Is your practice in good shape? Benchmarking is necessary to compare performance metrics to industry standards.
It is difficult to understand your accounting numbers without setting benchmarks.
Physicians keep juggling the numbers and keep wondering why the collection figures aren’t high enough or up to the expectations because they find it difficult to organize and manage multiple numbers. The best way is to analyze the practice needs and then get a desired output via a reporting structure.
MDofficeManager makes the phenomenon of financial “EXCELLENCE” more precise, practical and reachable. We use external and internal information for benchmarking, monitoring every loop hole, comparing to defined standards of MGMA, keeping track of variances and bringing and adjusting variances down to minimal accepted metrics.
Key Drivers to Control and Measure Best Practices:
• Days in AR: We compute the charges based on past months charges posted and work on understanding the deviation percentages.
• Aging Buckets: Measuring percentages of AR in each instance of 0-30 days, 31-60 days and 61-90 days.
We collect and analyze periodic data which aids to keep practices healthy. Henceforth, the outcome is a better managed practice.
Roles of a Benchmarking Manager:
1. Date-wise aging review.
2. Watching re-aged claims not submitted.
3. Accounting review.
4. Expectation setting.
5. Monitoring team activities.
6. Practice progress and problems communicated.
7. Monitoring MTD quality.