July IT Support Newsletter

 The Incredible Shrinking A/R!

Written by Judi Lindsay, Advisor

JAL Consulting  & Associates.

You are working longer hours, seeing more patients and the needle on the revenue graph is not moving! What is a practice to do? There are some key steps you can begin to analyze:

    • Do you know the average turn around for receiving your reimbursement from your patients’ insurance company? The national average is an astounding 107 days. Have you mapped your internal process and measure the time consumed in each step? Now manage each step to improve the performance.
  • Revenue cycle improvement needs constant focus. The practice that studies revenue cycle issues and monitors the results will see gains. If you don’t know the numbers, it is like driving a car blind!
  • Start reviewing your vendor and service contracts. Begin the conversation regarding their rates. Is there other companies that offer the same product or service?
  • When did you last look at your insurance contracts? Is it time to analyze those?
  • Is your practice operating at its highest efficiency? Studies show those practices that have an environment of understanding that everyone in the organization is responsible for revenue are the higher performing medical groups. iving your reimbursement from your patients’ insurance company? The national average is an astounding 107 days. Have you mapped your internal process and measure the time consumed in each step? Now manage each step to improve the performance.
  • Revenue cycle improvement needs constant focus. The practice that studies revenue cycle issues and monitors the results will see gains. If you don’t know the numbers, it is like driving a car blind!
  • Start reviewing your vendor and service contracts. Begin the conversation regarding their rates. Is there other companies that offer the same product or service?
  • When did you last look at your insurance contracts? Is it time to analyze those?
  • Is your practice operating at its highest efficiency? Studies show those practices that have an environment of understanding that everyone in the organization is responsible for revenue are the higher performing medical groups.
  • 992 Incidents reported in a 30 day period. Over 786,649 patients affected.
  • 250 included Business Associates