{"id":1133,"date":"2016-12-10T05:35:31","date_gmt":"2016-12-10T05:35:31","guid":{"rendered":"http:\/\/www.medicalbillingstar.com\/blog\/?p=1133"},"modified":"2017-02-21T10:21:03","modified_gmt":"2017-02-21T10:21:03","slug":"6-financial-performance-metrics-of-your-revenue-cycle","status":"publish","type":"post","link":"https:\/\/www.medicalbillingstar.com\/blog\/6-financial-performance-metrics-of-your-revenue-cycle\/","title":{"rendered":"Know how you can leverage your practice performance with 6 revenue cycle metrics"},"content":{"rendered":"<p><iframe loading=\"lazy\" style=\"border: 1px solid #CCC; border-width: 1px; margin-bottom: 5px; max-width: 100%;\" src=\"\/\/www.slideshare.net\/slideshow\/embed_code\/key\/DJLMtX7qRkAtdP\" width=\"595\" height=\"485\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\"> <\/iframe><\/p>\n<div style=\"margin-bottom: 5px;\"><strong> <a title=\" 6 revenue cycle metrics you must be tracking now\" href=\"\/\/www.slideshare.net\/angomark\/6-revenue-cycle-metrics-you-must-be-tracking-now\" target=\"_blank\"> 6 revenue cycle metrics you must be tracking now<\/a> <\/strong> from <strong><a href=\"\/\/www.slideshare.net\/angomark\" target=\"_blank\">ango mark<\/a><\/strong><\/div>\n<p>Are you one of those busy physicians who pay just a cursory glance at monthly collections? Then <a href=\"https:\/\/www.medicalbillingstar.com\/case-studies\/ob-gyn-hospital-sees-meteoric-business-growth-with-medicalbillingstar-billing-services.pdf\">you should be prepared to lose revenue every single day like this obgyn practice in southeast Georgia<\/a>. It is essential for medical practices to track financial performance metrics, as every dollar that falls through the cracks can create an adverse and irredeemable impact.<\/p>\n<p>Have you set the Medical billing department goals for 2017? Do you know the importance of medical billing benchmark in your organisation?<\/p>\n<p>If you want to meet operational and financial goals and create a road map for your\u00a0medical practice\u00a0in a shifting landscape, start tracking these medical practice revenue KPIs.<\/p>\n<p><span style=\"color: #ff6600;\"><strong>1. The A.R. Aging Reports<\/strong><\/span><\/p>\n<p>Of course you know that claims are getting denied and your billing team is following up on them. But have you arranged your AR into buckets based on the number of days they\u2019ve remained unpaid? Your largest claim summary should fall in the 30 days bucket or trying to convince payers to reimburse is going to be an uphill task. But how do you know if you are not keeping track of your unpaid claims?<\/p>\n<p>A detailed aging AR report that breaks down key components such as number of claims denied, denial pattern, and payer specifics will enable you to handle backlogged revenue efficiently.<\/p>\n<p><a href=\"https:\/\/www.billingparadise.com\/rcm-tools\/mgma-ar-benchmark-calculator\/\">If your practice needs more information on aging A.R<\/a>. divide the A.R. based on CPT codes and insurance. Here\u2019s a sample report you can us form tracking A.R<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1676\" src=\"https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/A.R-Aging-Report.png\" alt=\"A.R Aging Report\" width=\"598\" height=\"333\" srcset=\"https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/A.R-Aging-Report.png 598w, https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/A.R-Aging-Report-300x167.png 300w\" sizes=\"auto, (max-width: 598px) 100vw, 598px\" \/><\/p>\n<p>Pulling such reports will help you find out the billing performance metrics and hence help you know how your medical billing department performs.<\/p>\n<p><span style=\"color: #ff6600;\"><strong>2. Patient payments- The most challenging job for a practice!<\/strong><\/span><\/p>\n<p>The responsibility of the front desk staff gets even tough when the patients don\u2019t listen or the staff doesn\u2019t keep a track of <a href=\"https:\/\/www.medicalbillingstar.com\/collections-management.html\">patient collections<\/a>.