Revenue Cycle Key Performance Indicators And Standards

The shift also extends into healthcare providers revenue cycle management processes.

Revenue cycle key performance indicators and standards. They are a set of 14 key performance indicators grouped for physician practice management that benchmark revenue cycle success. The healthcare financial management association hfma approached this problem and determined 29 kpis as a standard for healthcare revenue cycle excellence known as the map keys. Without these important hospital revenue cycle metrics your cash balance is the only measurement and cash can fluctuate. Though revenue cycle kpis will vary depending on each specific facility s goals and needs here are 5 key performance indicators to help measure revenue cycle management success.

Here are some of the key performance indicators of successful revenue cycle management along with best practice tips for facilities. Key performance indicators kpis are the best way to evaluate the revenue cycle team s contribution toward reaching your hospital s annual financial goals. For effective claims management within the new care landscape organizations can and should utilize key performance indicators kpis with insights from business intelligence bi tools to. While understanding healthcare revenue cycle performance is key to improving industry standard kpis such as hfma s measure apply perform map keys also allow hospital and practice leaders to compare their performance against their peers.

Developed by industry leaders led by hfma these industry standard metrics define the essentials of revenue cycle performance in clear consistent and unbiased terms. Key performance indicators kpis will help you both understand the strengths of your business and identify areas for process improvement. December 05 2016 the healthcare industry s transition to value based care does not end with clinical patient care. Assess your entire revenue cycle from front to back.

Therefore revenue cycle key performance indicators kpis will differ for each organization. Point of service pos cash collections. The map keys are strategic key performance indicators kpis that set the standard for revenue cycle excellence in the health care industry.