8 minute read
Have you ever wondered if you are receiving the average reimbursement for each of your claims? Or if your rejection rate is to high in comparison to your fellow chiropractic peers? Are you using the best chiropractic billing service to improve your Medicare billing, decrease your rejection rate, and get the most from your claims? If you ever ask yourself any of these questions, you’re likely also wondering if there is room for improvement with your process. The hard part is pinpointing where your process can be improved.
With these common questions and issues in mind, ChiroTouch launched a survey to our customers about the current state of their billing processes. Our findings from the survey revealed:
- 54% of survey respondents had a rejection rate between 1% and 3%.
- 67% of those that responded to the survey said their claims spend an average of over 30 days in accounts receivable (AR), with 20% of that group saying their claims were spending 60 to 90+ days in AR.
- 44% of respondents are sending out over 200 claims a month and another 32% are sending out between 100 and 200.
- 55% of respondents are participating with 7 or more payers.
- The average reimbursement per claim (based on your responses) was about $52 per claim.
- Almost half (48%) responded that they are sending out more than 200 claims per month.
These stats do not provide the whole story, though. We also asked you about how much time your claims are spending in accounts receivable and what you thought your average rejection rate was?
Here’s what the survey respondents said:
Our survey also revealed that almost half of respondents (44%) were sending out more than 200 claims each month, with the average reimbursement receiving on each claim being about $52. If your claims are spending too much time in AR coupled with an exceptionally high rejection rate, think about how much you might be losing per claim?
How does your practice compare?
Do you want to know more about how your billing compares to other chiropractic offices? If you are finding it difficult to manage and track multiple case types, struggling to find time and resources to rework claims, you may want to look into a fully integrated software solution – one that can help with your chiropractic billing and reporting needs so you can get the most of your claims.
Solutions with CTProClear
ChiroTouch has created a solution to help you with your billing management challenges. They partnered with TriZetto to provide a clearinghouse solution called CTProClear that allows you to:
- See all of your accounts at one time
- Not have to outsource your collections after 45 days
- No longer require dedicated staff time to focus on re-working claims
CTProClear clients have an average rejection rate of less than 1% because they help practice’s get paid the first time around. If you are interested in learning more about revenue cycle facts and how your practice compares with your peers, take a look at our State of Billing for 2017 infographic. Gain further insight into opportunities on how to improve your revenue through more efficient billing methods and where there may be an opportunity to get more out of your claims. Take the time to gauge where you practice is and where you want to be. It is the perfect time of year to create practice goals in preparation for the New Year!