Recording metrics and analyzing data across every part of your business is vital to running a successful optometric practice. When it comes to capturing data on your claim management analytics, an essential report that you need to monitor is your processing time analysis vs. national averages.
In this post, we’ll go over what this report is, signs of trouble, and actions to resolve claims management issues.
Using Processing Time Analysis To Improve Claim Management
How Does The Processing Time Analysis Report Help Your Practice
The processing time analysis report allows you to analyze how long it takes, on average, to successfully submit your electronic claims. With this report, national averages are provided as a benchmark to help you compare the metric against other ODs in the United States. This measurement can also show you results that display your business’s comparison of submission year-over-year.
Signs Of Trouble
When factoring in working rejected claims, the processing time should be around 10-12 days. A very high number signals that it’s talking your practice more time than the national averages. On the other hand, a number that’s too low can also be a red flag.
When your numbers are too high, meaning it’s taking longer than others to process a claim, try to justify the reason for the lengthy processing time. Perhaps your claim management software was preventing your claims from transmitting correctly. If the numbers were too low, verify that your rejections and denials are being re-submitted because if first submissions are being calculated with this metric, then it’s easy to make the number look positive when it’s actually inaccurate data.
Discover more essential insurance reports to monitor in your optometric practice to turn your claim management into a revenue generating machine. Download our latest guide, 5 Essential Insurance Reports, to learn more.