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| PhySource Benchmarking Process
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Accounts Receivable Benchmarking Process
What are the Accounts Receivable Benchmarks we should be using?
What are the best performance metrics to use to measure our profitability and productivity?
At PhySource Solutions these are the types of questions our successful practice administrators and physicians look to us to answer.
MGMA Best Practices provides the accounts receivable benchmarks and the guidelines necessary to answer these important questions. PhySource Solutions applies its expertise to interpret and use these benchmarks to increase your profitability.
How does your practice compare to MGMA key indicators?
| MGMA Key Indicators |
Cardiology |
Orthopedic |
| Gross Collections Rate |
43.54% |
44.54.% |
| Net Collection Rate |
99% |
99% |
| Days in Accounts Receivable |
41.06 |
40 |
| Over 90 Days |
20.74% |
19% |
| Bad Debt |
2% |
2% |
*An improvement of 5% in your collection rate (based on $250,000 in monthly collectables) would lead to a $150,000 in increased annual net revenue.
PhySource Solutions clients report it is the process of working in partnership with Physource to define, measure, and achieve goals that result in an increase in revenue of 5% to 15%.
If you don’t know how your practice compares to MGMA’s benchmarks, let PhySource Solutions do the analysis for you. We give you the power to know where you are making money, and where you are losing money. We increase your profitability and bring you stability in the ever changing healthcare climate.
With PhySource Solutions A/R Benchmarking Process you can expect:
- Denial trend analysis
- Strategies to improve
- A/R Action plans to increase gross collection rates
- Monthly progress reports
- Quarterly executive summaries
At PhySource Solutions our Revenue Cycle Management is more than Surgical Coding Services, Medical Billing Services, Denial Management, and Front-End Training it encompasses all of these facets to bring your practice to the next level. Our A/R Benchmarking Process is the driving force behind successful implement of our Revenue Cycle Management service.
See what PhySource Solutions fully integrated Revenue Cycle Management can do for you. Please use our request more information form, or you may call us directly.
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