As practices face the daunting task of implementing the infrastructure needed to meet new value-based care objectives while simultaneously juggling business-as-usual, every minute and each investment matters. Focusing on the following key practice assessment areas can strengthen your revenue cycle performance under fee-for-service today while preparing your practice for success in the value-care world ahead.
Current-state practice assessment helps you determine how your performance stacks up now, where you’re doing well and where you can do even better to gain a competitive, sustainable advantage. A thorough assessment can uncover underlying problems holding your practice back.
A current-state assessment has three parts:
Financial foundation assessment. Like any business, a healthy medical practice needs a healthy revenue stream. Analysis of your current finances can illuminate points of revenue leakage.
Financials that should be monitored include total charges and collections by provider, gross and net collection percentages, charges and collections per visit and the number of days that bills sit in short- and long-term accounts receivable. These metrics help identify and eliminate error patterns in your billing department, or between your internal billing staff and external billing service.
The reimbursement schedule for your top codes from your top payers should be revisited quarterly to ensure payments are accurate and received in a timely manner, all in alignment with your competition and industry benchmarks.