As a private practice physician, you are also a small business owner. You do more than just see patients—you are also responsible for the operations and financial well-being of your independent venture.
When it comes to assessing a business's financial health, data is key. Up-to-date, easy to access, relevant numbers and metrics can help you see crucial patterns affecting your cash flow.
At Mediclaim, we care about your success. We give you online access to the data you need to operate at your highest, most efficient level.
To help you better utilize the tools available through the Mediclaim Online Portal, we've come up with four key metrics you can use to optimize your practice's financial health.
Although the payer mix might seem basic to many physicians, understanding what percentage of your patients use government health plans and what percentage have commercial insurance can benefit your business.
The payment differential between commercial and government plans leads many to think that they should keep the percentage of patients covered by private insurers as high as possible.
However, for physicians in private practice, an evenly split payer mix isn't necessarily a bad thing. Any revenue lost due to payment differentials is made up for by the increased numbers of Medicaid and Medicare patients who choose your services.
That said, the ideal payer mix varies depending on your practice's size, location, specialty, and patient demographics. Mediclaim makes it easy to monitor your payer mix so that you can maintain the optimal percentages for your business.
Our charges by month graphs allow you to compare how many charges Mediclaim filed on behalf of your practice from month to month.
Tracking and comparing charges across months can help you identify patterns in your billing and make the most of them.
For example, suppose you notice that the number of charges your practice files has declined over the past quarter. In that case, you can take steps such as changes in scheduling, visit procedures, or marketing to rectify the problem.
Receipts by month are just as important as charges by month. That's where Mediclaim shines.
Our services help you make the most out of your charges. We're all about efficiency, and we work to make sure that you get paid as much as possible for all your claims.
Looking at your receipts by month can help you understand more about your business's cash flow and the efficiency of your billing practices.
If any of the procedures you bill for have a low receipt rate, for example, you might consider focusing where possible on billing codes with more reliable returns.
The CPT Financial Data report available through our online portal can help you determine how much you earn from each procedure you bill for.
Our report gives information on how many times you billed each CPT code, how much you received in total for all those instances, and the average allowance per instance.
The financial data is a great tool for understanding which billing codes you use the most often, as well as which ones make you the most money.
Paying close attention to both the total and per-unit payments gained from different procedures can help make your practice more efficient and ultimately maximize your profits.
To learn more about Mediclaim or our medical billing solutions in Philadelphia contact us today!