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Revenue Cycle: Establish KPI goals

Revenue Cycle: Establish KPI goals Q. What KPIs show I have strong revenue cycle management practices?

A. Industry experts suggest that every team member have performance goals, engage in monthly feedback sessions with their team and manager, and receive incentives for performance improvements. If you have such a system in place, here are several business KPIs that will demonstrate a positive impact on your bottom line.

Our CSRs meet or exceed their Patient Intake goals

When establishing goals, discuss ways to:

       Shorten the time an intake remains in a certain state

       Reduce or eliminate issues impacting their ability to confirm an order

       Reduce the number of touch points on a document before acceptance

       Reduce the number of document rejections

Our Collection Team is meeting or exceeding their revenue goals.

Here are a few areas to consider:

       Number of touches until payment

       Percent of a collector's claims resulting in a payment

       Number of denials being worked daily

Our Reimbursement Rate is improving month over month.

If this is true, you have strategies in place to ensure:

       Payers are not paying less than their contracted rates

       All of your staff are trained to enter orders accurately the first time

Our Denial Rate is decreasing.

To make this true, implement tactical decisions to reduce and prevent denials by:

       Denial Code

       Insurance

       HCPCS

       Intake Owner/CSR

In summary, you can rate the success of your Revenue Cycle Management processes by challenging your business with each of these KPI statements. If any statement causes concern, look for proof in your reporting, and then develop and implement a tactical plan with the team. Your people are your best resource to overcome any challenge.

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