Bill Sample / December 7, 2018 / Odessa Barron
Useful metrics must be comprehensive and simple. They must combine both complete end-to-end processes and their individual components. Metrics must be used consistently over time and compared to standards. Obviously different standards apply to different medical specialties patient demographics payers and samples of CPT codes. Medical billing metrics typically include compliance cash balances charges accounts receivable and collection ratios to help monitor cash flow. This article focuses on performance metrics. For discussion of compliance program see companion article on Medical Billing Compliance. Collection Ratios Traditional metrics include gross and net collection ratios. Both metrics are subjective to individual practice because they compare (often arbitrary) charges to (allowed) payments.
One simple idea is to bring in lab samples that you collect at home. Is your pet having a urinary problem? Try to collect a urine sample at home and then bring it in at appointment time. Your vet will have instructions on how to do this depending on whether you have a dog or cat. Its not that hard. Veterinarians love clients who bring in urine samples from their pet because it means less work for them! If urine must be collected by veterinary staff theres a chance youll have to pay for it especially if your pet wont "give it up" on his own and they have to obtain a sample using either a syringe or catheter. The price that you pay for groceries has skyrocketed lately. The cost of bread and milk has steadily been climbing over the last couple of years.
All the better if he or she has some experience in the medical billing field. You can save money by preparing carefully before you meet with your lawyer. Start by making a list of things you want to cover in your contract. List all of the services you will be providing and how you charge for them. In addition to how you will charge you will want to list how and when you expect to be paid. Add the providers responsibilities to the list. List how you will receive the patient and claims information and what information you expect from the provider. Other terms you will want to cover are what happens if you dont get paid how either party can terminate the contract and what happens when you do term. There are really a lot of important issues that you need to cover - many potential situations to think about.