Heartland Session Sneak Peek: Revenue Cycle Management – What Are Your Averages?
on September 01, 2021
How does your company “stack up” when it comes to:
- How “clean” your claims are
- The number of claims paid after only one submission
- DSO (Days Sales Outstanding)/Accounts receivable aging
- Number of claims “lost” by payers/resubmitted
- Number of claim denials and appeals (denial percentage)?
Are all of those statistics as good as they can be for your company? Are they better than industry averages? Do you handle everything in-house, or do you outsource some or all of those functions? Revenue Cycle Management (RCM) is an integral part of any HME business, and how well it is performed can mean the difference between a thriving business and a failing one. Despite its tremendous importance, there simply isn’t a lot of benchmarking data for our industry when it comes to RCM. Product mix, payer mix, intake, benefit verification, prior authorization, and billing practices, collection efforts, etc. all factor into what your RCM numbers ultimately look like.
Because of those factors, RCM continues to be a topic that generates a lot of questions and discussions. Some of the most common questions that you should know the answers to are: What is your DSO? How does your A/R Aging look, especially the 90 days plus bucket? What is your denial rate? What tools exist within your billing software? Simply knowing the answers to those questions is not enough, though. You also need to know what you would like the answers to those questions to be, or what you think they should be, and what to do if the actual answers don’t match up with the expectation.
At this year’s Heartland Conference, please join Craig Douglas and Ronda Buhrmester from VGM, along with a panel of your industry peers, as they discuss and answer these questions as well as other best practices and potential solutions to help your business thrive. Learn more and register at www.vgmheartland.com.
- billing & reimbursement
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