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Wednesday Jully 03, 2013
Is your Medical Practice’s average AR above 52 days?
Accounts receivable (AR) are one of the key indicators of a practice’s performance, with physicians rightly concerned when the practice’s AR days increase.
Industry Standards State
Typically medical practice’s average Accounts Receivable Days = 52 days
Accounts receivable of Medical Practices

Under 30 days

30-59 days

60-89 days

90-119 days

120 days or more

1. Well Managed AR % 65% 18% 9% 5% 3%
2. Improvement needed AR % 50% 15% 13% 7% 15%
Collection Probability for both 95% 85% 75% 65% 50%

AR greater than 180 days is generally considered as bad debt. Following are few signs which indicate your AR may require to be evaluated for further improvement -
  • Claims payment first pass rate is lower than 85%
  • Cash collections have dropped in comparison to the previous year
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Reducing your medical practice’s AR days with MBC …

Regular key indicator financial reports which include AR aging and days/months outstanding

Accurate and complete billing services providing consultation in automation of AR system

Substantially reduced bad debts and write-offs with regular follow ups
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MBC =
Billing Quality & Transparency + Proper reporting + Updated technology + Data Security and HIPAA Protection
+ Constant updates + Quick follow ups + Cost effective  
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Our clients AR days for most cases equals to less than 20 days!

 
 
Ensure patient safety by verifying physician competency at your clinic!
Physician incompetence can be a major safety threat to patients, eventually affecting patient satisfaction and in turn the medical practice revenue. Such physicians in the team can easily become a liability for the practice, yet various practices find it tough to report such doctors. Majority of state medical boards and associations, cite that it is necessary for physicians to report any incompetent, impaired or unethical physicians.

Industry Standards
The growth in the medical error death rate doubled in the last decade to nearly 200,000 preventable deaths per year. This makes it imperative to report any discrepancies in the system in order to assure patient safety; improve trust and eventually provide confidence in the patients to return to the practice. Industry experts are of the view that ignorance of physician in-competence at a practice can have a highly negative impact on the practice resulting in -higher liability, legal cases, ruined reputation for the practice, probability of high losses, and adverse effect on licenses of the other physicians. This also majorly affects the efficiency and revenue of the practice …………….
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Efficient practice management equals to higher revenues!
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