We were told by our practice management vendor that we should always run our financial reports by the billing date instead of the date of service. Why would running a report on charges, for example, be better by billing date as compared to date of service?
Question: We were told by our practice management vendor that we should always run our financial reports by the billing date instead of the date of service. Why would running a report on charges, for example, be better by billing date as compared to date of service?
Answer: Well, the main reason is that industry benchmarks typically use date billed. For example, the Medical Group Management Association measures days in A/R from date billed. Of course, this leaves open the possibility that you are creating delays by not submitting claims promptly, but you should be doing so automatically.
Is your practice ready for the Trump tariffs?
April 7th 2025Tariffs are set to drive up costs across industries — including health care — impacting everything from medical supplies to retirement accounts. Take a look at the ripple effects on medical practices and some proactive strategies for physicians to stay one step ahead.