Q. What statistics and reports should I monitor to ensure I fully understand my practice’s collections?
A. In chiropractic, the most standard numbers tracked are new patient visits, patient visits, services and collections. We agree that these numbers are important; however they don’t tell you the entire story. In addition to the standard four categories previously mentioned, we recommend you isolate and monitor these additional categories: provider reductions, timely-filing write offs, no authorization write-offs, patient debt write-offs, and no-charge/barter write-offs.
The data provided through these additional reports will give you a more accurate picture of whether your billing processes are working, your revenues can support your expenditures, and how your figures compare to industry averages.
The reports you run to compile this data will depend on your software. Any software program of quality will be capable of running several reports and will also have the ability to separate your information by insurance profiles, write-off categories and more.