Regent RCM developed ASC-specific revenue cycle benchmarks to help track and measure revenue cycle performance. The benchmarks dive deep into key components that shape and define revenue cycle health, offering both a benchmark and a Regent RCM “Gold Standard” to help ASCs understand what’s optimal and how to achieve it.
Regent RCM Gold Standards
RRCM Gold Standard
25% or Less
95% of Claims/Month
Less Than 30 Days
Net Collections Rate
Defining ASC-Specific Benchmarks
- A/R Over 90 Days
- Claim Lag/Charge Lag
- Statement Lag
- Clean Claims
- Net Collections Rate
- 'New Metric' - A/R Follow-up
- Days Outstanding
When we launched our Benchmarks in 2017, we looked at A/R as a combination of gross and net. Today, we have transitioned to taking contractual write-offs at the time of charge entry; creating a cleaner, more accurate benchmark. Our Regent RCM Gold Standard is below 25%, and this change has helped get a true metric to drive performance.
With electronic billing, claim lag is nearly instantaneous in most ASCs. The Regent RCM Gold Standard for charge lag is the same day of service – 48 hours. If it goes beyond, it is time to look at dictation, coding, or invoicing processes.
Higher deductible plans are pushing more of the payment responsibility to patients. The sooner patients get the statement, the faster payment is received. We run statements once a week, so the Regent RCM Gold Standard is 5 days or less.
Clean claims mean fewer denials. We constantly strive to get better. Our staff reviews every rejection and makes sure we learn from it. Our Regent RCM Gold Standard is an aggressive 98%.
2 years ago, we set the gold standard at 10% and now we are cutting that number in half. Once we started tracking and measuring denials, we were able to educate our internal staff as well as center staff. We are now below 5%.
If your team is fighting hard enough for what you are contracted to get paid, you should end up very close to 100%. There will always be some bad debt due to patients unable to pay, or a denial if you didn’t get pre-authorization, but our Regent RCM Gold Standard is greater than 97%.
We have added a new metric that tracks how many of the cases a center has with an open balance are being followed up on each month. The Regent RCM Gold Standard for follow-up at least 95%. This metric helps us track individual biller performance, and results in improved collections and a decrease in A/R over 90 days.
Our benchmark is less than 30 days. ASCs that are doing well against the other benchmarks, are likely hitting this one as well, since many of the other metrics contribute to reducing Days Outstanding.
Our white paper provides visibility into performance and will help you understand how numbers can be improved, why they might fluctuate, and how they can often be misleading. Using our benchmarks, surgery centers can accurately measure revenue cycle health, and ultimately, locate every dollar they are entitled to.
Regent RCM’s Gold Standards will continue to evolve as our team culls insights from the data and shares them to educate center leaders, negotiate with payers, and assist ASCs around the country in receiving the most revenue they can.