Medical Practice Self-audit: Is Your Practice Leaving Money Uncollected?

• Our practice's charges, statements and payments are posted within 48 hours?
• Our practice's net collection rate is 97% or greater?
• Our practice verifies eligibility, benefits and plan participation prior to services rendered?
• Our practice collects co-payments at the time of service?
• Our practice collects deductibles and co-insurances at the time of service?
• Our practice sends clear, detailed patient statements?
• Our practice offers online bill pay for our patients?
• Our practice collects past due balances from patients prior to performing elective services?
• Our practice has management reports that enables us to review the quality of our staff's registration activity, and errors are communicated to staff?
• Our practice's claim denials are less then 7%?
• Our practice has a contract matrix of insurances and staff know what contracts we have and what elements need to be met for proper reimbursement?
• Our practice knows our fees schedules and monitors insurance payments to ensure they are being paid correctly?
• Our practice has an effective internal controls to manage and monitor all money received and is posted correctly within the medical practice?
• Our practice is easy to get a hold of when patients have questions related to statements?
• Our practice is trained and educated on referrals, prior authorizations that are required by insurances for certain reimbursement?
• Our practice has an adjustment/write off policy that is approved and monitored by Management?

How did you score:

• 10-16 No's or not sure= dramatic room for improvement in your practice's revenue is possible
• 4-9 No's or not sure= possibility of significant improvement
• 1-3 No's or not sure= some improvement possible