RCM tip of the day: Embrace industry benchmarking

The power of data will only continue to rise. Healthcare providers can harness their financial data to create meaningful industry benchmarks, which can be used to better understand the revenue cycle management process.

If you would like to share your RCM best practices, please email Carrie Pallardy at cpallardy@beckershealthcare.com to be featured in the "RCM tip of the day" series.

John Hansel, Vice President of Healthcare Provider Solutions, MedeAnalytics (Emeryville, Calif.): Compare your financial performance to your peers. Powerful benchmarking data enables you to compare aspects of your revenue against current data from today's peers so you can identify your organization's weaknesses and quickly spot improvement opportunities. Once your revenue initiatives are identified, you can then create action plans and assign points of accountability to ensure your goals come to fruition.

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