Mike Orseno VP Revenue Cycle

ASC Revenue Cycle Benchmark Video Series–Number Nine: Business Office Audit

With reimbursement rates for ambulatory surgery centers (ASCs) shrinking, it is now more important than ever to know that every dollar available is being collected. Revenue cycle firms across the country offer business office audits, but Regent RCM’s audit is unique: it examines reimbursement, implants, coding, staffing and process flow, and is offered free of charge.

Regent RCM Vice President Michael Orseno recently hosted a series of videos examining nine benchmarks he and his team utilize to determine the health of an ASC’s revenue cycle. The ninth of these industry specific benchmarks is the business office audit, and provides an inside glimpse into where your surgery center stands with reimbursements.

“We’ll take a percentage of claims and determine if you’re being reimbursed properly,” said Orseno.

Not only that, Regent RCM also conducts a full coding audit and ensures all the cases are coded and billed correctly.

Click here to watch the video and learn more about this meaningful tool and the other measurements a Regent RCM business office audit looks at besides reimbursement, such as correct coding, implant revenue, staffing and business office processes.

Regent RCM recently released a white paper describing in detail nine ASC-specific benchmarks to accurately and consistently assess the health of a surgery center’s revenue cycle. Download the white paper here.

 

ASC Revenue Cycle Benchmarks

ASC Revenue Cycle Benchmark Video #8 – Staffing

With ambulatory surgery centers (ASCs) focused on collecting every dollar they are entitled to, the center’s business office staff operations must run as smoothly as possible.

But, more business office staff does not always equal more efficiency, and striking a balance is difficult. Regent Revenue Cycle Management (Regent RCM) Vice President Michael Orseno and his team acknowledged this problem, as well as other issues that ASCs face, and have developed a series of videos series that can be used to evaluate the health of any ASC’s revenue cycle.

The eighth video addresses staffing, and how to maximize efficiency of the business office staff. To accomplish this, Regent RCM has developed and adopted a gold standard of 1.5 FTEs per 1,000 cases. The metric is unique, and was derived after Regent RCM pored over ASC data for several years. The company found that busier ASCs generally operated more efficiently in terms of staffing. On the other hand, business office staff at less busy centers were actually underutilized.

Click here to watch the video and learn more about this valuable staffing metric, and why it works.

Regent RCM recently released a white paper describing in detail nine ASC-specific benchmarks to accurately and consistently assess the health of a surgery center’s revenue cycle. Download the white paper here.

ASC Revenue Cycle Statement Lag

ASC Revenue Cycle Benchmark Video #7 – Statement Lag

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.

ASC Revenue Cycle Benchmarks Claim Lag and Charge Lag

ASC Revenue Cycle Benchmark Video #6 – Claim Lag/Charge Lag

Gauging the health of a surgery center’s revenue cycle is challenging. Regent Revenue Cycle Management (Regent RCM) Vice President Michael Orseno and his team recognized the struggle and responded by identifying, defining, and interpreting ASC-specific revenue cycle benchmarks and developing a series of videos series that can be used to evaluate the health of any ASC’s revenue cycle.

The sixth video examines claim lag and charge lag. Charge lag is measured from the date of service until the charge entry date, while the claim lag is the number of days from the date of service until the billing date. Claims should be sent out the same day as charges are entered and coded.

“If centers are experiencing a difference between the two lags, this is an indication that the billing department may be holding claims or entering charges but not sending them out in a timely manner,” said Orseno. “Transcription and coding for each should be completed in 24 hours or less – that is the gold standard – which still leaves 24 hours to get the claims out the door.”

Click here to watch the video and learn more about this valuable metric, and why there should be no difference between the two lags.

Are you ready to use this key performance indicator to improve your revenue cycle? Gain information on this and the other ASC benchmarks by watching the three-part webinar that goes into further detail on the topic, or have your questions answered by contacting one of Regent RCM’s revenue cycle specialists.

ASC Benchmarks Net Collection Rate

ASC Revenue Cycle Benchmark Video #5 – Net Collection Rate

Regent Revenue Cycle Management (RCM) Vice President Michael Orseno and his team developed ASC-specific benchmarks to help assess the health of a center’s revenue cycle. A recently developed video series examines all nine benchmarks and how best a center can utilize them.

