Did you know that for the annual St. Patrick’s Day tradition of dyeing the Chicago River green, the formula for the dye is kept a complete secret? Parade organizers consider sharing the ingredients akin to “telling where the leprechaun hides its gold.” Fortunately, people can watch the process that turns the river green, a custom that has been a key part of Chicago’s St. Patty’s Day festivities for over 50 years.
When it comes to revenue cycle processes, however, analyzing data and monitoring key performance indicators (KPIs) shouldn’t be a closely guarded secret. Today’s healthcare data analytics solutions ensure your staff won’t be bogged down in complex Excel spreadsheets to get results. These tools track the natural progression of the revenue cycle through the entire claims management process and provide intuitive reporting for practice administrators and other revenue cycle stakeholders.
Whatever the reporting method used, chances are you’re losing money if you are in the dark on these three KPIs:
- Days in A/R: The ability to pinpoint root causes of delays, whether in processes or a team member, can provide the information needed to create positive change and reduce A/R days in the process.
- Clean claims rate: Focusing on accuracy, discovering where errors occur and educating staff on best practices can help improve your clean claims submissions.
- Charge lag: Using data to understand where delays in workflow occur during charge capture means you can enact processes that improve revenue flow.
Learn how Texas Retina Associates tracked these KPIs and achieved improvements across the board – increasing net collections by 4% while reducing A/R days by 31% and denial rates by 60% – to create a consistent and stable revenue cycle.
And watch for part two of this article next month, where we’ll cover three additional KPIs to know in 2017.