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 "The reality is that if you do not measure it, you are not managing it."

 

Days To Capture Charges

Days to capture charges is a metric not often evaluated with a large group, or with a group with multiple sites, or a practice with a central billing office.  This practice when asked about their throughput stated that they were processing claims as quickly as they were coming in the door. However, upon further inspection and after modifying job responsibilities of the billing staff the number of days that it took to process a claim from the time the patient was seen to electronically submitted was significantly reduced. Initially it was taking as much as 15 days to receive and process claims. After several months that time was reduced to an average of 1.4 days. With electronic claims processing this can result in claims being paid in the same month rather than a whole month later.

Fee Analysis Michigan Hospital

Although most hospitals and practices tell you that they review the CPT codes and make sure that their charges are high enough the average practice has many codes that have been deleted, and are priced either too high or to low compared to what the market place would bear. This analysis demonstrates a Hospital based in Michigan that said that they always check their CPT codes annually and make sure that the price is 20% above Blue Cross and Medicare. Although this graphic depicts all of the CPT's are under fee, they have been sorted and represent the top 20% of CPT's that are priced incorrectly. As you can see from the graph below , the organization is leaving hundreds of thousands of dollars "on the table".



Billing for any physician office or hospital is complex. There are many area's where things can go wrong. This graphic demonstrates that through the Operational and Efficiency Analysis we can turn things around for your practice. The graph below shows a large MSO with multiple groups and their Accounts Receivable trend. As you can see in March 2002 a number of changes were made resulting in millions of dollars being captured by the practice, that other wise would have been lost.

Revenue Cycle

At first glance, the revenue cycle can appear to be very simple, but of course, in reality it is much more complicated.. Huizenga Consutling will analyze all the components of the Revenue Cycle and show you how your practice can work smarter, not harder.

2008 Example of Strategic Planning -  Data collected after one year

Although practices can be resistant to hiring an outside consultant to review their organization it is often what is required to direct a practice to a new level. The following outcomes are the result of a practice which had participated in strategic planning. As you can see, one year after the planning session was held:

• Gross charges increase by 21% (without adding providers)
• Total revenue increased by 39%
• Overhead increased by only 2%
• Total physician compensation increased by 134%
• Net income increased by 484%
• Current liabilities decreased by 67%
• Shareholder equity increased by 1,045%