News & Press: Urgent Care News

Five Revenue Factors Urgent Cares Need to Consider for Success in 2018

Tuesday, December 19, 2017   (0 Comments)
Posted by: Becker's Hospital Review/Bruce Pidde
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Written by Brooks Pidde, Director of Data Analysis, DocuTAP

As the need for on-demand healthcare has grown more popular, the number of urgent care centers has exploded. As competition among these facilities increases, it becomes more vital for these businesses to keep their fingers on the pulse of their financial health.

Much like a health problem that goes untreated, financial issues can turn into an emergency when ignored. The most important way to keep an urgent care practice financially healthy, is to fully understand the impact of reimbursement processes.

To ensure reimbursement processes are contributing to financial success, urgent care providers need to dive deep into clinic data with the help of industry specific dashboards and business intelligence tools. Data is driving all of today’s businesses, and paying attention to specific key performance indicators (KPIs) can not only improve care for patients, but boost profits for clinics.

1. Average Reimbursement Per Encounter
The average reimbursement per encounter is one of the clearest overall indicators of a clinic’s financial health. According to our proprietary data the average reimbursement per year from 2013–2016 was $123 per visit, and the break-even point for an urgent care clinic is approximately 25 visits per day, so every encounter matters.

This number is derived from total reimbursement received for visits paid in full, divided by the total number of visits paid in full. If average revenue per encounter seems low, this might be a sign of payer contracts, patient mix, or inaccurate coding (potentially because of incomplete documentation).

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