Ever heard the phrase “life is maintenance?” It’s a term that signifies that a big part of “adulting” involves taking responsibility and care of the systems and things that take care of you – your house, your car, and most importantly, your health. It’s a reason we focus on exercise, clean eating, and regular checkups, after all.
Similarly, analyzing data and monitoring key performance indicators (KPIs) can help you keep your organization’s revenue cycle in tip top condition. Today’s healthcare data analytics solutions track the revenue cycle through the entire payment and collections process, and give you the insight you need to take preventive action.
These three KPIs are important to help you understand your financial performance and improve cash flow:
- Denial rates. Tracking and understanding the source and trends around denials can help prevent them from occurring in the future.
- Percent of patient payments collected up front. Knowing how much your staff is collecting at the time of service gives you insight to make paying easier and more transparent for patients while helping your organization get paid faster.
- Net collections rate. Drilling down into the details behind your net collections rate can help you understand what dollars you may be leaving on the table
We all know life is much more than taking care of business. And getting your revenue cycle in top shape can free you and your team to focus on even more rewarding activities.
For even more KPI insight, read part 1 of this blog post series, focusing on days in A/R, clean claims, and charge lag.
And check out “Turn Insights into Action” to learn how Navicure® Perform™ can help you solve your reimbursement bottlenecks.