Monitoring the metrics of healthcare revenue cycle management poses benefits to revenue stream.
Amid high-deductible health plans and healthcare consumerism, providers are experiencing changes in revenue sources. However, many of them still face challenges in cash flow and payment collection. According to one study, although hospital receiving offices collect from 35% of their patients, the total amount accounts for only 19% of patient financial responsibility. One way to keep the cash flowing is to monitor various revenue cycle management metrics that exist within health systems. With regular monitoring, healthcare organizations can work to get the most reimbursement possible and improve the functionality of their billing departments. These metrics should be carefully selected and tracked to inform providers of where funding currently stands and whether they are heading in the right direction, based on their goals and objectives. Here are five RCM metrics and key performance indicators (KPIs) that hospitals and healthcare organizations can track to improve their cash flow.