Many hospitals and health systems across the nation use benchmarking to determine improvement areas in revenue cycle. Benchmarking allows these organizations to compare themselves with competitors as well as national leaders.
Peter Angerhofer, a principal at Colburn Hill Group, an RCM operational solutions firm: Don't think of a benchmark as the ultimate measure of your revenue cycle performance — often they are set at the 75th percentile, meaning plenty of people are doing far better. Benchmarks are fine as a yardstick, but they should be a starting point, not an end point. Seek out the barriers which limit organizational performance and address them head on. Don't accept the standard ... set the standard.
To learn more about hospital benchmarks, access this story from Becker's Hospital Review.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.