\u00a0 To make the patient listen to what you need them to understand, it\u2019s better to keep a track of the collections. It becomes a support for you if you have a report handy. Let\u2019s say a dashboard that can help you keep a track of this indicator and thus prove your productivity.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1675\" src=\"https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/patient-payments.png\" alt=\"Patient Payments\" width=\"624\" height=\"302\" srcset=\"https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/patient-payments.png 624w, https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/patient-payments-300x145.png 300w\" sizes=\"auto, (max-width: 624px) 100vw, 624px\" \/><\/p>\n<p><span style=\"color: #ff6600;\"><strong>3. Productivity report of each physician<\/strong><\/span><\/p>\n<p>This is the age of ACOs. As medical practice converge under a single umbrella to better manage costs and operational bottlenecks, it is more important than ever to analyse the productivity of every physician on board. It will help you monitor fluctuations in physician productivity metrics and make physicians who are a part of your network more accountable. This adds to the <a href=\"https:\/\/www.billingparadise.com\/blog\/2016\/03\/23\/10-medical-billing-reports-that-will-make-medical-practices-profitable\/\">list of practice financial performance metrics you should be tracking<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1674\" src=\"https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Productivity-report.png\" alt=\"productivity report\" width=\"485\" height=\"308\" srcset=\"https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Productivity-report.png 485w, https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Productivity-report-300x191.png 300w\" sizes=\"auto, (max-width: 485px) 100vw, 485px\" \/><\/p>\n<p><span style=\"color: #ff6600;\"><strong>4. Net monthly collections<\/strong><\/span><\/p>\n<p>You are meeting patients every day, but are you getting paid for each patient visit? Monthly net collections is calculated as (Payments \u2013 Credits) \/ (Charges \u2013 Contractual Adjustments). It reflects the amount of dollars you\u2019ve collected and conversely the amount of potential revenue left on the table. A concise report will help you understand the practice financial performance metrics and areas that need to be improved on.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-1672\" src=\"https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Net-monthly-collections-1024x447.png\" alt=\"Net Monthly Collections\" width=\"1024\" height=\"447\" srcset=\"https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Net-monthly-collections-1024x447.png 1024w, https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Net-monthly-collections-300x131.png 300w, https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Net-monthly-collections-768x335.png 768w, https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Net-monthly-collections.png 1150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><a href=\"https:\/\/www.medicalbillingstar.com\/case-studies\/Helping-an-oncologists-practices-weather-billing-storms.pdf\">A weak and staggering revenue cycle will bring the financial growth of your medical practice to a grounding halt<\/a>. There are several smart reporting applications available that can enable your practice to view and analyze pertinent information, anywhere, anytime. Invest in one and take the first step towards sustainable financial growth. This allows you to have an eye on your medical practice performance metrics.<\/p>\n<p><span style=\"color: #ff6600;\"><strong>5. Medical coding efficiency reports<\/strong><\/span><\/p>\n<p>ICD-10 has transformed the way healthcare organizations code. It demands greater accuracy and granularity of data. A detailed medical coding report will help increase coding throughput and <a href=\"https:\/\/www.medicalbillingstar.com\/medical-coding.html\">spot the cracks in your medical coding process<\/a>.<\/p>\n<p>Tracking what your top paying CPT codes are will <a href=\"https:\/\/www.medicalbillingstar.com\/contract-negotiation.html\">enable your organization to negotiate better performing contracts and increase revenue<\/a>. This is one of the medical practice KPIs your billers must be using.