The concept of performance measurement isn’t new, but it’s gaining more attention as the healthcare field strives to improve both quality and efficiency. Your practice’s revenue cycle is a prime target for performance measurement because it can help you understand your financial strengths and weaknesses, and design effective improvement strategies.

But where do you begin? Over the years, I have found it particularly helpful to share four key metrics with staff members. You and your staff should not only be aware of these essential benchmarks, but regularly review and use them to structure improvement activities:

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With reimbursements declining and costs increasing, managing your practice’s revenue cycle has never been more challenging or important. Over the last few years, practices have realized that they cannot afford to ignore the state of the economy or the pressures being placed on profits. Although the economy is showing signs of recovery, there are still other challenges that will impact revenue in the near future, including proposed Medicare cuts, the transition to ICD-10 and increased patient responsibility.

Adding to these trends is the pressure of implementing or upgrading an electronic health record (EHR) in order to achieve the government’s new requirements for ‘meaningful use.’ In the face of these pressures, now is an opportune time to re-examine your practice’s operational processes, especially your revenue cycle. You just may find that reengineering the revenue cycle will be the key to surviving – and thriving – in these turbulent times.

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Just as people need blood circulating through their veins, so physician practices need revenue flowing through their bank accounts.

That requires many things: Confirming that patients are covered for the care providers deliver, submitting accurate claims that trigger prompt payment, posting payments quickly so resources are immediately available, ensuring no cash is left on the table.

Perhaps the most effective approach to managing all aspects of the revenue cycle is incorporating a Web-based application to manage receivables for improved cash flow and increased profitability. Read More ›

Human beings continually search for better, easier ways to get things done – in the field of healthcare and elsewhere. We’ve been advancing the concept of medical technology since the first x-ray was recognized as a useful diagnostic tool. From the simple electronic blood pressure cuffs now found in almost any grocery store to complex robotic arms used by skilled surgeons, we continue to see an explosion in medical automation.

And the upsurge isn’t limited to clinically-focused technology. It also encompasses software and systems that streamline front- and back-end operations, improving both patient flow and revenue cycle management. Read More ›