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Cost to collect can be difficult to accurately measure so taking a comprehensive approach when managing this kpi is best.
Revenue cycle kpi benchmarks. Some advanced kpi s and how they can be used to drive enhanced revenue cycle performance. By now most organizations collect and analyze baseline. Revenue cycle beyond receivables cash and a r days. Revenue cycle performance indicators are powerful tools for benchmarking against your own goals and against industry practices.
Inefficiency at every step creates additional wasted resources and increasingly poor performance costing your organization money. To determine your organization s best benchmarks and kpis you can reach out to one of our experts at nearterm today. Starting with the period when a patient calls to schedule an appointment with the practice and ending when a balance is zeroed out is considered a revenue cycle. The revenue cycle is a very complex and constantly changing process.
The purpose of a kpi for cash collection as a percentage of net patient services revenue is to evaluate an organization s financial health by understanding its revenue cycle s ability to transfer net patient services revenue to cash. Mgma reports revenue cycle benchmarks within mgma datadive to help practices gauge their own performance. The industry dro benchmarks are 30. If it s determined that your practice is underperforming it might be time to consider investing in a vendor.
Baseline kpi s tracking kpi s form the basis of the assessment of revenue cycle perfor mance against internal historical performance and or industry benchmarks for critical business functions. Benefits of improved revenue cycle performance include increased cash flow. Monitoring revenue cycle performance is increasingly important for hospitals and health systems physician organizations ambulatory providers and integrated delivery systems as they aim to. Developing a kpi for cash collection as a percentage of net patient services revenue.
Assess your entire revenue cycle. Revenue cycle performance benchmarks found in the map keys can help determine where your company currently performs as well as track improvements over time to desired levels. They help you obtain a more complete picture of revenue cycle performance. While perfection can never be achieved in this constantly changing process minimal variance is required.
Revenue cycle management or rcm refers to all the processes involved in healthcare claims processing.
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