AE May/June 2021 Vol 30 No 3 - 50

ASOA PROFESSIONAL // ASOA SPOTLIGHT

MEET OUR STRATEGIC
BUSINESS PARTNERS
BSM CONSULTING: LEADERSHIP BASED ON DATA
In our 40-plus years of service
to the eyecare community, BSM
Consulting has helped thousands
of practices overcome a myriad of
challenges. Though the impact of

the ongoing global COVID-19
pandemic has been unlike anything
previously faced, the tenets of our
fundamental philosophy continue
to serve us well:

Table 1. Revenue Cycle Management (RCM) benchmarks
RCM Benchmark

About the Benchmark

Ophthalmic Practice
Benchmark Range*

Net Collection Ratio

Calculated by dividing
net collections by adjusted
charges, this benchmark
indicates a practice's
success in collecting reimbursable dollars.

96% - 104%**

Accounts Receivable
(AR) Aging Analysis

Calculated by dividing the
balance in an aging bucket
by the total AR amount,
this benchmark provides
the percent distribution of
monies a practice is trying
to collect by age (0-30
days, 31-60 days, 61-90
days, etc.).

Days Sales
Outstanding (DSO)

Calculated by dividing AR
by average daily billing,
this metric indicates the
average number of days it
takes a practice to get paid
for services provided.

0 - 30 Days

58% - 75%

31 - 60 Days

9% - 15%

61 - 90 Days

4% - 6%

91 - 120 Days 2% - 5%
120+ Days

19 - 33 days

4% - 16%

*	 Calm and focused leadership
*	 Commitment to providing
the best possible experience
for both patients and staff
*	 Use of data and benchmarking to guide
business decisions
Comparing practice performance
to established benchmarks can help
identify opportunities to improve
overall financial management.
Revenue Cycle Management (RCM)
benchmarks are particularly helpful,
especially when collection success
and revenue capture speed are
closely monitored (Table 1).
A proactive and disciplined
approach to monitoring RCM and
other metrics monthly helps identify
and manage issues before they
become serious. Practice metrics that
fall outside industry benchmarks
may signal billing errors, payer
delays, or other collection challenges.
To learn more about BSM's
financial and non-financial services
for eyecare clinics and surgery centers,
call us at 800-832-0609 or visit www.
bsmconsulting.com. As a proud
partner of ASOA, we welcome the
opportunity to support you. AE

*Benchmarks developed by BSM Consulting in collaboration with ophthalmic practices throughout the nation and corroborated by industry data,
including ASOAnalytics and American Academy of Ophthalmology benchmarks. Ranges reflect results between 25th and 75th percentiles.
**Ranges above 100% often mean the practice has collected older AR and, therefore, more monies than anticipated based on adjusted charges.
Practices that offer patient self-pay services (e.g., LASIK, refractive cataract surgery) may also have net collection ratios higher than 100%.

