Regent Revenue Cycle Management (Regent RCM) Vice President Michael Orseno and his team developed nine industry-specific benchmarks to gauge the health of an ambulatory surgery center’s (ASC) revenue cycle in answer to an ongoing need to better manage billing and collections. A series of videos discussing these metrics explains how each is utilized to improve revenue cycle processes.
The seventh video focuses on statement lag, which is the time between the balance becoming the patient’s responsibility and the time the statement goes out the door. The Regent RCM gold standard is less than five days. Although it is recommended that patients be put on a 30-day cycle, statements should be run at least once per week.
With the probability of collecting patient balances decreasing every day since the procedure was performed, it is paramount for facilities to send statements out to patients as soon as their payment portion is known.
Click here to watch the video and learn more about this meaningful metric and what it means when a facility has a high statement lag.
Find more detailed information on this metric and others that will help your center monitor and manage its revenue cycle by watching the three-part webinar series that explores the topic in-depth. Regent RCM revenue cycle specialists are also available to answer further questions. Click here to contact the team.