In my work, I suggest that anything less than 98-99% is trouble. 95% is too low, imo!
If you think about it...if you're routinely collecting 95% and can pay a billing service 6-7% and they get to 99%, you're really only paying 2-3% for the billing service (which is generally cheaper than running an internal billing department).
That is an excellent point, Chip Hart; in today's world of RCM, many companies do not do patient billing, and they come short on educating the client on strategies to get to 99%. It is sad to see a practice with numbers in the mid-70s, and the owners always say we make enough money; the data must be wrong. This number is driven by your financial credentialing on the phone and your front desk.
In my work, I suggest that anything less than 98-99% is trouble. 95% is too low, imo!
If you think about it...if you're routinely collecting 95% and can pay a billing service 6-7% and they get to 99%, you're really only paying 2-3% for the billing service (which is generally cheaper than running an internal billing department).
That is an excellent point, Chip Hart; in today's world of RCM, many companies do not do patient billing, and they come short on educating the client on strategies to get to 99%. It is sad to see a practice with numbers in the mid-70s, and the owners always say we make enough money; the data must be wrong. This number is driven by your financial credentialing on the phone and your front desk.