Medical Coding metrics

 

Here are 5 metrics you should track to identify incremental revenue opportunities, monitor the productivity of physicians and reduce compliance risks.

Claims turnaround time

Why it is important: Are you waiting for months on end to get paid? Don’t blame your insurer. Blame it on a slow claims cycle. The number of days it takes for your claims to get reimbursed indicates the accuracy of your claims, the average payment TAT of insurers and monitor claim submission delays.

Benefits: By tracking the reimbursement TAT of medical claims orthopedic group practices can correct claims cycle inefficiencies, accelerate their claims cycle, submit cleaner claims and communicate with slow paying insurance companies to request for quicker reimbursement.

Your report should consist of:

✶ Insurer details
✶ Claim submission date
✶ Claim payment date
✶ Number of days to payment
✶ Average reimbursement TAT

Download BillingParadise’s claims turnaround time template for free here Read More

Medical Claims Processing

Here are 5 metrics you should track to identify incremental revenue opportunities, monitor the productivity of physicians and reduce compliance risks.

1. Denial analysis report

Why it is important: Denials are expensive. Following up on denials is becoming increasingly complex and costly. According to a recent study the percentage of revenue written off by medical practices has increased by 5.9% over the last one year. Monitoring and categorizing denials will help your group practice to identify and work on preventable denials, reduce hard denials and monitor key denial management metrics.

Benefits: Ortho group practices can spot denial patterns and trends. Identifying the root cause of denials helps in zeroing down on denied claims and working out an effective denial prevention strategy.

Your report should consist of:

✶ Denial type
✶ Value of claim
✶ Insurer details
✶ Reason code
✶ Description of the denial code
✶ Claim resubmission date
✶ Result

Download your free copy of the denial management template from BillingParadise

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Revenue Performance KPIs Orthopedic Group Practices Should Track in 2017

Orthopedic group practices are continually looking to cut costs and improve throughput. Access to vital financial data will help in eliminating revenue cycle inefficiencies and increase revenue management ROIs. According to a 2016 survey by Black Book, 9 out of 10 medical practices cited that they’re not financially and technologically equipped to offer value based care.

Labyrinthine and confusing financial reports and a deluge of information generated every month make tracking key metrics arduous. Tracking the data that matters will help group practices stay financially stable in today’s volatile healthcare space.

Here are 5 metrics you should track to identify incremental revenue opportunities, monitor the productivity of physicians and reduce compliance risks.

1. Denial analysis report

Why it is important: Denials are expensive. Following up on denials is becoming increasingly complex and costly. According to a recent study the percentage of revenue written off by medical practices has increased by 5.9% over the last one year. Monitoring and categorizing denials will help your group practice to identify and work on preventable denials, reduce hard denials and monitor key denial management metrics. Read More

KPI for Orthopedic Group Practice

             Orthopedic group practices are continually looking to cut costs and improve throughput. Access to vital financial data will help in eliminating revenue cycle inefficiencies and increase revenue management ROIs. According to a 2016 survey by Black Book, 9 out of 10 medical practices cited that they’re not financially and technologically equipped to offer value based care.

Labyrinthine and confusing financial reports and a deluge of information generated every month make tracking key metrics arduous. Tracking the data that matters will help group practices stay financially stable in today’s volatile healthcare space.

Here are 5 metrics you should track to identify incremental revenue opportunities, monitor the productivity of physicians and reduce compliance risks.

1. Denial analysis report
2. Claims turnaround time
3. Physician productivity metrics report
4. Complete AR analysis template
5. Medical coding review report    Read More

Orthopedic Practice key performance Indicators

Orthopedic group practices are continually looking to cut costs and improve throughput. Access to vital financial data will help in eliminating revenue cycle inefficiencies and increase revenue management ROIs. According to a 2016 survey by Black Book, 9 out of 10 medical practices cited that they’re not financially and technologically equipped to offer value based care.

Labyrinthine and confusing financial reports and a deluge of information generated every month make tracking key metrics arduous. Tracking the data that matters will help group practices stay financially stable in today’s volatile healthcare space.

Here are 5 metrics you should track to identify incremental revenue opportunities, monitor the productivity of physicians and reduce compliance risks.

1. Denial analysis report
2. Claims turnaround time
3. Physician productivity metrics report
4. Complete AR analysis template
5. Medical coding review report    Read More