Practice Management
Front desk to A/R — running the business side. 12 entries.
Bad debt is patient revenue a practice was owed and could not collect — balances the patient was able but unwilling to …
Charge LagCharge lag is the number of days between the date of service and the date the charge is entered and ready to bill. Form…
Cost to CollectCost to collect measures what a practice spends to collect its revenue. Formula: total revenue cycle cost ÷ total payme…
Denial ManagementDenial management is the systematic process of tracking, categorizing, appealing, and preventing claim denials. It has …
Eligibility VerificationEligibility verification is confirming a patient's active insurance coverage and benefits before service — plan status,…
Gross Collection RateGross collection rate is total payments divided by total gross charges. Formula: payments ÷ charges. Because it is driv…
Net Collection RateNet collection rate measures how much of the money a practice was entitled to collect it actually collected, after remo…
Patient StatementsPatient statements are the bills a practice sends to the guarantor for the balance remaining after insurance has adjudi…
Payment PostingPayment posting is the process of recording payments, adjustments, and denials from insurers and patients into the prac…
Point-of-Service CollectionsPoint-of-service collections is collecting the patient's expected financial responsibility — copay, and known deductibl…
RCM KPIsRCM KPIs are the core metrics a practice tracks to gauge revenue cycle health: net collection rate (~95%+), days in A/R…
Revenue Cycle Management (RCM)Revenue cycle management is the end-to-end financial process a practice uses to capture, bill, and collect revenue for …
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