Chiropractic Office Billing Precision Index Drops in February But Keeps Top January Payers
Billing Performance Index (BPI) in February 2007 underperformed its January value by another 2.2%, dropping the index from 15.4 down to 17.6, while retaining all of January participants on the list of top ten performers. Chiropractic Billing Performance Index guides chiropractic office managers and helps the development of both chiropractic billing software and billing performance standards. This article describes the 9-th iteration of a rule-based chiropractic billing index, including its coverage definition, update cycle, volume weighting, and provided information.
BPI = 17.6 means that the average of ten top performing payers working with Billing Precision clients have 17.6% 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 17.6
- Blue Cross Blue Shield Illinois 11.2 (down from 9.4 in January)
- Cigna 12.4 (down from 11.2 in January)
- Blue Cross Blue Shield Texas 14.3 (down from 10.3 in January)
- Aetna 17 (up from 18.3 in January)
- Medicare New Jersey 17.6 (down from 14 in January)
- Blue Cross Blue Shield South Carolina 19 (down from 12.7 in January)
- United Health Care 19.7 (down from 19.2 in January)
- Medicare Illinois 19.8 (up from 25.9 in January)
- Blue Cross Blue Shield New Jersey 20.5 (down from 16.9 in January)
- Medicare Wisconsin 29.7 (down from 29.1 in January)
February BPI has dropped no participants from January BPI.
February BPI has improved two participants with respect to January BPI:
- Aetna 17 (up from 18.3 in January)
- Medicare Illinois 19.8 (up from 25.9 in January)
Performance of eight participants of February BPI dropped in comparison to January BPI:
- Blue Cross Blue Shield Illinois 11.2 (down from 9.4 in January)
- Cigna 12.4 (down from 11.2 in January)
- Blue Cross Blue Shield Texas 14.3 (down from 10.3 in January)
- Medicare New Jersey 17.6 (down from 14 in January)
- Blue Cross Blue Shield South Carolina 19 (down from 12.7 in January)
- United Health Care 19.7 (down from 19.2 in January)
- Blue Cross Blue Shield New Jersey 20.5 (down from 16.9 in January)
- Medicare Wisconsin 29.7 (down from 29.1 in January)
February BPI added no new participants to January BPI.
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 Billing Performance Index helps the development of both chiropractic 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.
