ICD-10 is a sizeable undertaking for any practice. In addition to expanding the number of codes to nearly 70,000, ICD-10 coding and documentation will require significantly more detail and specificity. PracticeMax is your partner for ICD-10 preparation, including clinical documentation requirements and tips. Here are some examples of where ICD-10-CM will require more specific documentation. […]
Category: Urgent Care
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 […]
Electronic Charge Documentation for ICD-10
To accommodate the increased specificity and number of codes in ICD-10, superbills may become up to fifteen pages in length depending on the specialty. For this reason, paper superbills may become obsolete and providers will need a new tool like MaxMobile that provides point of care capabilities and synchronization. PracticeMax‘s Maxmobile is a web based […]
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, […]
