Medical Billing Forum
Starting a Medical Billing Business => Starting Your Own Medical Billing Business => : williamportor December 03, 2012, 02:03:51 AM
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Hello- I've been in business for 2 yrs. and am wondering...should I be tracking my business stats? and if so, which ones? i.e. Number of claims submitted per hour/day/week, percentage of claims that have paid, income generated per hour/day/week etc. It seems this kind of information would be helpful in making my business plan more accurate and relevant. Any thoughts?
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We believe strongly in knowing your numbers. What numbers those are depends on what you are looking for. We have employees so we track each employees work flow, amount of income, etc. We also track how long each account takes per wk/month to make sure they are profitable. We don't necessarily cut a provider but we figure out why they are not going smoother (if they are taking more time than they should) and figure out ways to correct it. We look at lots of stats.
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I do the same thing and I also make sure I'm comparing my numbers from my billing company and my consulting. Certainly the consulting brings in much more cash flow, but the billing is more stable but I like to see where I am so that I don't obtain clients that could slow one or the other down.