Advanced Revenue Cycle Analytics: An Overview
2019 more than ever will be a year that practices need to take advantage of advanced revenue cycle analytics. Practice managers are no longer satisfied with merely observing the bare minimum metrics, such as net days in accounts receivable, or claim denial rate.
The HealthCare Executive Group voted on and ranked what they believe are the top 10 challenges, issues, and opportunities for healthcare executives in 2019. Number one on the list is data and analytics.
Providers are starting to see the value in having advanced revenue cycle analytics. Advanced analytics allows you to peer inside the inner workings of your revenue cycle to see why you are getting certain results. Without this inside view, you may know that you aren’t satisfied with your denial rate, but trying to fix the problem is like wandering around in the dark. Analytics shines a light into your revenue cycle, allowing you to find actionable steps to improve it.
These are a few of the key questions that you can ask yourself through advanced revenue cycle analytics:
- Which coders and billers are the most productive?
- What do they do that makes them all-stars? How do I share that with the team?
- How do I make them more productive?
Which coders/billers are the most productive?
Using advanced revenue cycle analytics, you can look at how many encounters per hour your coders and billers can process. Compare this with other practices to see how much room for improvement you have. Increasing the number of encounters per hour your coders and billers can process will save you time, and it will allow you to better leverage your billing staff.
What makes them more productive? How can I share that with the team?
Dive deeper into the analytics behind the number of encounters per hour your superstar billers process. Is the rest of your staff stopping to review every encounter? If you are taking advantage of exception-only technology, like AccelaSMART, your coders should only have to stop to review claims with errors, or missing claims.
Compare the number of clean claims that your coders and billers are stopping to review. Sometimes old-school coders feel the need to handle every single encounter to check for errors, but they should only stop to review ones that need to be changed.
How do I make them more productive?
Even with your superstar billers and coders, there is room for improvement. There may be opportunities to build in custom rules for coding changes that are made on a regular basis. Building smart rules helps make your coding staff more efficient, process more encounters per hour, and improves the outcomes of your revenue cycle.
Using advanced revenue cycle analytics will help your practice get ahead of the curve in 2019. For more of the revenue cycle trends of 2019, watch our free on-demand webinar.