Billing Measures You Need to Track
Most practices are missing opportunities. They are missing opportunities for increased revenue, they are missing compliance issues, they are missing opportunities for truly knowing their business.
The solution for capturing these opportunities is through Key Performance Indicators (KPIs). The billing department shouldn't be exempt from proving their efficacy within the organization. Here are a few billing measures you need to track to make sure your billing department is doing their job.
1. Revenue Collected vs. Revenue Billed
2. Amount of Denials in a Month
3. Count of Rejections in a Month
4. Percent of Aging past 120+ Days
5. Percent of Revenue collected within 30 Days, 60 Days, 90 Days, etc.
6. Time to Claim Resolution
These are just some of the metrics that you can use to monitor your billing department and how effectively they operate. Depending on the EHR/EMR you are using, collecting the data will be more difficult than others.