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Published at Monday, May 24th 2021, 17:11:11 PM. Bill Spreadsheet By Sheryl Martinez. Step 1: Pull Data from Financial Reports Many practices fail to get past steps 1 and 2 because they dont know what data to pull. The basic information you need to analyze your billing performance includes: Charges Adjustments (contractual) Collections Total accounts receivable (A/R) balance Accounts receivable (A/R) aging analysis (0-30 days, 31-60 days, 61-90 days, 91-120 days, and 120+ days) Patient encounters When gathering this data from your reports, there are a few important factors to consider: Time Period: Your data for each of the items above must be for the same time period, ideally for a 12-month period, which helps identify trends or patterns. Oftentimes, I have received reports reflecting different time periods and even incomplete months, which makes the analysis process much more difficult. Reviewing a single month (which can be good or bad based on practice variables) is not nearly as enlightening as reviewing a quarterly or annual time period.
Published at Monday, May 24th 2021, 16:22:10 PM. Bill Spreadsheet By Letha Mcbride. 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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