Effortlessly Manage Your Event Bill Format for Customer Support

Event bill format for Customer Support

how difficult is it to explain billing performance to your clients ever read an article or an MGM a report with statistics like net collections ratio gross collections ratio days receivable outstanding they are aging if you've ever had to try and explain dro to a client you know what I'm talking about for non-financial people the point can sometimes be lost in all the jargon I'm not suggesting these aren't useful but I wanted to take a different approach and translate those types of industry measurements into things that we can use to get improved results in medical billing only two things matter cycle time and yield that's it everything about our process fits into these two concepts let's talk about cycle time cycle time is speed the time between one event and another days receivable outstanding day sales outstanding accounts receivable aging are all examples of cycle time measurements they're actually suboptimal measurements because they start from when a claim is built we all know that time can pass between when a patient is seen and when the claim is billed so the real measure of speed is from data service to date paid obviously faster is better so if you were asked to improve days receivable outstanding how would you start the only way to really do it is to think about the life of a claim and all the steps it takes along the road to getting paid make a chain of those steps and look at each step and ask yourself is that the fastest it can be as an example make a change from data service today build they build to date received date received today paid once you've done that and you're looking at smaller cycles you'll start to see patterns emerge you'll also be able to say to your client our average data service today build is 10 days let's discuss what our goal should be and what steps we can take to get there I'm Paul Bernard director of strategy in an allegra sicario a leading provider of integrated solutions for medical billing companies before joining cariño I more than doubled the size of my billing company in less than four years so I know something about growing bilko and having the right software to get the data you need is critical set up a demo to find out how cariño bilko edition can help