CareCloud and Emdeon recently brought together experts on increasing medical practice revenue for an informative webinar. Now available on-demand, “Improving Revenue Cycle Performance: Expert Insights” includes a wealth of strategies and information, including key performance indicators medical groups should measure and monitor.
Presenters Gene Boerger, Senior Vice President of Product Innovation at Emdeon, and Patti Peets, Director of Revenue Cycle Management at CareCloud, answered attendee questions, including:
Q: You mentioned best practices around patient statements. Can you talk more about what those best practices are?
A: Gene Boerger: We’ve done a lot of work from an Emdeon perspective. We print about 50 million patient statements on a monthly basis. We’ve done a lot of research around the impact of color, simple layouts, [and] highlighting exactly the ‘what you owe’ component. If you think about historical accounting statements, those just aren’t as effective. Use color, multiple font types and sizes. [Make sure you] show the detail and be very clear about what the payer paid.
Q: Of all the metrics you covered, which one is the most important in your view?
A: Patti Peets: I think all of them are important. But if you can calculate your key performance indicators (KPIs) around your net collection rate, that’s the one that will tell you the true story. And then the more you can slice that down to the payer level or the provider level, the more you know where to make the improvements.
During the webinar, Patti also recommended that medical groups focus their success on 4 main areas:
#1 – Staff
Staffing … is the most expensive cost a practice has. Over- or under-staffing can impact your bottom line by either increasing your direct costs unnecessarily or just the ramifications of not getting the work done effectively and efficiently. Evaluating your staff and the responsibilities for each is very critical.
#2 – Costs
You need to evaluate all your costs and look at high impact savings. Just slashing overhead expenses may not be the answer for you. If you look at the Practice Profitability Index report, about one third of the physicians aim to ‘rip and replace’ at least one element of their core technology platforms this year. Among the reasons: 36% say it’s due to costs, 31% say it’s because of non compliance and 17% cite a lack of vendor innovation.
#3 – Operations
Of course you can’t expect to survive by doing the same thing you’ve done for 20 years. The landscape has changed. One thing I see that continues to need improvement is collecting payment at the time of service. You need a system that is going to automate that and make it as simple as possible. You also need a robust claims engine to avoid denials.
#4 – Financial Performance
Assess your current financial performance — this is probably the most important thing you can do for yourself. It’s really time to take a deep dive into your performance, if you have not already done so. If you aren’t measuring it, you certainly can’t improve it.
Want more info on how to measure and manage your business to maximize revenue? Watch the On-Demand Webinar now.