Practice Analytics

Medical Practice Analytics

Practice analytics with clear recommendations

Physibill Clinical Practice Management offers comprehensive practice analytics and key performance indicators to help you reduce operational costs, enhance collections, and streamline your operations.

Know how we do that

Benchmarking is essential for comparing performance metrics against industry standards. Without benchmarks, understanding your accounting numbers can be challenging.

Physicians often grapple with numbers and question why their collection figures fall short of expectations. Managing and organizing numerous metrics can be overwhelming. The key is to analyze needs and achieve desired outcomes through a well-structured reporting system.

At Physibill, we make the pursuit of “EXCELLENCE” both precise and actionable. We utilize both external and internal data for benchmarking, diligently monitoring every aspect of the revenue cycle. We adhere to MGMA standards, track variances, and work to minimize them to acceptable levels.

Key drivers to control & measure best practices:

Days in AR (DAR): This is the most comprehensive indicator of billing performance and should be consistently measured. Aim to keep it below 50 days.

Aging Buckets: Evaluate the percentage of accounts receivable (AR) in each aging bracket: 0-30 days, 31-60 days, 61-90 days, 91-120 days, and over 120 days.

AR Outstanding Over 120 Days: Track receivables that are overdue by more than 120 days. Aim to keep this figure below 12%.

Net Collection Rate: This metric assesses your practice’s efficiency in collecting owed funds. It’s beneficial to measure your collections as a percentage of gross charges.

Our analytic team at Physibill conducts in-depth reviews of your accounts regularly, providing targeted data and clear recommendations. This helps you enhance your medical practice’s performance and stay aware of potential compliance issues.

Type of analytics and recommendations include:

Identify Employees with Information Gathering Issues: Pinpoint employees at the front desk who consistently provide poor information and suggest targeted training or procedural changes.

Review Coding Practices: Assess and suggest modifications to your coding profile if you are consistently under-coding or over-coding to ensure accurate billing and maximum reimbursement.

Analyze Referral Sources: Identify and monitor your most profitable referral sources, not just the largest, to optimize your practice’s revenue.

Recommend Fee Schedule Adjustments: Advise on changes to your fee schedule if you are losing revenue due to low fees and ensure your pricing aligns with the value provided.

Highlight Undervalued Services: Point out services that are currently not being offered but could significantly boost the profitability of your clinical practice.

Monitor Payer Compliance: Notify you when payers consistently fail to meet their contractual obligations and provide the necessary data to help renegotiate payer contracts.

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Medical Practice Analytics