The continued success of a physician practice depends on regular analysis of all its processes. “Practice analytics” refers to the collection and evaluation of data about the business of your practice: cost and value of your services; revenue; patient and treatment demographics; and the efficiency of your claims cycle. It’s important to analyze your practice’s performance to ensure that it remains profitable and competitive. Learn more about the resources available to help you with this vital aspect of practice operations.
Maintaining a fee schedule which accurately captures the full business cost of services and which remains competitive with the market is necessary to ensure your practice’s success. Fee analysis tools and reporting will allow you to compare your fees to the market average, and help you feel more comfortable when defending those fees to auditors or speaking with patients. Learn more about the benefits and issues related to fee analysis.
Seventy percent of insured Americans have some insurance coverage for services they obtain out-of-network. FAIR Health is an independent, not-for-profit organization that is committed to publishing accurate usual, customary and reasonable (UCR) charge data, and to educating patients about the true cost of obtaining out-of-network care. In 2011, FAIR Health began licensing database products for calculating UCR rates for out-of-network services, and it also maintains a website where physicians and their patients can look up UCR charges for particular services in particular communities. Learn more about UCR, out-of-network coverage and FAIR Health.
Analyzing the coding and billing patterns of your practice helps you accurately assess current service demands and future needs. Analysis also can reveal any inconsistencies in your coding or appending of modifiers which can lead to audit, denials or delays in reimbursement. Learn more about the benefits and requirements of coding analysis.