Efficiency = Increases Cash Flow, Bottom Line & Practice Value

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:
-    Charges
-    Revenues
-    Adjustments
-    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.

Key Tools for Effective Collection Results by Richard Tamburello, Managing Director, URS Billing Services, LLC

All communications with responsible parties owing delinquent balances must be positive.  Never make collection or follow-up telephone calls using abusive or insulting words. The key to improving self-pay collections and maintaining a positive image for the practice or hospital practice, are first explaining to all patients the practice’s payment and collection policies; collection communications should always focus on motivating patients to pay delinquent balances, not antagonize.  Make sure that all policies are acknowledged by both guarantor and the practice.

Responding in spirited and positives tones to patient inquiries is another key element to elevating the prospects of receiving payments from patients.  Staff members need to convey to all patient inquiries the willingness and understanding of circumstances surrounding financial problems some patients might have with paying the balance.  The results can be quite positive.