Identifying your charge lag is the first step to improving it. This is easy with AdvancedMD’s Elapsed Time Reports and Dashboard Key Performance Indicators.
Elapsed Time: Date of Service to Billed report
Access: Reports | Billing | Elapsed Time: Date of Service to Billed
Run this report at least monthly to determine how long it takes for claims to be billed out. The Days Elapsed: Service to Billed column shows you the total days between the date of service and the billed date, display the avergage elapsed days for your date range at the bottom. If this average is less than desirable, you can identify the bottlenecks in your process by further analyzing the other columns on the report (Received to Post & Post to Billed). Once you have identified the problematic area(s), you can take measures to create and implement a new timeliness standard for that process. Monitor your improvement by running this report each month.
Dashboard: Performance Indicators
Access: Dashboard | Performance Indicators | Claims Efficiency Tab
The Claims Efficiency tab shows you the same information as listed on the different columns of the Elapsed Time: Date of Service to Billed report so that you can quickly monitor your charge lag. By clicking the Month or Year radio buttons you can also compare your current days to last month or the same month of the previous year to monitor your continued progress.
Elapsed Time: Held in Unbilled & Elapsed Time: Held in Claims Inspector reports
Access: Reports | Carrier| Elapsed Time: Held in Unbilled & Reports | Claim Inspector | Elaped Time: Held in Claims Inspector
After running the Elapsed Time: Date of Service to Billed report, you may have identified a bottleneck in your billing process after analyzing the Days Elapsed: Post to Billed column. This column reflects how much time after a charge is posted it takes for the claim to be billed out.
Keep in mind that part of this delay may be due to how much time claims are being held in the Claims Center. To view how long claims are being held in the Unbilled tab, run the Elapsed Time: Held in Unbilled. Similarly, the Elapsed Time: Held in Claim Inspector report will show you the average amount of days claims are held in the Claim Inspector tab of the Claims Center. If these numbers are less than favorable, be sure to work the Claims Center daily and keep monitoring these numbers with these reports or from the Dashboard.
Be sure to use these valuable tools to monitor your charge lag on a consistant basis and work with your practice to identify improvements to reduce any lag time. Improving your charge lag time can increase your cash flow.