5 KPI’s To Track in Revenue Cycle Management
Revenue Cycle Management (RCM) lifecycle runs from Patient Insurance Verification to Reporting. It thoroughly covers each aspect of Medical Billing making sure our providers get paid appropriately on every claim. KPIs in Revenue Cycle Management play a vital role, as they help guide data-driven decision-making and creating business transformation projects. RCM KPIs enable benchmarking of revenue cycle performance with industry peers on patient access team responsiveness, quality of clinical documentation, cash cycle efficiency, and guideline compliance. While there are hundreds of industry-standard metrics available, the HFMA defines 29 standard metrics, and we’ve chosen 5 of the key metrics to highlight in this article. If you run a medical practice, adhering to the 5 KPIs listed below allows you to keep tabs on your revenue cycle. By measuring and tracking these KPIs, you’ll be able to get the most out of your revenue cycle and find the money you need to invest in technology and patient care. Place of Service Collections(POS) The HFMA defines POS collections as cash collected by the provider before, at the time of service, or up to seven days after discharge. Point-of-sale revenue also includes automatic payments and co-payments. To arrive at a value for this KPI, divide the POS payments by the self-payment receipt. POS cash flow metering allows you to monitor the efficiency of POS systems or personnel accounting for the POS. It can also help identify and resolve the essential point-of-sale issues affecting the overall RCM process. Error-Free Claim Rate The error-free claim rate is the percentage of insurance claims that were successfully filed and reimbursed the first time at the time of submission. A high error-free claim rate means that the time spent in AR and the time taken by the supplier to obtain compensation reduces drastically. When the complaints are kept unresolved…
