PRACTICE PERFORMANCE & FINANCIAL ANALYSIS
Meaningful Practice Analysis and Reporting
It is essential that a comprehensive billing and collection firm provide clients with meaningful reports and analytics on the financial performance of the practice. Zymeda’s reporting and analytical process begins with identifying the strengths and deficiencies of each client’s revenue cycle. This may involve brief interviews with physicians, office management and billing/coding staff; a review of the practice’s standing accounts receivable, capitation reports and eligibility summaries; or both.
As part of our Practice Analysis and Reporting services, Zymeda will emphasize the following:
- The review and establishment of key metrics to focus on consistent objectives and measure practice performance
- A comparison of practice performance against internal and external targets and goals
- Trending of data over time to allow for comparative analysis and strategic assessment for performance improvement
- Continuous monitoring of performance through data and payor analysis to understand historic performance and predict future opportunities
- Performance improvement initiatives to address fundamental issues, whether contractual or operational, which are affecting payments
Benchmarking allows us to assess how well the practice is performing compared to internal peer groups or external metrics. Once an internal baseline is established and performance is measured in a routine manner, we can use this data to continuously evaluate and improve your practice’s financial performance.
While reports can routinely be generated for any timeframe, our standard process is to provide the practice with monthly, quarterly, and other periodic reports depending on the data being reported. These reports utilize data analytics to demonstrate overall financial and operational performance within the practice, address strategic initiatives and target growth opportunities.
Performance information and reports are available on-line through our web-based system so you can monitor claim status and billing performance. A summary overview of observations from data analysis and recommendations for improving performance are supplementary documents to the on-line reports.
Key Performance Indicators
- Key practice performance indicators analyzed and reported by Zymeda include:
- Charges, Payments, and Contractual Adjustments (in total, by payor, and by provider as appropriate)
- Denial Rate in Total and by Payor and Reason Code
- Overall Payor Processing Time
- E&M Code Utilization
- Physician Performance as measured by Total Work RVUs