decisionhealth Newsletters, Part B News - 2003 Issue 7 (July)
Set A/R benchmarks to improve your practice's billing
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Article Overview
This article covers a practical approach to setting billing performance benchmarks for medical practices, with emphasis on accounts receivable measures, collection ratios, and comparing a practice against specialty, size, and regional norms. It is intended for practice managers, billers, and administrators who want to evaluate whether their current performance targets are realistic and how often those targets should be reviewed. The article includes formulas, examples, and benchmark-setting guidance alongside summary statistics drawn from specialty survey data.
Why This Topic Matters
Benchmarking billing performance helps practices understand whether their revenue cycle results are in line with peer practices and whether their goals need adjustment as conditions change. Using realistic measures can support more accurate monitoring of financial performance over time.
Article Sections
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Setting realistic A/R benchmarks
Introduces the concept of benchmarking for practice billing performance and outlines the main measures discussed in the article. Describes the overall approach for using practice-specific and external comparison data.
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1. Talk with a professional society and review national statistics
Discusses using specialty organizations and survey data to understand common performance levels. Emphasizes comparing practices by specialty, size, and other broad characteristics.
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2. Look at where you are now
Explains reviewing current accounts receivable and collection performance over time. Includes formulas and examples used to calculate benchmark-related measures.
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3. Decide where you want to be and set a goal
Covers choosing a practical target based on current performance and external comparisons. Focuses on setting goals that are achievable for the practice.
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4. Assess your benchmark at least once a year
Describes ongoing review of benchmarks and the need to revisit them when business conditions change. Notes that benchmark review frequency may vary based on practice needs.
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Nationwide A/R numbers for some common specialties
Presents summary specialty-level survey information related to billing performance. Provides a broad comparison across several common medical specialties.
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PBN reader survey respondents told us which benchmarks they use to ensure accurate billing
Summarizes reader survey responses about the types of benchmark data practices rely on. Gives an overview of how respondents approach billing accuracy measurement.
What You Will Learn
- How practices can use specialty and peer data to set billing benchmarks
- Which broad performance measures are commonly used to assess accounts receivable
- How to review current billing performance before choosing a target
- How benchmark goals may be revisited over time
- What kinds of specialty survey data may inform billing comparisons
Who Should Read This
- Practice managers
- Medical billers
- Revenue cycle staff
- Physician practice administrators
- Healthcare financial managers
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