changes in the Medicare fee schedule, most all physicians and groups will be faced with lower reimbursement for some codes, and higher reimbursement for others.  Educate yourself on these before January 1st.

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