1. Verification of benefits and collection of copayments: 100 percent
2. Preauthorizations: 100 percent
3. Coding review and claim scrubbing: 100 percent
4. Clean claim submission rate: 95 percent or more, optimally near 98 or 99 percent
5. Denial rate: less than 5 percent
6. Accounts receivable: 95 percent paid within 60 days
7. Adjusted collection rate: between 98 and 99 percent
8. Accounts receivable over 120 days: less than 3 percent
9. Reimbursement ratio: closed claims and overall claims should be one-to-one
10. Negotiating fee schedule: 100 percent optimal
For more explanation on any benchmark, download the report here.
More Articles on Turnarounds:
Biggest Challenges Facing ASCs in 2014: What’s Yours?
Opening a Private Practice: 5 Most Common Mistakes
7 Statistics on Physician Pay by Practice Setting
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.
