As a revenue cycle consultant for Zimmerman & Associates in the early 90s, I served as an analyst for the HARA report. For those of you who started your career after it was in circulation or don’t recognize the name, HARA stood for Hospital Accounts Receivable Analysis. At the time, it was the industry-leading publication that discussed healthcare billing best practices and trended major KPIs. Which brings me to my reason for this article - the GDRO benchmark (Gross Days Receivable Outstanding) for a superior performing hospital at the time was anyone reporting 60 days or less.Read More
In our previous Revenue Cycle Matters posts, we discussed the importance of clearinghouse and claim scrubber partners as part of an effective revenue cycle management strategy. We also highlighted the benefits of focusing on first pass yield and clearinghouse features that support positive collection outcomes.Read More
Debunking the Clean Claim Rate Fallacy
Benchmarking the effectiveness of a clearinghouse can be done in many ways and most clearinghouses use clean claim rate, as the success criterion making them the best choice for your revenue cycle.Read More
High deductible plans and increasing copays and coinsurance are driving patient balances up. This trend is unlikely to change.
Almost 40% of employer-sponsored healthcare insurance plans require annual deductibles of $1000 per year, and that number keeps rising as employers scramble to reduce their costs while still offering insurance to their employees.Read More
The role of a chief financial officer in today's dynamic healthcare landscape has evolved from a chief controller into a more strategic position overseeing many different parts of the organization — including compliance, finance, and risk management. In a 2015 survey of global CEOs by KPMG, 63% of the surveyed CEOs believe that the CFO’s role will continue to increase in significance over the next three years.
What does it take to be a great hospital or health system CFO? It's a special blend of these 10 qualities.Read More
The Medical Group Management Association (MGMA) has estimated the average cost to rework a claim at $25, and it’s safe to say that cost is rising every year. Our statistics show that 90% of denials are preventable.Read More
Depending on the response, your rural hospital may be suffering from an ineffective revenue cycle management strategy. If that's not the case, there is a severe breakdown in your revenue cycle. Typically, rural hospitals or any hospital for that matter should have GDRO in the 30s or better.Read More