Posted by: notdeaddinosaur | May 31, 2011

Receivable Success

Allow me to brag for a moment.

A quick perusal of my practice management system at month’s end reveals the following details about my Accounts Receivable (money I have earned but have not yet been paid, either by patients or their insurance companies):

Total: Approximately 77% of one month’s collections. (Benchmark: I’ve been told that A/R should not exceed one month’s billings.)

Aged A/R:

  • Current: 75% (benchmark: 47%)
  • Over 30 days: 7% (benchmark: 17%)
  • Over 60 days: 6% (benchmark: 9%)
  • Over 90 days: 12% (benchmark: 27%)

Much of the last category is charges I probably should write off and/or send to collections, both of which I do with great reluctance (therefore far too seldom).

Still, I think those are pretty impressive numbers. Did I mention how much I’m enjoying my new practice management and billing system, including electronic claim submission?

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Responses

  1. Congratulations! Sounds like you do all filing,posting, billing in house; I think that’s crucial for the financial health of small practices. When are you going to give us some news on how you like your EMR?

    Thanks

  2. Congrats. Having your A/R under control is the only way to survive in solo practice. Give your biller(s) a gift certificate or something.


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