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Realistic collection percentages

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I had posted on another thread that I am looking to renew my contract and maybe go to a straight production contract for my derm job.

When I joined the practice, I was told that they had good collections, around the 80% mark.  That seemed to be excellent.  However, yesterday I had them pull my charged amount for the year and it showed that I had charged (or billed?) about $900K but the net received, which I am assuming is collected monies, was only about $360K.  That's a collection rate of 40%.  

That didn't seem right.

What are typical collection rates you guys are seeing out there?

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2 hours ago, marktheshark89 said:

In primary care we are at around 72% for my practice. 

Do you know how your practice calculates this? 

I've been doing some research about net collection rate, and am seeing some unexpected things. 

I always thought the collection rate was what you actually took in (both from the patient via cash/check/credit card plus insurance payments) divided by what you charged.

But now, I am seeing that the net collection rate can be defined as dividing net received payments by the net of approved insurance contractual adjustment.  


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