Many medical practices find difficulty identifying inefficiencies or implementing corrective actions identified as inefficiencies. Many medical practices fail to establish `Key Financial Indicators’ (KFI’s) or operations benchmarks for such areas as: Average Revenues/Patient Visit, Revenues to Total Procedures, Fluctuations in Procedure Code Levels, Average Days Revenues (ADR), Days Revenue Outstanding (DRO), Days in A/R and Delinquency Tolerance Ratios (DTRs) and tracking amounts allowed and reimbursement levels by ALL contracted insurance payers.
These critical financial measurements are absent in many practices having 7 and fewer physicians. URS Billing Services provides these and much more key data to all of its clients. The success of today’s medical practice requires pinpointing weaknesses and taking necessary corrective actions. Measure! Evaluate! Take Action!
Key Operation Benchmarks Which Are Monthly Tracked Per Physician:
- Net Ending A/R including net change from previous month
- Percent Revenues to Gross Charges
- Total Patient Visits
- Average Revenues Per Visit
- Establish / Measure Delinquency Tolerance Ratios for A/R
- Establish / Measure Revenue Sources to Total Revenues
- Establish / Measure ADR Targets
- Establish / Measure NDRO Targets
- Establish / Measure Days in A/R
- Establish / Measure Revenues For Top 15 CPT Codes
- Establish Solid Relationships With ALL contracted Insurance Providers
Once these Key Operations benchmarks are established, correctly monitored and managed, along with `alert algorithms’, profits and cash flow will begin to rise. Physicians will be able to draw paychecks the same day as employees.
The URS management team’s principle fiduciary responsibilities to ALL of its customers are not only optimizing revenues and controlling costs but increasing the value of the client’s practice.
The URS management team’s principle fiduciary responsibilities to its customers are not only optimizing revenues but increasing the value of our client’s practice.