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Selecting a Billing Service? Who do you trust handling your money? This is one of the most important decisions you'll make in practice. Podiatry Billing Services only removes the work. You continue to receive all payments. Patient information is accessible on your desktop 24 x 7. Financial reports can be printed any time. Calculating Overhead Expense?
Overhead expense per hour is computed by subtracting
your salary from the
total practice expense for the fiscal year. Divide this by
2080,
the average number of work hours per year. The average
podiatrist
must generate between $110 and $150 per hour to pay the overhead expense. By
outsourcing the billing, your
productivity and collections increases and overhead expense decreases.
Cash Flow a Problem? Your
90+
day accounts receivable should not be more than 15% of your total
AR. If your 0 to
60
day AR represent less than 85% of collectibles,
your loosing money.
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Average claim payment? Clean
claims filed electronically are usually paid within 30 days.
What are AR Days? AR days are determined by dividing your AR by the amount of money charged out on an average day. AR Days is an important concept representing the time it takes to collect your money. The average AR Days should be less than 30. Patient Billing Inquiries? After insurance claims have been processed, statements are mailed. Patients can contact us directly using a toll free number. View Sample Reports? Click the following links for samples: |