New Case Study: A/R Follow-Up Increases Collections in Ft. Myers

The Center for Specialized Surgery in Ft. Myers (TCSSFM), Florida is growing rapidly, in part because the center leverages Regent RCM benchmarks to gauge performance across all functions of the revenue cycle.  A new case study outlines the center’s positive experience with the benchmark for Accounts Receivable Follow-Up.

The A/R follow-up benchmark tracks how many of the cases a center has with an open balance are being followed up on each month. The gold standard expectation is that biller/collectors follow up with the payer for at least 95% of all the open claims every month.

The case study outlines steps TCSSFM has taken to achieve an amazing result: increasing collections by $125,000 per month in the past year. While center growth and the addition of high reimbursement procedures have contributed as well, efforts to follow up with payers on at least 95% of claims every month have been a big part of that success.

Erin Petrie, Regent RCM’s Director of Revenue Cycle Management says: “This metric allows us to drill down into the actual collector’s performance, versus just the center’s performance. A center might have a great month and collections are up through the roof, but that’s not necessarily a reflection of the efforts of that collector. Whereas your follow up, how many claims you’re touching every month, reflects your work.”

Want to learn more? Read the full case study here.

Beckers

Join Regent RCM at Becker’s Annual Meeting: The Business and Operations of ASCs

Regent Revenue Cycle Management is counting down to the 23rd Annual Meeting: The Business and Operations of ASCs hosted by Becker’s ASC Review.

Taking place Oct 27-29 at Chicago’s Swissotel, the conference offers attendees over 100 sessions, and features over 200 total speakers including physicians and ASC administrators speaking on a variety of topics. All told, more than 1,000 attendees are expected at the event, which focuses on business, clinical and legal issues faced by ASCs.

Our own Michael Orseno, VP of Revenue Cycle at Regent RCM, will present “Regent RCM’s Nine ASC Revenue Cycle Benchmarks to Know and How to Improve Each of Them,” on Friday, Oct. 28, at 4:05 p.m.

“Now more than ever, it is crucial for ASCs to optimize their revenue cycle,” says Orseno. “And until now, there wasn’t a comprehensive list of ASC-specific benchmarks, and how they should work in unison. We solved that challenge for our industry and we’re looking forward to a great exchange with center leadership. We will focus on the nine benchmarks themselves, and we’ll also go deeper and discuss how outside forces impact the numbers, how the benchmarks work together, and when the numbers lie.”

Please stop by booth 27S to receive your conference gift. We look forward to seeing you!

For more information on the conference and registration, click here. To learn more about ASC-specific revenue cycle benchmarks, click here to access Regent RCM’s video and webinar series, including instructions on how to calculate and measure what Orseno refers to as “the great lie detector,” the net collection rate.

To download your copy of Regent RCM’s white paper, Using ASC-Specific Benchmarks to Assess Revenue Cycle Healthclick here.

ASC Revenue Cycle Benchmarks Defined

Regent RCM Webinar Addresses Optimal ASC Office Staffing

Why Regent RCM’s standard of 1.5 fulltime business office employees (FTEs) per 1,000 cases is ideal.

In the first of a three-part webinar series, Vice President Michael Orseno explained Regent RCM’s exclusive benchmark on optimal business office staffing models.

In addition to a business office manager, office staff includes receptionist(s), biller(s), collector(s) and coder(s), as well as personnel dedicated to insurance verification, patient financial counseling and scheduling.

The Regent RCM gold standard, developed after several years of collecting data from ASCs, is 1.5 FTEs per 1000 cases. Data from 2010 to 2014 showed that busier centers operated more efficiently in terms of staffing, while staff at less busy centers were underutilized.

When center administrators are struggling to determine if staffing is contributing to or working against a healthy revenue cycle, Orseno addressed three critical questions:

  1. Are appropriate staff in place to perform needed tasks?
  2. Are policies and procedures being implemented to promote workflow productivity?
  3. Is the center utilizing advanced technology that will drive efficient operations?

“Addressing inefficiencies that arise from answering these three questions is a fundamental first step to optimizing staffing,” said Orseno, who concluded the webinar by answering several listener-generated questions.

The most popular questions came from attendees requesting information on how and when to justify outsourcing revenue cycle management. Orseno advised taking a close look at business office functions and performing a business office audit aimed at identifying inefficiencies. If it is not possible to do this in-house, Orseno advised hiring an outside firm.

Click here to listen to the full webinar. Click here to learn more about the next two webinars and register here.