RCM benchmark webinar

Regent Revenue Cycle Management Launches a Three-Part ASC Benchmarking Webinar

Participants learn how to customize, deploy, and measure nine metrics to gauge their center’s financial health

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, announced today that it will host a three-part webinar featuring industry veteran and Regent RCM Vice President Michael Orseno. The webinar series expands on recently launched ASC RCM video series and demonstrates how benchmarking will accurately and consistently measure the health of an ASC’s revenue cycle.

“One of the toughest challenges for any surgery center is determining if your revenue cycle is performing well,” stated Orseno. “We developed this webinar series so center administrators can understand how numbers can be improved, why they might fluctuate and how they can often be misleading. We have developed nine metrics that centers can customize, deploy, and measure to gauge their financial health.”

PART ONE: Optimal Business Office FTEs per 1,000 Cases

WHEN: April 5, 2016 at 12 p.m. CST

WHY: Smart staffing is an integral part in gaining more control and efficiency over the revenue cycle. This webinar explains Regent RCM’s exclusive benchmark on optimal staffing models. Regent RCM will explain how it developed this benchmark and used it to reduce staffing to by over .3 FTEs per 1,000 cases in four years.

PART TWO: ASC RCM Benchmarks

WHEN: April 19, 2016 at 12 p.m. CST

WHY: Learn Regent RCM’s gold standard for the following benchmarks and understand how outside forces impact the numbers, how the benchmarks work together, and when the numbers lie.

  • Days Outstanding
  • % A/R over 90 Days
  • Denials and Clean Claims
  • Charge and Claims Lag
  • Statement Lag

PART THREE: Net Collections – the Great ASC RCM Lie Detector

WHEN: May 3, 2016 at 12 p.m. CST

WHY: Find out how to calculate your center’s net collections rate, how to set your gold standard based on your center’s payer and case mix, and why we call this benchmark “the great lie detector.”

To learn more or to register for the webinar series, click here.

 

asc business office audit

Calculating Net Collections

In a recent blog post, Regent RCM established Key Performance Indicators (KPIs) to highlight issues and determine how well an ASC is performing compared to other ASCs. The following post examines calculating net collections.

While striving for efficient revenue cycle management (RCM), many center administrators face hurdles with accurately calculating net collections, which is critical for determining how well the business office is collecting on contracted accounts.

Definition: The percent of eligible payments a center actually collected.

Calculation: (Total payments) divided by (total charges) minus (contracted amount and bad debt) plus (refunds). The result minus 100% shows how much revenue is lost due to underpayments, uncollectible bad debt, inaccurate adjustments, and posting errors. Regent RCM’s gold standard is greater than 97% (with contracted payers).

Tracking on a monthly basis will determine how well centers compare to the standard. If the percentage is low, it may be a sign that the business office is accepting whatever the third party pays and solely relying on the low hanging fruit. Regent RCM goes the extra mile and fights for every dollar that the facility is entitled to through rebilling and a vigorous appeals process. This usually is the difference between a net collection rate (NCR) in the low 90s versus in the upper 90s, which can equate to tens- or even hundreds-of-thousands of dollars.

“It is important to know and understand your contracts and compare every payment at the time of posting,” explained Regent RCM Director of Revenue Cycle Management Erin Petrie, “Our team of RCM specialists load the contracts into the management software so our staff can determine at the time of posting if the procedure was paid according to contract. Underpayments are noted and the appeals process starts immediately. When contracts change, we note the changes and update the allowable amounts in the MIS.”

Click here to download our white paper to learn more about calculating net collections and Regent RCM gold standards for ASC revenue cycle.