Hospitals and health systems continuously monitor revenue cycle management metrics, as they play a key role in helping organizations receive an accurate assessment of their billing department.
One particular metric organizations should monitor is first pass payment recovery rate, according to Nicole Davis, senior vice president of channel management at IKS Health. IKS Health manages RCM functions for health systems and large physician groups.
She offered the following tip (edited for clarity): "When you look at profitability and try to understand how well you're doing, if you can ensure a claim goes out cleanly and you don't have to send it a second time, not only are you going to expedite the collections received — you're going to reduce the amount of time and cost spent on collecting the proper payment for that claim."
To learn more about RCM metrics hospitals should monitor, access the full interview with Ms. Davis here.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.