Five Positive Key Performance Indicators That Will Earn New Clients For Your Billing Company
Do you know that one happy client translates into five new ones?
This article highlights ways to delight your clients and gain their trust, with transparent reporting processes.
There is difference between informing your client practices about day-to-day activities vs actually presenting them with meaningful performance-changing insights. For your practice two things matter the most; exceptional patient care and increase in business profits. Taking a data driven approach will help you gather your practices data and interpret the right information, giving your ability to make informed decisions.
The most effective way is through key performance indicators. Show them how their practice is flourishing with your billing company. Gather pervious data and present them with monthly or quarterly analysis reports showing them the positive impact of your service on their profits.
Give them a reason to refer your company in their circles and that can only happen if they are aware as well as delighted by their business financials. The only thing that can put a smile on their faces is if their bank balance is multiplying by every patient visit.
Now what are the most important KPIs that are to be focused on?
5 most important KPIs you need to track for your practices
Total Accounts Receivable / (12 months of Gross Charges/365)
AR Days:
This shows how long it takes for a service to be paid by respective providers. As long as you are keeping your AR under 35 days, you need to share this with your clients
Total A/R over 120 days / Total A/R
AR days greater than 120:
This indicates whether or not your practices are being paid by insurance companies as well as patients in timely manner. You have the percentage of AR over 120 days, less than 10% of the total AR then HURRAY, tell your clients about this!
# of Claims Paid on First Pass / Total # of Claims Submitted (for a specific time period)
First Time Pass Rate:
This indicates the number of claims that are accepted in the first go by the clearing house. Having a higher first-time pass rate of over 95% shows that you are detail orientated which results in a fast-tracked RCM process. Your practices need to know about this!
(Payments / (Charges, Contractual Adjustments)) * 100%
Net Collection Rate:
This indicates the ability of your practice to collect what it’s owed. A 95% above NCR shows that you are doing an excellent job which should be shared with your clients.
Total # of Claims Denied / Total # of Claims Submitted (for a specific time period)
Denial Rate:
This indicator is the most important depicting the number of claims denied by payers. If this is less than 10% then your RCM performance is optimal, this needs to be shared with your clients.
Does your Medical Billing Software calculate these KPIs for you?
Having a Medical Billing Software that can calculate and track these KPIs can help billing companies present the data effectively and efficiently to their practices. More so this also enables them to improve/work on their own performance gaps.
Once your practices/clients are delighted and at peace with their KPIs only then will they refer your billing software company to other in their business circle.
AltuMED PracticeFit provides a 360-degree, in-depth analysis of your practice financial health. It enables you to track KPIs through its in-built automated dashboards helping your business safe millions of dollars. Why wait? Start delighting your client practices, have a look at how PracticeFit can help.
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