A majority of respondents reported high costs for touching non-clean claims, low same-day
collection ratios, high revenue loss due to preventable denials and a large percentage of underpayments.
This is not only for calculations of
collection ratios, but to determine your "seasonality"--which I'll discuss in greater detail next month.
This effort was intensive, but it resulted in good
collection ratios, with only slightly more than 200 locations per month ultimately being disconnected.
Some of the tools that physicians and their staff can use to oversee this area include tracking the days in accounts receivable, to find out how long it takes to collect, and calculating gross and net collection ratios, which show how much is being collected.
Collection ratios can be helpful in determining the share of the accounts receivable that has actually been collected.
It will contribute to continued improvement in receivables management leading to improvement in
collection ratios.
At the highest level, forecasting and performance improvements require data on three primary billing elements: historical net
collection ratios (NCRs), lag time between billing and payment, and the percentage of insurance collections versus private pay.
Hospitals should be talking more about families and community, not so much about monthly
collection ratios.
This will significantly reduce billing and collection costs and will result in higher
collection ratios.
Collection ratios can catapult to 100 percent because payment card authorization is equivalent to guaranteed payment.
