Accounts Receivable benchmarks are measures of how successfully and how quickly the practice collects their revenue for services provided.
These measures include the gross collection ratio, the net collection ratio, aging report and day in receivable outstanding.
Physician practices should make a special effort to collect revenue and cash from patients with past due balances who are being seen in the practice, patients who have a budget plan and patients who have high deductible plans or no insurance. The longer the time between the date the service and the collection effort, the lower the chance of collecting at all.
Measure each of the AR benchmark data monthly and track your results on a monthly and year to date basis. Use external data to compare your specialty to other specialists. The key data are at least: gross collection rate, the net or adjusted collection ratio, an aging report, or an aged trial balance and the total days in accounts receivable outstanding.
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