Closely monitoring certain key performance indicators weekly, if not daily, can help hospitals ensure efficiency and effectiveness of their revenue cycle management, according to Kamron Lachney, vice president of hospital operations for Change Healthcare.
Mr. Lachney shared the following tip with Becker's Hospital Review.
"In particular, these are the five KPIs that warrant this extra scrutiny to identify opportunities to increase revenue, accelerate payment and reduce costs to collect:
- Discharged, not final billed
- Clean claim rate
- Payer aging over 90 days
- Net collection percentage
- Hospital Consumer Assessment of Healthcare Providers and Systems."
As far as how hospitals can benefit from this monitoring, he said: "Once you start monitoring these metrics on a continual basis, you are going to start to see trends and areas where you can improve. That might be the front desk staff, physicians' bedside manner, scheduling or billing processes, and from there you can begin to make an impact to both the bottom line and the patient experience."
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.
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