Advanced Revenue Cycle Analytics: An Overview
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This year, the hot topic for healthcare leaders is big data. Healthcare leaders agreed that the number one opportunity for them this year is analytics. Leveraging insightful, quality data can lead to real results.
But how does this work? Are analytics really that beneficial? We have seen more and more proof that they do work, and using analytics well relates directly to huge increases in revenue cycle efficiency for our clients.
Average Encounters Per Hour
The key metric that we most often evaluate is the average number of encounters that a coder can process.
- At the start of 2018, our average coder processed 90 encounters per hour
- At the start of 2019, our average coder processed 141 encounters per hour
That is a 57% increase in productivity for our clients! Here’s an example of what that looks like practically. Let’s say a practice had 300 encounters that they needed to code per day. Their coders were able to complete 20 encounters per hour. That means that it used to take them 15 hours of coding work to process those encounters. After this 57% increase in productivity, they can do it in 10. That saves them 5 hours of coding work, making them much faster and way more productive in their revenue cycle.
How did analytics contribute to this huge jump in revenue cycle efficiency? By reviewing advanced revenue cycle analytics with our clients, we were able to give them insight into the habits of their coding team. Our custom rules engine, AccelaSMART, allows our clients to build rules that let them know when they need to make changes to an encounter. That way, they don’t have to review every single encounter.
We use these analytics to see what kind of encounters they are making changes on, and that helps build better rules. The more automated the process, the more efficient coders will be. This leads to faster, better revenue cycle outcomes.
Other KPIs to Track
- Lag time from appointment till posted in PM system
- Percent of encounters completed on the same day
- Percent of procedure changes
- Percent of modifier changes
- Percent of diagnosis changes
There are many other metrics you can look at that will tell the story of what is really going on inside your revenue cycle. The key, however, is not simply in the numbers. You need a thoughtful interpreter, and you need people who are willing to make improvements. It is impossible for analytics to bring about positive change if your staff team is resistant to it. We are proud of all of our clients for working so hard to improve their own revenue cycle outcomes. Good job!