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Main Subject - Chiropractic Office Billing Service Performance Benchmark - October 2006
October Billing Performance Index (BPI) outperformed September value by 23%, replacing one participant in the list of top ten performers and raising the index from 21.9 up to 17.8. This article d
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
escribes a fifth iteration of a prototype for a rule-based chiropractic billing index, including its coverage definition, update cycle, volume weighting, and provided information.
BPI = 17.8 means t
BPI = 17.8 means t
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
at the average of ten top performing payers working with BillingPrecision.com clients have 17.8% of Accounts Receivable beyond 120 days. BPI is a key billing performance characteristic, as it is a p
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
oxy 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 reco
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ded in Billing Precision's system.
- Billing Precision Index 17.8
- Horizon 3.7 (up from 9.5 in September)
- Blue Cross Blue Shield Wisconsin 6.9
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
in September)
Cigna 12.2 (up from 18 in September)
Blue Cross Blue Shield New Jersey 17.7 (up from 22.5 in September)
Medicare Wisconsin 19.2 (up from 23.4 i
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
September)
Aetna 20.1 (down from 19.8 in September)
Blue Cross Blue Shield Florida 44.6 (up from 55.5 in September)
Dropped participant from September BPI:
Dropped participant from September BPI:
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ul>
Medicare Virginia 14.9
Improved participants with respect to September BPI:
Improved participants with respect to September BPI:
- Horizon 3.7 (up from 9.5 in September)
- Blue Cross Blue Shield Illinois
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
7.1 (up from 14.8 in September)
Medicare New Jersey 10.8 (up from 13.2 in September)
Blue Cross Blue Shield New Jersey 17.7 (up from 22.5 in September)
Me
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
icare Wisconsin 19.2 (up from 23.4 in September)
Blue Cross Blue Shield Florida 44.6 (up from 55.5 in September)
Underperforming participant with respect to September BPI:
Underperforming participant with respect to September BPI:
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
- United Health Care 11.7 (down from 9.7 in September)
New participant with respect to September BPI:
- Blue Cross Blue Shield Wisconsin 6.9
Cov
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
rage
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 specifi
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 specifi
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
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 prov
Current selection of payers for participation in the BPI is based on fifty top-volume prov
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ders 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
Update Cycle
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
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,
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
nd 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
Information Provided
BPI computes the percent of Accounts Receivable beyond 120 days. Note that national average across all medical specialties of
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ercent of accounts receivable beyond 120 days is 17.7%.
Summary
Medical Billing Performance Index helps the development of billing industry standards. Medical service providers can use th
Summary
Medical Billing Performance Index helps the development of billing industry standards. Medical service providers can use th
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
index to benchmark their billing performance and to guide its improvement over time. Rule-based index definition allows for automated inclusion and exclusion of payers in the index based on payer a
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
tributes, such as numbers of processed claims, accounts receivable distribution, certain mix of CPT codes, or patient demographics. Relative payer index provides billing process improvement direction
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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