Physician Know Thy Numbers

When I consult with a new practice these days I start by asking a lot of questions.  I’m shocked at how often I get the blank deer-in-the-headlights stare at what I consider to be basic questions.  Am I off base here?  You guys and gals should know this stuff.

Here’s what stumps most clients these days when we talk about their billing:

1. What financial reports do you receive weekly and monthly?
2. What is your process for insurance verification?  Who manages that process?
3. How long is your revenue cycle? (national average = 60 days – yours should be less than half that)
4. What is your rate of unbilled charges (national average is 15% – yours should be 0)
5. What is your denial rate?  (national average is 30%)

 Only concern yourself with these questions if you want to be able to feed your family.

David Zahaluk, MD is a practice optimization expert and the author of The Ultimate Practice Building Book.  His firm, Ultimate Practice Builder, takes physicians to the top 10% of their specialty – in income, time off and quality indicators - within 3 years… guaranteed.  Learn more at www.UltimatePracticeBuilder.com

This entry was posted on Monday, May 17th, 2010 at 9:05 am and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.