Advanced Revenue Cycle Analytics: An Overview
It is more important than ever to ensure that your revenue cycle is operating at its highest capacity. In order to manage your revenue cycle well, you need deeply insightful analytics. But I’m not talking about the analytics that you can easily access, like your days in A/R, or your claims denial rate. That kind of information merely shows you the outcome of your revenue cycle. I’m talking about clear insight into the processes that got you there.
Use analytics to increase coder productivity and glean time savings
One area where you can gain insight through actionable analytics is into your coder productivity. How many encounters can your coders process per hour?
Practice leaders can use these metrics to compare the productivity of their coders. Which coders are the most efficient? How does this compare to other practices? This can help managers share best practices, save time and improve their overall revenue cycle outcomes.
Use analytics to pinpoint the root cause of frequently made coding changes
You can also use actionable revenue cycle analytics to identify what coding changes are being made most frequently and why. Observe metrics such as:
- Which coding changes are made most often?
- Which coders are making these changes?
- Which doctors are they making the changes for?
Knowing the answers to these questions can help identify patterns in coding changes and design solutions to resolve those issues. This will speed up the amount of encounters your coders can process per hour, which will increase coder productivity.
Use analytics not only to discover the rate of denied claims, but the cause behind them
You already know your denied claims rate, and you want to do everything in your power to keep that metric as low as possible. But knowing the metric will not help you keep it low. You need to see the root cause of your denied claims.
Insightful analytics will identify which claims are most often denied. That way managers can discover the process that is failing. Identify the source of those denied claims, and reduce your denial rate.
These are just a few of the ways that insightful revenue cycle analytics can increase practice efficiency and productivity. This will allow you to spend less time on paperwork, and more time on patient care. For more advice on improving the quality of your revenue cycle, click to view our on-demand webinar on the Top 5 Secrets to a Successful Charge Entry Strategy.