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 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.

ASC Revenue Cycle Benchmark Days Outstanding Days in Accounts Receivable

ASC Revenue Cycle Benchmark Video #1: Days Outstanding/Days in A/R

Regent RCM Vice President Mike 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 first of these industry specific benchmarks is days in accounts receivable (A/R), also called days outstanding.

Though Regent RCM’s gold standard for this metric is 30 days or less, the right number for a center could range from the mid- to high teens all the way up to 50, depending on payer mix and case mix.

Click here to watch the video and learn more about this meaningful metric and why establishing and keeping it within a gold standard is critical to the success of a center’s revenue cycle. Click here to read a blog post that highlights follow up procedures to reduce the days outstanding, including contacting payers every 30 days to check on claim status and running monthly A/R reports to streamline follow ups.

Ready to put ASC revenue cycle benchmarks to work for your center? Join us for an upcoming webinar series that expands the topic further and drills down on all nine benchmarks. Register here.

ASC Revenue Cycle Benchmarks Defined

Regent RCM Defined ASC Revenue Cycle Benchmarks

One of the toughest challenges for any ambulatory surgery center (ASC) leader is determining if your center’s revenue cycle is healthy and performing well.

Industry metrics can be clouded by complications such as payer mix, case mix and whether or not the center is in-network. Many centers have resorted to using hospital or physician metrics to try to gauge success, but they are not always equivalent and can cause confusion.

Regent RCM Vice President Mike Orseno recognized the need for standardized measurement native to the ASC community. Alongside the Regent RCM team, he developed a series of nine core ASC revenue cycle benchmarks aimed at dispelling myths and outlining which benchmarks stand on their own and which ones are affected by outside forces. Importantly, the series includes instruction on how to calculate or measure what Orseno refers to as the great lie detector, the net collection rate.

Click here to watch the first video in the ASC Benchmark series and learn more about the metrics that gauge the health and success of an ASC’s revenue cycle.