The future of otolaryngology is in your hands
As practice managers, administrators, coders and more, you are constantly challenged to promote the best in otolaryngology medicine across your region and across the country while simultaneously running a successful business. The Association of Otolaryngology Administrators is your partner to help make that happen.
The AOA is the only association dedicated to otolaryngology practice management. Our specialty-specific education, resources and networking opportunities will help take your practice to the next level and remain competitive in an uncertain time of healthcare.
6/30/16: monthly assessment of your a/r
As a manager, you should be monitoring your practice’s A/R on a regular basis. Key parameters and reports to run include:
- Days in A/R: The number of days on average it takes to get an account paid. This includes both insurance and patient balances. A recommended benchmark is 30 to 45 days. Anything over that means you are taking too long to get paid. And every day you aren’t paid decreases the likelihood that you will be paid, especially for patient balances.
- Percentage of A/R that is in your greater-than-90-days bucket. This should be 15% or less. Anything higher means money is sitting on the table waiting for you to try to collect it.
- Net collection percentage measures your effectiveness in being paid. Determine your total revenue not including your refunds. Divide that by your gross charges less required contractual write-offs. Your net collections should be 95% or higher.