Strivant Health
Improve Your Revenue
The overall financial health of your practice is largely reflected in how efficiently and accurately you collect your practice revenue.
“Determining ‘what’ needs to be measured and ‘how’ you measure against national benchmarks is a key first step in determining the financial health of your practice.”
The business of medicine throws a variety of Analytics, Metrics and Benchmarks designed to show financial performance but your overall financial health can be measured in four key areas:
Days in A/R
Why is this measured: this determines how quickly you are receiving reimbursement for your professional services. A provider wants this number to be as low as possible.
MGMA says your Days in A/R should be less than 35 days
Strivant clients enjoy 27 days
How do you measure? days
How do you measure?
Net Collections
Why is this measured: this determines how accurate you are being reimbursed by your managed care & Federal contracts. A provider wants this number to be as high as possible.
Most providers are happy to have Net Collections at 85% to 90%
Strivant clients enjoy 97%
How do you measure?
Charge Lag
Why is this measured: this determines how quickly you are documenting procedures which may impact coding accuracy and speed of reimbursement. A provider wants this number to be as low as possible.
Strivant clients enjoy 3
How do you measure?
Claims Lag
Why is this measured: this determines how quickly your billing department or vendor is verifying your claim for accuracy and submitting for reimbursement. A provider wants this number to be as low as possible.
Strivant clients enjoy 1
How do you measure?