Amid high-deductible health plans and healthcare consumerism, providers are experiencing changes in revenue sources. However, many of them still face challenges in cash flow and payment collection. According to one study, although hospital receiving offices collect from 35% of their patients, the total amount accounts for only 19% of patient financial responsibility.
One way to keep the cash flowing is to monitor revenue cycle management metrics. With regular monitoring, healthcare organizations and systems create the ability to gain maximum reimbursement and improve the assessment of their billing departments. These metrics should be carefully selected and tracked to inform providers of where their flows currently stand and whether they are heading in the right direction, based on their goals and objectives.
Rate of First Pass Payment Recovery
Experts say that organizations should be receiving a first pass recovery rate of at least 80% to ensure that they are able to close out receivables accurately and on time. Monitoring this metric allows providers to determine efficiency in terms of getting full payment for insurance claims at first pass. Due to submitting claims a second time around wastes time and money, hospitals must strive to collect on the initial submission. They should focus on checking whether claims are processed instantly and closed on time. Read more on this article. http://bit.ly/2mMqNSZ