Should You Outsource Your Billing and Collections? 8 Questions to Assess Your Practice's Revenue Cycle Management (RCM)
0 Score
Are you satisfied with your key financial metrics from month to month?
Does your practice consistently pursue payment when claims are denied?
Do you have at least one staff member dedicated to tracking and following up on claims without responses?
Does your practice have difficulty posting payments accurately and/or in a timely manner?
Does your staff spend a significant amount of time on administrative burdens instead of more valuable activities?
Are you collecting 90% or more of what you bill for?
Is your average number of Days in Accounts Receivable (A/R) above 50 days?
Are you confident that you have the necessary resources to handle the switch to ICD-10?
1-5
What your score means
Revenue Cycle Needs Repair - There are places you can make improvements to your billing and collections processes to increase your practice's profitability. You may benefit from outsourcing key back-office RCM tasks to CareCloud's team of experts. Find out how CareCloud Concierge can eliminate administrative burdens and help your practice increase its profitability.
6-7
What your score means
Revenue Cycle Ready to Accelerate - You’re on the right track to optimizing your revenue cycle process. With CareCloud’s practice management software, which streamlines workflow and simplifies billing and collections, you can take your revenue cycle processes to the next level. Check out how CareCloud Central helps practices enhance efficiency and boost revenue.
8
What your score means
Revenue Cycle Running Smoothly - Congrats! You’ve got your ducks in a row. However, some practices are so on top of things that they end up getting overwhelmed by data. A great way to hone in on key metrics to monitor is by reading this free guide, “5 Must-track Metrics for Practice Profitability.” It has formulas and benchmarks to help you focus on the metrics that matter most.
