Drive greater revenue with planning and data
What do a flattened box, trashcan lid, pool float and air mattress have in common? In Atlanta—my home and Navicure’s headquarters—they can be makeshift sleds when we get our annual average of one inch of snow. Lots of regular household items can fill the gap for Southern kids (and grownups, too) who don’t have sleds when rare snow makes an appearance. For healthcare leaders implementing a healthcare revenue cycle management (RCM) strategy, it’s not quite as easy to find a temporary solution for improving operations.
Nothing can replace planning and hard data when you’re trying to improve your bottom line.
A solid RCM strategy depends on key performance indicators (KPIs). How else can you determine your chief revenue drivers? Departmental or individual performance? Delays in claims submission or reimbursement—for instance, processes resulting in denials and less-than-clean claims?
However, monitoring KPIs isn’t something that’s done on the fly – it requires planning and commitment, and analytics must be a priority if you want to create ongoing improvement. One team member developing Excel spreadsheets won’t cut it. You need current, reliable and actionable data at your fingertips so you can know what needs to change.
Analytics can seem daunting, but with the right plan and proper technology in place, you’ll be able to measure and manage your way to improved processes, greater efficiency and more revenue from both patients and payers.
For more tips as you develop an analytics plan, read Making revenue cycle data actionable in HIT Leaders and News.
Happy RCM strategizing….and happy sledding this winter!