<\/p>\n<p><span style=\"color: #ff6600;\"><strong>6. Track Payer reimbursement trends <\/strong><\/span><\/p>\n<p>Keeping track of the reimbursement rate of each payer is essential. Monitoring reimbursement metrics will enable medical practices reach financial goals. Getting to know how each payer reimburses your practice can help you <a href=\"https:\/\/www.medicalbillingstar.com\/demo-request.html\">design an effective financial plan and fix the leaks in your revenue cycle<\/a>. Most practices miss out this indicator and the payer gets a chance to change its payment trends or even deny a claim without a valid reason. It is also important to monitor the reimbursement TAT of insurers<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1670\" src=\"https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Track-Payer-reimbursement-trends-1024x423.png\" alt=\"6. Track Payer reimbursement trends\" width=\"634\" height=\"262\" srcset=\"https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Track-Payer-reimbursement-trends-1024x423.png 1024w, https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Track-Payer-reimbursement-trends-300x124.png 300w, https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Track-Payer-reimbursement-trends-768x317.png 768w, https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/09\/Track-Payer-reimbursement-trends.png 1048w\" sizes=\"auto, (max-width: 634px) 100vw, 634px\" \/><\/p>\n<p>The above dashboard displays the reimbursement TAT for last 12 months. You can select from the other two tabs (For 3 months and 6 months).This is also very important when considering to track the medical practice revenue KPIs<\/p>\n<!-- Begin Yuzo --><div class='yuzo_related_post style-1'  data-version='5.12.75'><!-- without result --><div class='yuzo_clearfixed yuzo__title yuzo__title'><h3>Related Post<\/h3><\/div>\n\t\t\t\t\t\t  <div class=\"relatedthumb \" style=\"width:125px;float:left;overflow:hidden;\">  \n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  <a  href=\"https:\/\/www.medicalbillingstar.com\/blog\/prepare-for-merit-based-incentive-payment-program-2018\/\"  >\n\t\t\t\t\t\t\t\t\t  <div class=\"yuzo-img-wrap \" style=\"width: 125px;height:90px;\">\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t<div class=\"yuzo-img\" style=\"background:url('https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2018\/02\/Capture-150x150.png') 50% 50% no-repeat;width: 125px;height:90px;margin-bottom: 5px;background-size: cover; \"><\/div>\n\t\t\t\t\t\t\t\t\t  <\/div>\n\t\t\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t\t   <span class=\"yuzo__text--title\" style=\"font-size:13px;\">How to prepare for MIPS in 2018<\/span>\n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  <\/a>\n\n\t\t\t\t\t\t  <\/div>\n\t\t\t\t\t\t  <div class=\"relatedthumb \" style=\"width:125px;float:left;overflow:hidden;\">  \n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  <a  href=\"https:\/\/www.medicalbillingstar.com\/blog\/nextgen-becomes-more-interoperable-now\/\"  >\n\t\t\t\t\t\t\t\t\t  <div class=\"yuzo-img-wrap \" style=\"width: 125px;height:90px;\">\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t<div class=\"yuzo-img\" style=\"background:url('https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2014\/06\/nextgen-healthcare-150x150.jpg') 50% 50% no-repeat;width: 125px;height:90px;margin-bottom: 5px;background-size: cover; \"><\/div>\n\t\t\t\t\t\t\t\t\t  <\/div>\n\t\t\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t\t   <span class=\"yuzo__text--title\" style=\"font-size:13px;\">Nextgen becomes more interoperable now!<\/span>\n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  <\/a>\n\n\t\t\t\t\t\t  <\/div>\n\t\t\t\t\t\t  <div class=\"relatedthumb \" style=\"width:125px;float:left;overflow:hidden;\">  \n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  <a  href=\"https:\/\/www.medicalbillingstar.com\/blog\/smartphones-can-help-your-practice-to-achieve-mu\/\"  >\n\t\t\t\t\t\t\t\t\t  <div class=\"yuzo-img-wrap \" style=\"width: 125px;height:90px;\">\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t<div class=\"yuzo-img\" style=\"background:url('https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2013\/05\/patient-portal-150x150.png') 50% 50% no-repeat;width: 125px;height:90px;margin-bottom: 5px;background-size: cover; \"><\/div>\n\t\t\t\t\t\t\t\t\t  <\/div>\n\t\t\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t\t   <span class=\"yuzo__text--title\" style=\"font-size:13px;\">Smartphones Can Help Your Practice To Achieve MU !