Revenue cycle management (RCM) is critical to any healthcare organization’s operations. By managing the revenue cycle, healthcare organizations can ensure that they are maximizing their profitability and efficiency. As technology continues to evolve, there are increasing ways to measure and improve performance throughout the revenue cycle. Here are some key revenue cycle management measures to increase productivity:
Claims Processing Time
Claims processing time is an important measure of how quickly the organization processes claims. This metric should be tracked to identify areas where processes need to be improved or streamlined to reduce delays and increase profits.
Denial Rate
The denial rate measures the percentage of claims that payers deny. This metric should be monitored to identify areas where the organization can improve its billing and coding processes to reduce denials.
Patient Collections
Patient collections are a key measure of how successful an organization is at collecting patient payments. Tracking this metric can help organizations identify areas where they need to improve their patient collections processes to reduce unpaid balances and increase cash flow.
Accounts Receivable (AR) Turnover
AR turnover measures how quickly an organization can collect payments on outstanding accounts receivable balances. This metric should be tracked to ensure the organization keeps overdue accounts receivables lingering for a short time, as this will adversely affect cash flow.
Charge Capture Rate
The charge capture rate measures the accuracy of the charges entered into the system. This metric should be tracked to ensure all charges are documented and billed correctly, which can help reduce denials and improve cash flow. Outsourcing revenue cycle management services can also help to improve the accuracy and efficiency of charge capture.
Cash Flow Cycle Time
The cash flow cycle time measures how quickly an organization can collect payments from payers and patients. Tracking this metric can help organizations identify areas where they need to improve their payment collection processes to reduce delays and increase profitability.
There are revenue cycle management measures to increase productivity. To ensure that healthcare organizations can take full advantage of the measures mentioned above, they should consider outsourcing their revenue cycle management services. Outsourcing can reduce costs, streamline processes, and improve accuracy and efficiency.
By working with an experienced RCM service provider, organizations can gain access to advanced technology solutions that will enable them to maximize their profitability and efficiency throughout the revenue cycle. Contact GeBBS Healthcare Solutions to get started on your RCM journey today.
