If you wish to keep a track of your revenue cycle, you need to keep analyzing KPIs such as A/R days, claims processing and patient access quality. Analyzing these KPIs against industry benchmarks will help you identify loopholes in your revenue cycle. For instance, if your net revenue is reducing and AR days are increasing, your practice can land into serious financial trouble.
|A/R days for high-performance hospitals are 30 days or less and for low-performance hospitals, A/R days are 60 and above
|It has been observed that between 5-25% of payment for physicians is either denied or delayed due to coding errors and lack of denial management
|According to a new survey by Black Book rankings, investment in RCM technology is increasing to combat rising debt levels and falling profits
Effective RCM solutions should be utilized for enhancing cash flow through higher collections. From reducing AR days and mitigating increase in denial rates during ICD-10 transition to improving documentation and claims processing, special attention is required in assessing and managing the KPIs.
Practices Benefitting from MBC’s Streamlined RCM Solutions
Many practices focus on AR and denial management tasks but fail to work on other priorities mentioned-above. Unless all aspects of RCM are handled effectively, practices will not be able to improve their net revenue. In such cases, outsourcing is an effective option because medical billing companies such as MBC assign a team of AR experts and experienced coders and billers to ensure that revenue cycle loopholes are handled expertly and revenue is maximized.