If no one tracks payment analytics for your workers’ comp bills, you’re probably missing critical information about your practice’s revenue from treating injured workers.

The sad fact is, between improper denials and reductions, discount leasing, dubious down coding, and all-around payer non-compliance, it’s up to every provider to keep a sharp eye on revenue for treating injured workers.

That’s why daisyBill is rolling out newly enhanced Account Analytics.

The brief video below shows the Average Days to Pay report. This new report lets practices know how quickly (or not) each claims administrator remits reimbursement.

No more guessing about who pays promptly, who’s clogging up your Accounts Receivables, or to which claims administrators your practice sends the most bills.

Even if you’re not a daisyBill client, watch the 3-minute video below to see how your technology should track and manage this crucial payment information.

Days to Pay: Easily Track Claims Administrator Payment Speed

As anyone who runs a practice knows, consistently untimely payment can throw revenue management into chaos. When the gap between what your practice is owed and what it collects gets too large, it must be addressed.

Of course, in workers’ compensation, tracking the payment performance of hundreds of claims administrators is no easy task. That’s why solid e-billing software (with direct connections to payer clearinghouses) is a must-have.

Even better, e-billing can enable even faster payment, as evidenced by our clients’ overall average days to payment of 8.7 days.

Key Payment Speed Metrics

Of course, some claims administrators are (much) faster than others. To get a clear picture, you need the data. As shown below, the Average Days to Pay report starts with two key, broad metrics:

• The average number of days it took to receive payment from all claims administrators for the entire year to date
• How overall average payment speeds changed (for better or worse) compared to the same time in the previous year

Data by Claims Administrator

The report breaks down average payment speeds for each insurer, self-insured employer, and Third-Party Administrator (TPA) billed by your practice.

This data is organized by year, with current-year data reflecting daily updated information.

For each claims administrator, you can instantly see:

• How many bills did your practice send to the claims administrator for the year
• What percentage of your total workers’ comp bills for the year were sent to the claims administrator
• The average number of days it took the claims administrator to pay your practice for the year

The data in the Average Days to Pay report is updated every day. That means the information at your fingertips is always current and accurate. No need to wait for time-consuming audits. No mysteries, no data left in the dark.

Providers who treat injured workers need every tool available to ensure they’re being reimbursed timely and correctly — starting with real-time, accurate payment information.

Ready to see how daisyBill can help your practice? Request a free demonstration below.

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