50

AE // May/June 21


http://www.bsmconsulting.com http://www.bsmconsulting.com

AE May/June 2021 Vol 30 No 3

Table of Contents for the Digital Edition of AE May/June 2021 Vol 30 No 3

AE May/June 2021 Vol 30 No 3 - Cover1
AE May/June 2021 Vol 30 No 3 - Cover2
AE May/June 2021 Vol 30 No 3 - 1
AE May/June 2021 Vol 30 No 3 - 2
AE May/June 2021 Vol 30 No 3 - 3
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AE May/June 2021 Vol 30 No 3 - 60
AE May/June 2021 Vol 30 No 3 - Cover3
AE May/June 2021 Vol 30 No 3 - Cover4
https://www.nxtbook.com/ygsreprints/ASOA/ae-may-june-2021-vol-30-no-3
https://www.nxtbook.com/ygsreprints/ASOA/ae-march-april-2021-vol-30-no-2
https://www.nxtbook.com/ygsreprints/ASOA/ae-january-february-2021-vol-30-no-1
https://www.nxtbook.com/ygsreprints/ASOA/ae_nov_dec_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_sept_aug_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_july_aug_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_may_jun_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_mar_apr_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_jan_feb_20
https://www.nxtbook.com/ygsreprints/ASOA/ae_nov_dec19
https://www.nxtbook.com/ygsreprints/ASOA/ae_septoct19
https://www.nxtbook.com/ygsreprints/ASOA/g107843_ae_julyaug19
https://www.nxtbook.com/ygsreprints/ASOA/g105962_ae_mayjun19
https://www.nxtbook.com/ygsreprints/ASOA/g104576_ae_marapr19
https://www.nxtbook.com/ygsreprints/ASOA/g103212_ae_janfeb19
https://www.nxtbook.com/ygsreprints/ASOA/g99529_ae_novdec18
https://www.nxtbook.com/ygsreprints/ASOA/g97160_ae_septoct18
https://www.nxtbook.com/ygsreprints/ASOA/g96528_ae_julyaugust18
https://www.nxtbook.com/ygsreprints/ASOA/g93925_ae_mayjune18
https://www.nxtbook.com/ygsreprints/ASOA/g92298_ae_marapr18
https://www.nxtbook.com/ygsreprints/ASOA/g89361_ae_janfeb18
https://www.nxtbook.com/ygsreprints/ASOA/g86698_ae_novdec17
https://www.nxtbook.com/ygsreprints/ASOA/g81746_ae_septoct17
https://www.nxtbook.com/ygsreprints/ASOA/g80299_ae_julaug17
https://www.nxtbook.com/ygsreprints/ASOA/g77256_ae_mayjun17
https://www.nxtbook.com/ygsreprints/ASOA/g74401_ae_marapr17
https://www.nxtbook.com/ygsreprints/ASOA/g72340_ae_janfeb17
https://www.nxtbook.com/ygsreprints/ASOA/ae_novdec16
https://www.nxtbook.com/ygsreprints/ASOA/ae_septoct16
https://www.nxtbook.com/ygsreprints/ASOA/ae_julaug16
https://www.nxtbook.com/ygsreprints/ASOA/asoa_mayjune2016
https://www.nxtbook.com/ygsreprints/ASOA/asoa_marapr2016
https://www.nxtbook.com/ygsreprints/ASOA/asoa_janfeb16
https://www.nxtbook.com/ygsreprints/ASOA/ae_novdec15
https://www.nxtbook.com/ygsreprints/ASOA/asoa_sepoct15
https://www.nxtbook.com/ygsreprints/APTA/g52750_apta_25ada
https://www.nxtbook.com/ygsreprints/ASOA/asoa_julyaug2015
https://www.nxtbook.com/ygsreprints/ASOA/asoa_mayjune2015
https://www.nxtbook.com/ygsreprints/ASOA/asoa_marapr2015
https://www.nxtbook.com/ygsreprints/ASOA/asoa_janfeb15
https://www.nxtbook.com/ygsreprints/ASOA/asoa_novdec14
https://www.nxtbook.com/ygsreprints/ASOA/asoa_sepoct14_AE
https://www.nxtbook.com/ygsreprints/ASOA/asoa_julaug14
https://www.nxtbook.com/ygsreprints/ASOA/ASOA_MayJunAE
https://www.nxtbook.com/ygsreprints/ASOA/ASOA_MarAprAE
https://www.nxtbook.com/ygsreprints/ASOA/ASOA_JanFebAE
https://www.nxtbook.com/ygsreprints/ASOA/ASOA_no4eZine
https://www.nxtbook.com/ygsreprints/ASOA/asoa_fall_2013
https://www.nxtbook.com/ygsreprints/ASOA/asoa_no3_ezine
https://www.nxtbook.com/ygsreprints/ASOA/asoa/asoa_summer_2013
https://www.nxtbook.com/ygsreprints/ASOA/ehr_cust_survey_Apr2013
https://www.nxtbook.com/ygsreprints/ASOA/asoa_no2_2013_ezine
https://www.nxtbookmedia.com