Medical Billing Company Performance Reviews: How Often?

Outsourcing your practice’s billing to a professional medical billing company is a strategic move that can improve efficiency, increase collections, and reduce administrative stress. However, like any business relationship, ongoing evaluation is essential to ensure that the partnership continues to deliver results. One critical component of this oversight is conducting regular performance reviews of your billing partner.

But how often should a performance review take place? And what metrics should be assessed? In this article, we’ll explore the best practices for evaluating your medical billing company, what you should look for during a review, and how leading providers like Thrive Medical Billing work with clients to ensure transparency and continuous improvement.

Why Performance Reviews Are Essential

No matter how reliable or experienced your medical billing company is, regular performance reviews provide crucial insights into:

• Revenue cycle health

• Denial patterns and trends

• Claims accuracy and turnaround times

• Coding compliance and updates

• Patient satisfaction related to billing

• Overall value of the billing service

By conducting timely evaluations, you can catch minor issues before they become major revenue problems and maintain a strong, productive relationship with your billing partner.

Standard Review Frequency: Monthly, Quarterly, Annually

So, how often should you review your billing partner’s performance? The answer often depends on your practice’s size, patient volume, and billing complexity. Here’s a general guideline:

Monthly Reviews

Monthly performance reviews are ideal for most practices. These reviews allow for early identification of issues and provide frequent opportunities to adjust strategies. During a monthly review, a medical billing company should provide:

• Claims submission summary

• Denial analysis

• Days in A/R report

• Payment posting timeliness

• Collections by payer and patient

• Updates on compliance or coding changes

Thrive Medical Billing offers comprehensive monthly reporting and meets with clients to discuss these metrics and take swift action if any irregularities are found.

Quarterly Reviews

Quarterly reviews are appropriate for deeper strategic discussions. They allow time to observe trends and measure performance against broader goals. A quarterly performance meeting might include:

• Review of quarterly KPIs and revenue benchmarks

• Analysis of A/R aging trends

• Evaluation of denied claims recovery rate

• Coding audit outcomes

• Discussion of payer contract performance

• Recommendations for improvement or optimization

Thrive Medical Billing uses quarterly reviews to align with clients on long-term strategies and implement process enhancements based on cumulative data.

Annual Reviews

An annual performance review provides a big-picture look at your revenue cycle management over the year. It’s a chance to:

• Compare year-over-year financial performance

• Set revenue and efficiency goals

• Review changes in payer regulations and industry benchmarks

• Renegotiate terms or adjust service levels

• Reflect on the effectiveness of your billing partner

Top-performing firms like Thrive Medical Billing use annual reviews as strategic planning sessions, not just data presentations. They help clients forecast future growth and adjust to evolving billing challenges.

What Metrics Should Be Reviewed?

When conducting a performance review of a medical billing company, it’s important to focus on data-driven KPIs (Key Performance Indicators). These benchmarks provide a snapshot of your billing health. The most common include:

1. Clean Claim Rate

A high clean claim rate (95% or higher) indicates that claims are being submitted correctly the first time, reducing rework and delays.

2. Days in Accounts Receivable (A/R)

This shows how long it takes to get paid. Industry standards recommend A/R days under 40.

3. Denial Rate

Your denial rate should be under 10%. Anything higher signals that claims are not being submitted properly or payer rules are being misunderstood.

4. First Pass Resolution Rate

This metric shows how many claims are paid after the first submission. The higher the percentage (ideally above 90%), the more effective your billing process is.

5. Net Collection Rate

This indicates the percentage of total collectable revenue your practice actually collects. Anything above 95% is considered excellent.

6. Patient Collections

With more patients bearing financial responsibility, tracking patient collections is vital. Reviews should show how much has been collected from patient balances versus what’s outstanding.

Thrive Medical Billing provides clients with easy-to-read dashboards and reports that cover these metrics in depth. Their review meetings not only highlight the numbers but provide clear explanations and actionable plans.

Red Flags to Look Out For

During a review, certain issues may point to poor performance or communication gaps with your medical billing company. Watch out for:

• Inconsistent or missing reports

• Lack of transparency in claim issues

• High A/R balances over 90 days

• Sudden increases in denials without explanation

• Missed deadlines for claim submissions

• Poor responsiveness to your team’s questions or concerns

If your billing company is unwilling or unable to explain performance metrics or refuses regular performance reviews, that’s a serious red flag.

At Thrive Medical Billing, transparency is built into the partnership. Clients receive regular updates, proactive outreach when issues arise, and full access to performance data.

Benefits of Regular Reviews

Conducting performance reviews isn’t just about catching problems — it also helps your practice:

• Improve revenue predictability

• Strengthen the partnership with your billing vendor

• Stay current with changing payer rules

• Empower your team with actionable insights

• Enhance patient satisfaction by resolving billing issues faster

Regular performance evaluations show that you’re committed to excellence and expect the same from your medical billing company.

Collaborative Reviews with Thrive Medical Billing

What sets Thrive Medical Billing apart from others is their proactive, collaborative approach to performance reviews. Here’s what you can expect as a client:

✅ Personalized Monthly Reports

Each report is tailored to your specialty, payer mix, and volume. You'll receive visual dashboards and concise data summaries to save time.

✅ Dedicated Account Manager

You work directly with someone who knows your practice — not a random support team. This ensures accountability and consistency.

✅ Proactive Issue Resolution

If a trend or problem appears, Thrive Medical Billing won’t wait for you to notice. They’ll contact you, explain the issue, and propose a solution.

✅ Strategy-Focused Quarterly Reviews

These aren’t just recaps — they’re planning sessions. Thrive helps you optimize workflows, identify opportunities, and plan ahead.

✅ Annual Business Planning

At year-end, Thrive Medical Billing will help your team evaluate performance, compare benchmarks, and set new goals for the future.

How Often Is Too Often?

While reviews are important, they should also be purposeful. Daily or overly frequent performance reviews can be inefficient or unproductive. For most practices, the following cadence works best:

• Monthly: Routine monitoring and tactical changes

• Quarterly: Strategic alignment and workflow improvement

• Annually: Comprehensive planning and assessment

This structure provides just enough oversight to stay informed and make data-driven decisions without micromanaging the process.

Conclusion

Regular performance reviews of your medical billing company are a key component of maintaining a healthy revenue cycle. They provide transparency, improve collections, and foster a stronger business relationship. Whether conducted monthly, quarterly, or annually, these evaluations ensure your practice continues to benefit from the outsourcing partnership.

With a reliable partner like Thrive Medical Billing, performance reviews are not a burden — they’re an opportunity for growth, refinement, and long-term success. Thrive’s commitment to proactive communication, transparent reporting, and strategic insight makes them an ideal billing partner for any healthcare provider serious about financial performance.

If your current billing provider isn’t meeting your expectations — or if you’ve never conducted a formal review — now is the time to take control. Choose a medical billing company that values accountability, innovation, and your practice’s success. Choose Thrive Medical Billing.