What’s Taking So Long …
Next up on our topic of Key Performance Indicators for Therapists in Private Practice, is the Days to Finalization metric. Below is a sample clip of what our Days to Finalization report looks like.
Days to Finalization is the amount of time it takes from when a patient is seen to when their charges are submitted to the payers. Ideally, charges are to be submitted the same day however, there are situations (pending authorization, script, etc.) that will delay the submission. By submitting patient charges the same day, a practice will decrease the number of days a claim goes unpaid or their Days in AR (see our September 2019 blog for more on days in AR). Delaying the submission of charges delays the payments.
By knowing this metric, the practice owner will also be able to take a closer look as to what other factors may be causing a delay. Are therapists well versed in the documentation system? Do therapists have the correct workflow? Can the authorization process be improved? What systems must be improved in order to reduce this lag time?
In the recent 2019 survey released by WebPT, the largest reported challenge to a therapist is burnout. The second largest was documentation. It’s no surprise that they go hand in hand as the thought of having to finish one’s notes when they get home creates an unproductive environment full of stress and angst.
It is up to the practice owner to install the correct systems and strategies that will make good therapists into great clinicians. Doing so provides a win-win situation where therapists find their work rewarding while owners find revenue streaming in.