8 KPIs for Better Patient Billing
Providers and health systems are actively and frequently seeking ways to improve the patient billing and collections process and, in turn, generate steady, sustainable cash flow. However, exactly where to start making these positive changes can be less clear. Derive real insights from your patient billing data by tracking these eight important key performance indicators, or KPIs. Rate of bad debt This metric indicates the percentage of patients who pay their bills late or not at all. By calculating bad debt, you can find out how these past-due payments really impact practice revenue. To get the percentage, divide the number of allowed charges for the analysis period in question by the number of accounts you’ve written off for failure to pay. Consider tracking this metric over time so you can address an increasing bad debt percentage by offering flexible payment options or new billing methods such as text-based statements. Rate of net collection Understanding this metric can illust