<\/span>\n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  <\/a>\n\n\t\t\t\t\t\t  <\/div>\n\t\t\t\t\t\t  <div class=\"relatedthumb \" style=\"width:125px;float:left;overflow:hidden;\">  \n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  <a  href=\"https:\/\/www.medicalbillingstar.com\/blog\/macra-uncovered-facts-and-rcm-challenges\/\"  >\n\t\t\t\t\t\t\t\t\t  <div class=\"yuzo-img-wrap \" style=\"width: 125px;height:90px;\">\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t<div class=\"yuzo-img\" style=\"background:url('https:\/\/www.medicalbillingstar.com\/images\/infographics\/Facts-MACRA-RCM-Challenges.png') 50% 50% no-repeat;width: 125px;height:90px;margin-bottom: 5px;background-size: cover; \"><\/div>\n\t\t\t\t\t\t\t\t\t  <\/div>\n\t\t\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t\t   <span class=\"yuzo__text--title\" style=\"font-size:13px;\">Experts Reveal the Unknown Facts of MACRA & R...<\/span>\n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  <\/a>\n\n\t\t\t\t\t\t  <\/div>\n\t\t\t\t\t\t  <div class=\"relatedthumb \" style=\"width:125px;float:left;overflow:hidden;\">  \n\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t  <a  href=\"https:\/\/www.medicalbillingstar.com\/blog\/only-38-of-doctors-are-happy-with-their-emr-are-you-one-of-them\/\"  >\n\t\t\t\t\t\t\t\t\t  <div class=\"yuzo-img-wrap \" style=\"width: 125px;height:90px;\">\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t<div class=\"yuzo-img\" style=\"background:url('https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2013\/02\/EHR-Pros-and-Cons-150x150.png') 50% 50% no-repeat;width: 125px;height:90px;margin-bottom: 5px;background-size: cover; \"><\/div>\n\t\t\t\t\t\t\t\t\t  <\/div>\n\t\t\t\t\t\t\t\t\t  \n\t\t\t\t\t\t\t\t   <span class=\"yuzo__text--title\" style=\"font-size:13px;\">Only 38 % of Doctors are Happy with their EMR. 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Then you should be prepared to lose revenue every single day like this obgyn practice in southeast Georgia. It is essential for medical practices to track financial [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1134,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[205],"tags":[399,406,408,405,400,404,340,410,409,402,403,407,411,401],"class_list":{"0":"post-1133","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-medical-practice","8":"tag-billing-department-goals","9":"tag-billing-performance-metrics","10":"tag-financial-performance-metrics","11":"tag-kpi-for-billing-department","12":"tag-medical-billing-benchmark","13":"tag-medical-practice-performance-metrics","14":"tag-metrics-for-medical-practice","15":"tag-physician-key-performance-indicators","16":"tag-physician-kpi-metrics","17":"tag-physician-practice-metrics","18":"tag-physician-practice-operations-metrics","19":"tag-physician-productivity-metrics","20":"tag-physician-revenue-performance-metrics","21":"tag-revenue-cycle-metrics","22":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are you tracking metrics for your medical practice?<\/title>\n<meta name=\"description\" content=\"Most medical practices ignore to perform data analysis.It can prove to be fatal in the long run. Here are few key performance indicators you need to monitor\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.medicalbillingstar.com\/blog\/6-financial-performance-metrics-of-your-revenue-cycle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are you tracking metrics for your medical practice?\" \/>\n<meta property=\"og:description\" content=\"Most medical practices ignore to perform data analysis.It can prove to be fatal in the long run. 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