Bcbs Mi Leads Chiropractic Office Billing Index 12.1 In July
Posted by Goody on 04/29/08 in Computers and Technology
Blue Cross Blue Shield Michigan replaced PHCS on the Chiropractic Office Billing Software Precision Index (BPI). Overall, July 2007 BPI climbed another 2.7%, bringing the index from 14.8 up to 12.1, 5.6% above the national average of 17.7%. PHCS left its lead position last month and dropped the index entirely. July BPI replaced seven chiropractic index participants on the list of top ten performers. BPI guides chiropractic office managers and helps the development of both chiropractic billing software and billing performance standards.
BPI = 12.1 means that the average of ten top performing payers working with Billing Precision clients have 12.1% of Accounts Receivable beyond 120 days. BPI is a key billing performance characteristic, as it is a proxy of the claims that are never paid. Obviously, the lower is the index the better is billing performance. The table below also lists the top ten performing payers and their relative index as recorded in the Billing Precision’s system.
- Billing Precision Index 12.1
- Blue Cross Blue Shield Michigan 3.6 (up from 13.6 in June)
- Blue Cross Blue Shield Illinois 7.1 (up from 15.9 in June)
- Medicare New Jersey 7.5 (returned to Index)
- Aetna 8.8 (returned to Index)
- CIGNA 8.9 (returned to Index)
- Medicare Illinois 16.2 (up from 30.4 in June)
- Blue Cross Blue Shield South Carolina 17.1
- Blue Cross Blue Shield Pennsylvania 17.2
- Blue Cross Blue Shield New Jersey 18
- United Healthcare 18.4 (returned to Index)
July BPI dropped seven participants since June:
- PHCS 0.3
- Qual Care 0.9
- Atlantic Administrators 1.2
- HereIU Welfare 8.2
- Unicare 9.6
- Principal Life Insurance 10.6
- CBSA 12.4
July BPI added seven new participants since June:
- Medicare New Jersey 7.5 (returned to Index)
- Aetna 8.8 (returned to Index)
- CIGNA 8.9 (returned to Index)
- Blue Cross Blue Shield South Carolina 17.1
- Blue Cross Blue Shield Pennsylvania 17.2
- Blue Cross Blue Shield New Jersey 18
- United Healthcare 18.4 (returned to Index)
No payer lowered its index in June while keeping the index membership - each of the six downgrades was significant enough to leave the index.
Three payers improved their July ranking since June:
- Blue Cross Blue Shield Michigan 3.6 (up from 13.6 in June)
- Blue Cross Blue Shield Illinois 7.1 (up from 15.9 in June)
- Medicare Illinois 16.2 (up from 30.4 in June)
Coverage
BPI is rule-based, i.e., payer participation in the index is defined by dynamically rules at the time of computation and not by a static listing of specific payers. Therefore, any specific payer may start or discontinue participation in the index, dependent on satisfaction of rule’s conditions.
Current selection of payers for participation in the BPI is based on fifty top-volume providers across all United States that have received Billing Precision services for more than six months and have more than two hundred claims in their current Accounts Receivable.
Update Cycle
BillingPrecision.com updates BPI on a monthly basis.
Volume Weighting
BPI is volume weighted, which is important to accommodate future growth of provided information, index combinations, and sensitivity across multiple indices.
Information Provided
BPI computes the percent of Accounts Receivable beyond 120 days. Note that national average across all medical specialties of percent of accounts receivable beyond 120 days is 17.7%.
Summary
Chiropractic Office Billing Software Performance Index helps the development of both chiropractic office billing software and billing performance standards. Chiropractic office managers can use the index to benchmark their billing performance and guide its improvement over time. Rule-based index definition allows for automated inclusion and exclusion of payers in the index based on payer attributes, such as numbers of processed claims, accounts receivable distribution, certain mix of CPT codes, or patient demographics.
Yuval Lirov, PhD, author of “Practicing Profitability: Network Effect for Revenue Cycle Control in a Paperless Healthcare Clinic” (Affinity Billing, forthcoming) and “Mission Critical Systems Management” (Prentice Hall), inventor of patents in Artificial Intelligence and Computer Security, and CEO of Vericle.net Billing Technologies and Services. Vericle® unites hundreds of billing services across the nation. Its electronic medical billing software tracks payer performance from a single point of control and shares compliance rules globally. Yuval invites you to register to the next webinar on audit risk at BillingPrecision.com
Tags: audit, billing, CCI, chiropractic, claim, compliance, electronic, HIPAA, medical, office, SAAS, SOAP, software
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