Patti Peets, director of revenue cycle management for CareCloud, Miami, Fla., gets teased at work.
“A lot of my colleagues actually make fun of me,” Peets freely admits.
Why? It’s because of her regular and predictable invocation of the following adage: “If you can’t measure it, you can’t improve it.”
The phrase is a mainstay of Peets’ reminders about the value of key performance indicators (KPIs) in a medical group practice: “If you’re not measuring those or tracking those, then you really are not identifying where the areas of improvement actually exist,” Peets says.
Failing to measure KPIs consistently is one of 10 top reasons she claims medical practices lose revenue in the course of regular business, as discussed in her recent MGMA podcast episode. Among other top areas where practice leaders should focus to improve their organizations’ revenue cycle management include:
- Failure to maintain comprehensive policies, procedures and internal oversight controls:“This business really isn’t getting any less complex; therefore, it really demands that you revisit policies and procedures very often and ensure that you have the controls in place that are evolving as the medical economy evolves.”
- Hiring the wrong people or the wrong number of people: Peets reflected on feedback she received from attendees of her session at MGMA18 | The Financial Conference, noting that many practice administrators cite staffing as their biggest challenge right now.
- Taking unnecessary write-offs: “It’s critical to know what’s being adjusted off and the reasons behind those adjustments. If you are not categorizing your adjustments using accurate reason codes, you can easily mislead yourself and your physicins … on how well you’re financially performing.”
If you are interested in learning more about improving the revenue cycle of your healthcare organization, consider attending “Finding Revenue Hidden Across Workflows: Growing Collections for Every Payment Source,” led by Patti Peets at MGMA18 | The Annual Conference in Boston. The session will take place at 2:45 p.m. Tuesday, Oct. 2.