Benchmarking is critical to financial success.
When you benchmark your practice you are able to see where you are at, and where you would like to be, all the while improving your productivity and performance. What’s the hardest part of benchmarking your practice? Some would stay just starting.
How can you start benchmarking your practice?
First, you need to determine where your practice stands. Compare your practice to similar practices in your same geographical area. Analyze your:
- Aged A/R including Days Outstanding
- Denial Reports including Denial Rates
- Days Outstanding
- Clean Claim Rate
- Turn Around Time
- Gross Collections
- Write Offs
- Time of Service Collections
A helpful resource is this year's Cost Survey. The data is broken down by 10 Health and Human Services (HHS) regions showing geographical changes in cost data. Read more: Highlights of Regional Data.
Secondly, you need to compare your practice’s performance against industry standards. A helpful tool to assist you was created by the RBMA. They have a "bimonthly journal that features aricles on topics affecting radiology business professionals. Access their archives, which contain benchmarking data.
Don’t forget: What you don't know can hurt you: One way to start benchmarking and improving your performance is to stay up-to-date with all industry news. HIS is the leader in healthcare reimbursement and technology. More specifically, our Radiology Division is setting the standard in the industry for revenue cycle management by focusing beyond reimbursement in order to optimize your bottom line and profitability. Additionally, we work hard to keep you updated.
Here are some resources we have available:
HIS Resource Page
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Request a Complete Radiology Revenue Cycle Analysis