Best used to: Understand the health of your revenue cycle.
Designed for: Administrators
Filters: Last 6 Months, Last 12 Months, All Time; Rolling 12-Month Average Collection Rate, Fixed Net Collection Rate
Drill Down: Includes ability to drill down by a specific month when viewing results.
Details: Your net collections rate indicates what percentage of your net charges – your charges less contractual adjustments – your practice is collecting. A net collection rate of 97% or more indicates a top-performing practice. If your net collection rate is between 93-96%, your net collection rate is good. Lower than 93%, you can run an Adjustments report to find non-contractual adjustments that are being taken against your net charges, run a Denials report to see which claims aren’t being paid, and use Electronic Statements and Prompt Payment Discounts to reduce Patient A/R.
Drill Through: This report includes a direct connection to the Daily/Monthly Net Charges report.
Limitations:
Any charges or payments entered or updated will not be reflected in the net collection rate calculation until the next day.