{"id":1481,"date":"2012-01-31T17:00:04","date_gmt":"2012-01-31T22:00:04","guid":{"rendered":"http:\/\/www.poweryourpractice.com\/?p=1481"},"modified":"2025-06-02T14:06:12","modified_gmt":"2025-06-02T14:06:12","slug":"accounts-receivable-best-practices-measure-your-data","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/accounts-receivable-best-practices-measure-your-data\/","title":{"rendered":"Accounts Receivable Best Practices: Measure Your Data"},"content":{"rendered":"

Thomson Reuters found that the medical industry wastes $700 billion annually on avoidable, identifiable issues.\u00a0 How much of that comes from your practice every year?<\/strong><\/p>\n

The only way to pinpoint wasted spending, or any other area of weakness, is to consistently monitor and track business performance data.<\/strong><\/p>\n

<\/p>\n

Power Your Practice<\/em> understands the financial challenges medical practices are facing and is here to help. Every week during our A\/R Best Practices series<\/a>, we\u2019re describing the must-have features managers need to look for in practice management systems to manage and collect all of their receivables.<\/p>\n

Reporting, Analytics, and Business Intelligence Have Major Benefits
\n<\/strong>Making the right decisions for a medical practice<\/a> requires access to complete, easy-to-understand sets of data. Real-time news feeds and ubiquitous access to practice information through web-based software allows for early trend recognition.<\/p>\n

It\u2019s important to be able to mine data for billing and collection trends<\/strong> to figure out where the practice can improve. The only way to do that is to have all the data in one place electronically and use a system with robust reporting and analytics capabilities.<\/p>\n

The best systems allow you to schedule reports to be created at certain intervals for ongoing analysis, as well as generate custom reports on the fly<\/strong> when specific information is needed quickly. It\u2019s also important to find a system that allows those reports to be shared with all the people who need to see them.<\/p>\n

The top reporting engines create reports in a variety of formats (for example, HTML, PDF, CSV, etc.), automatically send them?to distribution lists, and allow multiple users to view the reports online, comment on them, share their perspectives and ask questions<\/a>, all within the system.<\/p>\n

Choosing a system with strong reporting capabilities offers several benefits for practices:<\/p>\n

1. Better decision making <\/strong>\u2013 Allowing key reports to be easily created \u2013 as well as easily understood \u2013 helps make sure all the necessary data is digested before important decisions are made.<\/p>\n

2. Higher productivity <\/strong>\u2013 Generating and sharing reports automatically means practice staff members no longer have to spend time gathering data, printing reports, and distributing them by hand.<\/p>\n

3. Catch underpayments and other mistakes <\/strong>\u2013 Advanced reporting capabilities make it easier to audit payments received against the practice\u2019s payer contracts, so the practice can make sure it\u2019s being paid according to its contracts.<\/p>\n

How do you aggregate and analyze your data?<\/strong><\/p>\n

Next week, we\u2019ll highlight how electronic remittance tools can help ensure full, accurate payments.<\/p>\n","protected":false},"excerpt":{"rendered":"

Thomson Reuters found that the medical industry wastes $700 billion annually on avoidable, identifiable issues.\u00a0 How much of that comes from your practice every year? The only way to pinpoint wasted spending, or any other area of weakness, is to consistently monitor and track business performance data.<\/p>\n","protected":false},"author":1,"featured_media":32786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[47],"class_list":["post-1481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-revenue","tag-ar-best-practices"],"yoast_head":"\nAccounts Receivable Best Practices and Metrics<\/title>\n<meta name=\"description\" content=\"Practices leave a lot of money on the table in the form of accounts receivables. 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