RCM tip of the day: Monitor key performance indicators of outreach labs

Outreach labs can provide the most financial and business value to hospitals when lab-specific key performance indicators are tracked, according to Mike Fauver, associate vice president of health systems at San Diego-based Xifin.

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

"Outreach labs are too often overlooked by hospital leadership and considered a cost center due to a lack of visibility and understanding of key performance indicators. Many outreach labs are using hospital revenue cycle management systems and other medical billing products that not only lack the lab-specific configurability and connectivity to maximize reimbursements, but also do not have the reporting tools needed to truly understand business performance. To optimize financial performance and demonstrate business value to hospital leadership, track lab-specific KPIs such as net revenue and operating margin on down to detailed analysis of month-over-month revenue and profitability by client, test and payer."

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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