Are You Monitoring These 3 Critical KPIs in Your Gastroenterology Billing Process?

Are you looking to tune up revenue for your Gastroenterology practice? Focusing on collections, managing denials by accurate documentation and coding, and resubmitting corrected documents are good places to start. But have you ever considered tracking major key performance indicators (KPIs) to track your Gastroenterology billing performance?

Being a gastroenterologist, it is evident that you are busy providing quality care to your patients to help them live a better life! However, the business side of your practice might use some expertise to enhance financial performance. Among the KPIs, days in accounts receivable (AR), clean claims ratio (CCR), and net collections ratio are vital to understanding the Gastroenterology billing and coding performance.

The Major KPIs in Gastroenterology Billing

1. Days in accounts receivable: This represents the average time for a submitted claim to be paid. The longer you wait for the reimbursements the more you lose the cashflow and opportunity to invest. You must consider the industry standard, which is 30 days in AR. Keeping this metric under 45 days will help you ensure the practice’s financial health. Also, you must remember the payer’s time limit for submitting the claim (often 90 days from the date of service). Once the deadline has passed, it will be difficult for you to recover your revenue.
2. Clean claims ratio: The clean claim ratio or the first-pass ratio, is the percentage of clean claims or the claims paid at first submission. A clean claim is one that has never been rejected, does not have a preventable denial, has not been filed more than once, and contains no errors. To achieve this metric, you must ensure error-free Gastroenterology billing and coding services within your practice. Having a CCR of 90% to 95% reflects a successful revenue cycle strategy.
3. Net collections ratio: It is the percentage of the total collected amount out of the total allowed amount. This metric represents the efficiency of the revenue cycle and thus, the main indicator of the financial performance of your practice. Unlike gross charges, net collections represent that you can realistically expect to receive reimbursements. It also reflects how denial rates and unreimbursed payments affect revenue.

Here is a small trick for you to improve Gastroenterology billing and practice’s performance:

You can get help from a revenue cycle management expert. The healthcare landscape is changing frequently, and it is difficult for gastroenterologists to keep up with the changes while managing the care process. However, if you have a reliable partner to navigate you through Gastroenterology billing and coding complexities, it will be easier for you to sustain the practice’s financial and functional stability.

When you partner with us, you have a team of dedicated revenue experts with specialty-specific knowledge. Our team will tackle your delinquent medical billing and coding services. From data management and prior authorization to accurate claim submission and AR management, you can have it all at just $7 per hour!

Benefits of partnering with us-

• 99.9% accuracy on claim submission
• 100% HIPAA compliance
• 80% reduction in overhead costs
• 100% prior authorization submission on the same day

Through the regular financial reviews, we will help you gain control over your revenue cycle and provide you with an insight into the practice’s performance. If you are looking for a seamless billing process and optimized revenue, contact us today!