The fifth video zeros in on the net collection rate; the percentage of eligible money a center actually collects. Net collections rate is one of the few metrics that can stand on its own. Dubbed the great lie detector, it’s a true indicator of a center’s revenue cycle health.

The Regent RCM gold standard is a minimum of 97% because centers need to make sure they are collecting every dollar they are entitled to.

Watch the video and learn more about this foundational metric and why it has to be measured individually, with each specific claim, to ensure that other metrics are accurate.

Get additional insight into Regent RCM’s ASC revenue cycle benchmarks and how to make them work for your center by watching the three-part webinar series that expands further on this topic or contact Regent RCM to speak with one of the dedicated revenue cycle specialists.

ASC Revenue Cycle Management

Regent Revenue Cycle Management Spearheads Benchmarks to Assess Surgery Center Revenue Cycle Health

New white paper defines nine metrics centers can customize, deploy, and measure to improve performance.

Regent Revenue Cycle Management (Regent RCM), an independent division of Regent Surgical Health and a leading provider of innovative, cost-effective revenue cycle management services exclusively for ambulatory surgery centers (ASCs) in the United States, today released a white paper outlining nine ASC-specific benchmarks to accurately and consistently assess the health of a surgery center’s revenue cycle.

“One of the toughest challenges for surgery center leadership is determining if their revenue cycle is healthy,” said Regent RCM Vice President Michael Orseno. “Our new white paper gives ASC leadership more visibility into that performance, and to help them understand how numbers can be improved, why they might fluctuate, and how they can often be misleading. Using our benchmarks, ASCs can accurately measure revenue cycle health, and ultimately, locate every dollar they are entitled to.”

Lacking standardized revenue cycle measurement tools, specific to ASCs, leadership leaned on hospital or physician practice metrics. Given the differences in payer mix, case mix, and contracts, those metrics not only caused confusion, they failed to provide the assessment tools centers needed to be successful and to compete in an increasingly competitive healthcare market. Regent RCM’s white paper outlines nine critical metrics that centers can customize, deploy, and measure to gauge their financial health.

“Many of these metrics, such as Days Outstanding and Clean Claims Percent, are certainly familiar, but centers can’t currently use them as benchmarks because they don’t know what the gold standard should be for their case-mix and contracts,” said Orseno.

An important theme of this paper is how the nine benchmarks relate to each other. “Until now, center leadership might question how their center’s revenue cycle could be performing poorly when its Days in A/R are under 30. The numbers often lie, and these benchmarks can pinpoint the problem areas,” added Orseno.

Among the nine metrics is a benchmark for the optimal number of full-time business office employees per 1,000 cases. The exclusive metric was developed by Regent RCM after it mined data from ASCs for several years. “Surprisingly, we found that busier centers are often more efficient,” stated Orseno.

The white paper also features examples of ASCs where the application of the benchmarks is already improving revenue cycle management. An out-of-network center in the southeast, for example, learned first-hand the impact Regent RCM’s benchmarks have on improving financial health. Since working with Regent RCM, the center has become more efficient in A/R. The center in March 2016 shattered a trio of records, achieving 42 days in A/R, $895,590 in collections, and at 26.3%, its lowest percent of outstanding accounts in A/R over 90 days.

To download the free white paper, click here.

About Regent Revenue Cycle Management

Regent Revenue Cycle Management (Regent RCM), an independent division of Regent Surgical Health, is a leading provider of innovative, cost-effective revenue cycle management services exclusively for ambulatory surgery centers throughout the United States. Regent RCM harnesses Regent Surgical Health’s 15 years of ASC industry expertise, allowing Regent RCM to consistently outperform industry benchmarks. To learn more visit www.regentrcm.com or join the conversation via Twitter.

Michigan Ambulatory Surgery Association

Regent RCM to Host ASC Benchmarking Webinar Series for MASA

Regent Revenue Cycle Management (RCM) will present a three-part webinar series to the Michigan Ambulatory Surgery Association (MASA) in June. The webinars, led by Regent RCM Vice President Michael Orseno, examine ASC-specific benchmarks developed by Orseno and his team to better assess ASC revenue cycle health.

