ServiceTrac was recently named one of the 10 Most Promising Revenue Cycle Management Solution Providers by Healthcare Tech Outlook magazine. A panel of CEOs, CIOs, CMOs, VCs and editorial board helped the magazine recognize 10 revenue cycle management vendors that “showcase extensive business knowledge and innovative strategies combined with talent based across locations.” ServiceTrac […]
Category: Key Performance Indicator (KPI)
Key Performance Indicator: Collection Percentage
Perhaps one of the most overused yet least significant KPIs, Collection Percentage measures what percent of accounts are being collected for a medical practice. Consider Practice A that collects 95% of a $50 charge ($47.50), and Practice B that collects 80% of a $75 charge ($60.00) for the same level of service. Would you rather […]
Key Performance Indicator: Accounts Receivable (AR) Aging
To classify AR by its age, you must measure the time since a particular service was billed. Payments due for services in the past thirty days are placed in the 0-30 day bucket, those billed between thirty one and sixty days are placed in 31-60 day buckets, etc. While monitoring your AR aging is important, […]
Key Performance Indicator: Days to Bill
This key performance indicator (KPI) measures how long it takes a bill to leave the facility and go to the insurer after the date of service. While timely submission is important, some providers may get worried when this KPI reached more than six or seven days and encourage their staff to “hurry up” and get […]
