Are my resources performing optimally and will they perform to reduce my overhead cost? These are a few questions asked by a urologist as they gear up for the next year. Most of the urologist is looking towards the high overhead cost of running an individual practice or few urologists asked us to do auditing for their practice most of the practices were running into high overhead cost which includes resource hiring for urology medical billing along with looking for technology for claim management.
The urology physicians for whom we audited the Revenue Cycle Management (RCM) throughout the year they asked us a question why should I audit or track my billing every month?
Now as we move from fee for service to value-based model payment the question becomes imperative to answer as we see a different perspective on the reimbursement and each month audit of billing and practice would become as important as patient care. Although every urology practice is non-tangible in terms of the already established system for the patients.
- Creating a benchmark for reporting
- Total Charges
- Total Payment
- Total Adjustments
- Total Patient Visit
- Ending Account Receivable (AR)
- Total Patient AR
- Total Insurance AR
Need to understand that setting a benchmark for each of the above will let you determine how well your urology practice is performing and evaluate the changes you required to make. All the above fields might not be needed for your urology practice but you can still make sure you can capture the maximum of data for benchmarking.
You also have to use the same benchmarks to determine the performance of your practice. Take all variables into consideration such as time of billing, account vacations, the timing of charges, etc. before you can conclude on the benchmark factor.
Tracking the use of Codes
The number of times each code is used will provide you with an evaluative option of how many times a CPT code is used by you for practice. This will provide you with an easy mapping option for you to double-check on surgeries and guide through the evaluation/ management through the month. Coding reports create an easy channel for connecting the physicians to a billing department with providing in-depth knowledge a practice.
Average charge/ visit, and payment/visit
Average Charge/ visit helps in tracking the Account Receivable (AR) for each visit from the patient and how much each procedure are earning per visit will provide the patients with a structure of patient earning. Payment/ visit will give you insights on the reimbursement from the insurance and patients.
To provide the final conclusion when you see through all the benchmarks the numbers will tell you what you need to improve your practice and what is going well for your practice? Data should be thoroughly analyzed with keeping in vital signs in mind keeping reporting regular.
Why you need a outsource team of billers and Coders?
An outsource team of revenue managers will provide you with all the necessary reports for analyzing the Revenue Cycle Management (RCM). For more information on urology, medical billings call us on- 888-357-3226.
FAQs
1. Why should I audit my urology practice’s billing every month?
Monthly audits help track revenue cycle performance, identify issues, and ensure timely reimbursements, which is essential as we transition to value-based payment models.
2. What key benchmarks should I track in my urology practice?
Key benchmarks include Total Charges, Total Payments, Adjustments, AR (Accounts Receivable), and Patient Visit statistics to evaluate financial health and practice performance.
3. How can tracking CPT codes help my urology practice?
Tracking CPT codes helps identify trends in procedures, ensuring proper billing, and guiding the evaluation of surgeries and treatments, improving coding accuracy and compliance.
4. What do Average Charge/Visit and Payment/Visit tell me?
These metrics provide insight into how much each procedure earns per visit and how much is being reimbursed by insurance or patients, helping manage cash flow.
5. Why should I outsource my urology medical billing and coding?
Outsourcing provides access to expert billing teams, ensuring accurate coding, regular performance reporting, and optimized revenue cycle management for better practice efficiency and profitability.
