Medical Billing Performance Audit for your Medical Practice – Download your template here!
In my previous blog I talked about the importance of Medical Billing Performance Audit for Medical Practice. This is a follow-up article focusing on “How to conduct a self-analysis using the template provided?”
Let recap, A Medical Billing Performance Audit is critical analysis of the quality of operations and patient care at a Medical Practice (i.e., it covers both activity analysis and performance analysis)
How can a Medical Practice Conduct Self Medical Billing Performance Audit?
A Medical Practice should track the RCM key performance indicators from month to month and year to year to gauge problematic areas. Key performance indicators not just push your practice to perform better but enables comparison against industry standards as well.
Establishing metrics that can be reviewed on consistent basis makes analysis easy and helps sheds light on the gaps responsible for revenue losses.
The following important RCM indicators are included in the template:
- Monthly charges, payments, and adjustments compared to averages and historical data
- Charge-entry lag times
- Denial percentage
- Clean-claim-rate percentage
- AR aging by date of service
- Gross-collection percentage
- Net-collection percentage
- Days in AR/ Days in AR over 120 Days
Using the attached template will enable you a clear picture of the problematic areas. You can schedule a call to discuss the results and get suggestions to improve and along with a road map that can help your Medical Practice achieve its full Medical Billing potential.
Medical Billing Performance Measurement Template
Attached is a simple template. It enables pre-made tables in which you can add in your numbers and track your Medical Practice’s Performance. The tables are linked to graphs and an over-all dashboard, which can enable you a comprehensive view of areas that need improvement.
The template contains 3 tabs, the first one includes a table containing the KPIs along with their acceptable ranges and formulas. The second tab contains tables where you can add in your practice specific data and the third contains a dashboard which is linked to the tables.
Use this to present your Medical Billing performance on monthly/yearly basis to your staff or clients. Show it on the computer or print it out as per your convenience.
Click here to access Medical Billing Performance Audit template
Track the RCM key performance indicators from month to month and year to year to gauge problematic areas
AltuMED pushes its client Medical Practices and Labs to conduct systematic Medical Billing Performance Audits. A Medical Billing Performance Audit is often viewed as a defensive measure where as it should be practiced regularly. Think of it this way, what would you rather prefer? A visit to preventive care or to an emergency room? Why not start your Medical Billing Performance Diagnostic instantly, Click the button below
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