RCM tip of the day: Use analytics to improve KPIs

Healthcare organizations seeking revenue cycle management improvement should have a robust data analytics program in place, according to Jim Denny, founder and CEO of Duluth, Ga.-based Navicure.

Mr. Denny shared the following tip with Becker's Hospital Review.

"Organizations should first identify a variety of key performance indicators for their top revenue cycle challenges to begin actively monitoring. Then, by benchmarking data over time and leveraging a dashboard to review down to the claim level, organizations can pinpoint most common causes of their denials and rejections, such as claims not being filed on time or missing information. Addressing these challenges head on allows organizations to improve upon the [key performance indicators] they set, such as reducing their denial rate, and in turn they can expect to increase net collections while reducing the overall length of the revenue cycle. Improving revenue cycle management is an ongoing process, and new problems can emerge. Leveraging a user-friendly solution that streamlines reporting will facilitate decision making and consistent revenue cycle improvements, all while helping achieve greater financial health and set organizations up for success."

Read more about data analytics and the revenue cycle here.

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.

 

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