If you’ve found that your practice’s financial health isn’t where you’d like it to be, you’re probably wondering if you can do anything to remedy this critical issue.
As we’ve previously discussed, maintaining a financially healthy practice directly affects the quality of service you can provide your patients — though it may not feel that way. It’s common for practices to prioritize delivering high-quality patient care over “running the business,” which makes sense.
Without a reputation for providing excellent care, why would anyone look to you for help? Unfortunately, putting your financial health on the back burner can lead to scenarios which directly affect your patients’ well-being, like lacking the consistent revenue stream to hire more medical professionals to provide care to a growing roster of patients. Providing exceptional patient care and maintaining a financially healthy practice isn’t an either/or proposition; they truly go hand-in-hand.
Fortunately, improving your collections is not a herculean task — providing you use the right tools.
The first step to improving your practice’s financial health is to gain a solid understanding of your revenue data. How can you do this? If you don’t already use a financial analytics dashboard, you should consider implementing one into your billing process. A top of the line system provides information that helps you understand where you’re falling behind and improve your billing.
What is a Financial Analytics Dashboard?
A financial analytics dashboard tracks:
- All the financial data that comes in to your practice
- The time it takes to receive the revenue
- Which insurance companies are efficient in paying you and those that aren’t
A good financial analytics dashboard will take this intel and turn it into actionable analyses and reports. With a dashboard you’ll be able to discover sticking points in your billing practices and understand how to resolve issues causing your practice to lose revenue.
The dashboard allows you to break out of mediocre billing practices. For example, below are some key figures for how practices using our financial analytics dashboard perform in comparison to the industry national averages.
Averages number of days charges are in accounts receivable:
- Industry: 35 days
- Currence: 24 days
Percentage of charges in accounts receivable over 120 days:
- Industry: 18%
- Currence: 12%
Percentage of claims paid the first time submitted:
- Industry: 85%
- Currence: 97%
As you can see, our dashboard allows practices to get the insight necessary to pinpoint gaps in their billing practices. The reports and analytics we provide help organizations make data-driven decisions, rather than act like a cart on square wheels, trying to desperately increase revenue without employing the right tools for the job.