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Published at Tuesday, May 25th 2021, 05:01:37 AM. Bill Spreadsheet By Sabrina Walters. Most practice management systems today have production or practice performance reports that will have most of the above information (charges, adjustments, collections, A/R, encounters). I typically review the last page of a report and pull the monthly totals for the 12-month period for each category. The drill-down detail is helpful once you have identified a trend or "red flag," but not needed for the initial analysis. Also, most A/R aging analysis reports will have the A/R balance and the "buckets" or number of days the balance is spread across. Step 2: Input data into "dashboard" tool (spreadsheet) Once you have that "raw" data, you need some sort of analytical tool to make sense of the information-that is, bring the numbers to life and tell your practices story. I typically provide my presentation attendees with a tool Ive created-called the "dashboard-which they can take back to their practices and utilize immediately. This "dashboard" is a spreadsheet that allows you to input your data and then calculates ratios into an easy-to-read format that can be shared with your owners, supervisors and billing staff. In the spreadsheet, input your data into the green cells only. The blue, grey and purple cells have preloaded formulas that automatically calculate averages and ratios to help you measure your billing performance.
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Published at Tuesday, May 25th 2021, 02:16:02 AM. Bill Spreadsheet By Karen Spencer. Collections are a key part of the equation. This is the metric that tells you whether or not you are being paid successfully for your services. Specifically, your collections provide an indication whether charges are being billed correctly, being processed by payers, and being paid in a timely manner. This directly impacts the revenue factor in the profitability formula above. Unfortunately, the collections that your billing team is responsible for often go unmeasured, leaving you without a clear picture of how well youre really doing in terms of cash flow and profitability. Whether you outsource your medical billing or manage it in-house, its imperative to measure the performance of the team responsible on a monthly basis. But how do you accomplish that if you dont quite understand the billing process or dont have the time to dig through data and reports trying to figure out whats working or not? Waiting until your cash flow is down is not the time to begin measuring and managing the medical billing team. It should be a proactive, monthly exercise that takes minutes-not hours or days.