In the US healthcare system, a service is provided to a patient with rarely any money collected by the time the patient leaves the facility. The best-case scenario is when the payment is received in a couple of weeks. Yet often it will take several weeks or even a few months to collect the dollars owed for the excellent care your department provided. We will review important areas in the revenue cycle process where days, weeks, or even months can be lost, and help you identify areas for improvement including enhancements and automation in the revenue cycle. How to assess and monitor your process with Key Performance Indicators, including examples of industry formulas and calculations. This session will provide the knowledge needed to assess where your revenue cycle is today and learn opportunities you may have to shorten the timeline from the end of patient care to being paid for the service provided. Shrinking the days to payment through a smooth revenue cycle process, not only benefits the service provider but also leaves the patient with a positive closing experience from the service your department provided.
Learning Objectives:
Identify where time is lost resulting in a delay or lost payment from services provided.
Understand how to assess and monitor the revenue cycle process through Key Performance Indicators.
Expand your knowledge with opportunities you may have to shorten the revenue cycle, allowing payments to be received timely and smoothly.