Podcast: Play in new window | Download
Today’s BIG Idea is two projects I have been working on to help practices collect accounts receivable. For both practices, we looked at historical data to understand trends in collections, especially given the pandemic. The first example is a practice that divided their charges and collections into weeks and then trended how much of the charges was collected in each subsequent week. The practice uses this percentage to estimate when and how much of the current week’s charges will be collected. We can also determine if payers are slowing down the revenue cycle. The second example calculates historical accounts receivable balances to look at trends in over 120 day insurance and patient balances. You will not be surprised to hear that over 120 day balances are starting to grow this year. Understanding trends is the first step to managing them. I hope this week’s podcast helps you better understand your revenue cycle.