“At Regent RCM we weren’t able to find a definitive set of ASC-specific revenue cycle metrics, so we developed nine metrics that centers can customize, deploy, and measure to gauge their financial health. We’ve also provided a gold standard for each of the metrics,” said Orseno. “These metrics shape and define a center’s revenue cycle and help center administrators understand how numbers can be improved, why they might fluctuate and how they can often be misleading.”

The first webinar in the series focuses on optimal fulltime business office employees(FTE’s) per 1000 cases, defining the appropriate staffing levels at ASCs. The second webinar highlights five core ASC revenue cycle benchmarks and how to calculate, monitor and manage them. The webinar series will conclude with a third session highlighting net collection rate, an essential stand alone metric.

“I am pleased to be able to offer this valuable webinar series to MASA members,” said Executive Director Marcy Lay. “Regent RCM’s ASC-specific benchmarks are aligned with MASA’s mission to provide centers with information that will improve operations and foster cost efficiency without compromising on quality care.”

For more information call 312-882-7228 and join our conversation via Facebook and Twitter, @RegentRCM.

ASC Benchmark Series Video

ASC Revenue Cycle Benchmark Video #4 – Clean Claim Percentage

The Regent Revenue Cycle Management (RCM) team heard from dozens of ambulatory surgery center (ASC) administrators who were struggling to gauge the success of their center’s revenue cycle. They responded by identifying, defining, and interpreting ASC revenue cycle benchmarks and developing a video series that can be used to evaluate the health of any ASC’s revenue cycle.

The fourth video in the series examines clean claims, a stand-alone operating independently of outside influences such as payer mix or case-mix.

While no center can achieve a 100 percent clean claim rate, proper coding and using a robust clearinghouse to scrub claims prior to submission are key. Regent RCM’s gold standard is 98 percent.

Click here to watch the video and learn more about this benchmark including strategies for getting claims out the door with no edits or rejections.

Ready to assess your center’s financial health? Watch Regent RCM’s recent three-part ASC revenue cycle benchmarking webinar series or contact one of Regent RCM’s dedicated revenue cycle specialists today.

Revenue Cycle management webinar

ASC Revenue Cycle Benchmark Video #3 – Claim Denials

Regent Revenue Cycle Management’s (RCM’s) video series features nine industry-specific videos that can be used to evaluate the health of an ambulatory surgery center’s (ASC’s) revenue cycle. The third video examines claim denial rate, the percentage of claims that are rejected by payers.

The Regent RCM gold standard for claim denials is five percent – half the industry standard. Regent RCM Vice President Michael Orseno discusses this benchmark and how keeping this percentage low will keep the number of days outstanding low and the percent of days in accounts receivable (A/R) low as well.

Common reasons for potential claim denials include:

  • Missing pre-authorization or referral
  • Medically unnecessary procedures
  • Incorrect payer selected
  • Wrong format

Click here to watch the video and learn a variety of tactics aimed at helping centers achieve the Regent RCM gold standard.

Looking for more ways to gauge your center’s financial health? Watch Regent RCM’s three-part ASC revenue cycle benchmarking webinar series or contact one of Regent RCM’s dedicated revenue cycle specialists today.

ASC Revenue Cycle Benchmarks Defined

ASC Revenue Cycle Benchmark Video #2: Percentage of A/R Over 90 Days

Regent Revenue Cycle Management (RCM) Vice President Michael Orseno recently hosted a series of videos examining nine benchmarks he and his team utilize to determine the health of an ambulatory surgery center’s (ASC’s) revenue cycle. The second of these industry-specific benchmarks is the ideal percentage of accounts receivable (A/R) over 90 days.

The Regent RCM gold standard is 12 percent, however, the range can be a low of eight percent to a high of 15 percent, depending on payer and case mix.

Watch the video to learn what it means if your ASC has either a very low or high percentage of A/R over 90 days and the importance of keeping this key benchmark within a specific range to ensure the health of an ASC’s revenue cycle.

Ready to put ASC revenue cycle benchmarks to work for your center? Watch our three-part ASC revenue cycle benchmarking webinar series that teaches participants how to customize, deploy, and measure nine metrics to gauge their center’s financial health.

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