darkavenger Posted October 12, 2017 Share Posted October 12, 2017 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? Link to comment Share on other sites More sharing options...
marktheshark89 Posted October 12, 2017 Share Posted October 12, 2017 In primary care we are at around 72% for my practice. Link to comment Share on other sites More sharing options...
darkavenger Posted October 12, 2017 Author Share Posted October 12, 2017 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. Link to comment Share on other sites More sharing options...
marktheshark89 Posted October 13, 2017 Share Posted October 13, 2017 Yup ours is calculated as collections/billing. We do not subtract the insurance adjustment Link to comment Share on other sites More sharing options...
darkavenger Posted October 15, 2017 Author Share Posted October 15, 2017 On 10/12/2017 at 10:30 PM, marktheshark89 said: Yup ours is calculated as collections/billing. We do not subtract the insurance adjustment And you still collect 72%. I am guessing primary care bills much differently than derm? Link to comment Share on other sites More sharing options...
marktheshark89 Posted October 16, 2017 Share Posted October 16, 2017 I have no idea how derm billing works, i don’t think its much different though, I just think you guys do alot more procedures. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.