Medical Practice Analytics
Practice analytics with clear recommendations
Know how we do that
Benchmark is necessary to compare performance metrics to industry standards. It is difficult to understand your accounting numbers without setting benchmarks.
Physicians keep juggling with the numbers and keep wondering why the collection figures aren't high enough, up to expectation because they find it difficult to organize and manage many numbers. So the best way is to make them analyze their needs and then get a desired output via the reporting structure.
We at CrystalVoxx, make the phenomenon of "EXCELLENCE" more precise & practical. We use external and internal information for benchmarking and monitor every loop hole of revenue cycle. We always cope up with defined standards of MGMA, keep the track of variance & bring it down to minimal accepted metrics.
Key drivers to control & measure best practices:
- Days in AR [DAR]: The best over all indicator of billing performance must be measured consistently, target to keep it below 50 days
- Aging buckets: Measuring percentage of AR in each instance of 0-30 days; 31-60 days; 61-90; 91-120 days & over 120 days
- AR outstanding over 120 days: Monitor the aged receivables sitting in more than 120 days bracket and shoot for less than 12 percent being over 120 days
- Net collection rate: It measures the ability of your practice to collect the money it is owed. It is nice to measure your collections as a percentage of gross charges.
- Our analytic department reviews your account in depth on a regular basis and provides you with the targeted data and clear recommendations that can help you improve your medical practice performance and be aware of potential compliance issues you may have.
Type of analytics and recommendations include:
- Point out an employee that is a continuing source of poor information gathering at the front desk;
- Suggest modifications to your coding profile if you appear to be either under or over coding on a consistent basis;
- Make sure you are aware of the referral sources that are your most profitable (not just your largest);
- Recommend fee schedule changes if you appear to be leaving money uncollected because of low fees;
- Point our services that you are not providing that could significantly enhance the profitability of your clinical practice;
- Inform you when you have payers that are consistently out of compliance with their contractual obligations and give you the data required to renegotiate payer contracts.
Contact us today
Learn more today about how CrystalVoxx can be part of your Success