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Collection ratio: How do you increase it?
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Get a different billing company.
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Hold your diagnoses in escrow.
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First define your "collection rate" , i.e., break it down to minimum detail. Otherwise, cr is not all that meaningful.
Move your practice to a geographic area where the payor mix is more favorable.
What do you mean by collection ratio?
The rate at which you collect anything? Or the % of charges?
You could be at 30% of charges and still be golden if you are charges are >3x Medicare.
But I would agree 15%+ "bad debt" as in collecting nothing is odd. Sounds like you billing company needs to be replaced.
Send it all to an outside collections company. Some paying is better than none. But yah as times goes on fewer and fewer people care about their credit scores...
The rate at which you collect anything? Or the % of charges?
You could be at 30% of charges and still be golden if you are charges are >3x Medicare.
But I would agree 15%+ "bad debt" as in collecting nothing is odd. Sounds like you billing company needs to be replaced.
Send it all to an outside collections company. Some paying is better than none. But yah as times goes on fewer and fewer people care about their credit scores...
Can we get an update from the OPoster on this. I would be very interested in what is going on billing for other groups atm.
I just a very very suspicious string of Stop Payments on checks paid from government sources. Needless to say, Im quite concerned that there is a some strangeness afoot.
I just a very very suspicious string of Stop Payments on checks paid from government sources. Needless to say, Im quite concerned that there is a some strangeness afoot.
OP here.
Your Stop Payments issue is very alarming. Does this have to do with Medicaid or Medicare? A whole bunch of our Medicaid payments are held up due to a "multiple units" issue. Our understanding is that when it's resolved, the payments will be made.
I have not followed up because, frankly, I am at a loss for words. Our billing company says that other groups that it services have similar collection ratios, and that it is a reflection of the poor economy in our region.
I think that we are long overdue for an audit, but it's hard to find an auditor who doesn't have a conflict of interest, i.e. not affiliated with another billing company.
