What Can Benchmarking do for my Practice? Lisa Warren Warren, Averett, Kimbrough and Marino, LLC 2500 Acton Rd Birmingham, AL 35243 www.WAKM.com.

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What Can Benchmarking do for my Practice? Lisa Warren Warren, Averett, Kimbrough and Marino, LLC 2500 Acton Rd Birmingham, AL

For questions Collection Rates Total Accounts Receivable Days in A/R A/R Aging Credit Balances Denial Rates A/R Diagnostic Measures

For questions Gross Collection Percentage Formula = Payments/Charges Goal: ???? Net Collection Percentage Formula= Payments/(Charges-Contractual Adjustments) Goal: 97% Collection Rates

For questions Total Accounts Receivable Goal: ???? Days in Accounts Receivable F ormula=(Total AR/Avg Charges per month) *30 Goal: Days Accounts Receivable

For questions Accounts Receivable Aging Source: 2010 Medical Group Management Association Cost Survey-Pediatrics Accounts Receivable AgeMean 0-30 days68% day13% days7% days5% 120+ days8%

For questions How is it aging? What is aging? Credit Balances Accounts Receivable Aging, cont.

For questions Accounts Receivable Aging, cont.

For questions Staff – Denial Rates -Reason - CPT Codes - Claims paid at first submission- 97% – Aging Reports by Payor Tracking Performance

For questions Aging by Payor Tracking Tracking Performance, cont.

For questions Aging by Payor Tracking Tracking Performance, cont.

For questions Copay Collection Rate Collection Agency Payors Staff Incentive Plans Tracking Performance, cont.

For questions Adjustment Codes “Hidden” buckets “No statement” accounts Paying according to fee schedule Other Areas to Watch

Questions? Contact Us: Lisa G. Warren, MBA/MSHA, CPC (205)

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