Data Overload in Medical Practice: Key Measures to Track Your Billing and Revenue Flow

Problem of Data Overload in Medical Practices

As your medical practice grows, so does the amount of data generated by your billing and revenue processes. Managing this overwhelming amount of information can be a headache, making it difficult to make informed decisions at the administrative and managerial levels.

While technology has helped to reduce paperwork and streamline practice administration, simply summarizing data into one or two measures often falls short in guiding improvements to your practice functioning. To truly get a clear picture of how your practice is performing, you need to know what measures are necessary to track your billing and revenue flow.

Here are just a few of the measures that are required to get a clear picture of how your practice is performing:

✔️ Number of patients seen
✔️ Number of visits that took place
✔️ Breakdown of patients in terms of Line of Business (Medicare, Medicaid, Commercial Etc.)
✔️ Billed charges
✔️ Payments received
✔️ Share of each insurance in total payment received
✔️ Average collection per patient
✔️ Average collection per visit
✔️ Collection ratio (how much you got paid out of each $100 you billed)

These measures cover a lot of the information you need, but they must be used comparatively with past months' numbers to understand the direction your practice is going. Without tracking these numbers, you risk missing loopholes and losing revenue. Growth in the number of patients seen needs to reflect growth in revenue, too.

Getting all these measures on a monthly basis can be a challenge. EHRs often provide you with the database but don't customize to get you the numbers you need. Assigning this task to your current human resource can add an additional burden on your administration, and there's a chance of human error if done manually.

That's where Know Your Practice (KYP) comes in. We've created an application that helps you understand how your practice is performing and identifies revenue leaks that need to be addressed. Here are some of the benefits of using KYP:

✔️ It gives you all the numbers you need in an easy-to-understand format.
✔️ You can understand how your revenue and billing flow has been in the past month by spending just 5-10 minutes in the application.
✔️ You don't need to provide any patient information, not even their name, to the application; it will work without PHI.
✔️ The application can also give you a projection of how your current and next month revenue will look like based on what you have billed so far.
✔️ You only pay if you find the application satisfactory. You first get a chance to test the application in test data as well as your own practice data for a month. Only if you find it useful can you continue with a monthly subscription.

Don't let data overload be a problem for your medical practice. Say yes to KYP and let us help you make sense of your billing and revenue flow. Sign up for a free trial today.