How can analytics improve healthcare revenue cycle management?
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Michael Orseno, director of Regent Revenue Cycle Management: In order to maintain financial health and optimize the bottom line, you should be regularly analyzing key performance indicators (KPIs) against industry benchmarks to help determine if there are any problems within the revenue cycle. Some of the most prevalent KPIs include A/R days and net revenue. If you discover that A/R days are increasing while net revenue is decreasing, your financial health may be at risk. In order to properly manage and assess these KPIs, you need the correct analytics tools in place. This includes an industry-specific management information system in addition to a robust reporting software package that produces real-time dashboards and allows users to create customized reports that focus on the most pertinent data.