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.

 

Revenue Cycle Management Coffee

Optimal Business Office Staff per 1,000 Cases

Why Regent RCM’s standard of 1.5 full time employees (FTEs) per 1,000 cases is the ideal.

In a recent post, Regent RCM detailed six key performance indicators (KPIs) that will help an ambulatory surgery center (ASC) gain visibility to core issues within the revenue cycle plus offer comparative analysis/benchmarking with other ASC’s. The following post examines one of the most sought after metrics, business office staff per 1,000 cases. This Regent specific metric is a customized efficiency benchmarks including staffing for revenue cycle.

Smart staffing is an integral part in gaining more control and efficiency over the revenue cycle. Regent RCM conducted a study from 2010 through 2014 to assess the number of business office FTE’s per 1,000 cases. The Regent RCM average in 2010 was 1.85 FTEs per 1,000 cases from all the facilities studied. By 2013 and 2014, the average had dropped to 1.5 – in four years, the ASCs with Regent RCM saw an efficiency gain of a third of an FTE per 1,000 cases.

When it comes to RCM, experience is critical to managing evolving complexity and accurate decision making. Regent RCM optimizes process, workflow, and technology to drive the most efficient outsourcing model in the industry.

Click here to try Regent RCM’s ROI calculator and determine whether or not your ASC can benefit from outsourcing RCM. For more information on Regent RCM call 312-882-7228.

ASC ICD-10 Preparation

Top 4 tips to quicken your ASC’s ICD-10 preparation

The implementation of ICD-10 is set for October 1, 2015, and though it’s been delayed previously, this new deadline is set to hold. This means that your ambulatory surgery center should be taking the necessary steps to prepare to use 10th addition of the International Classification of Diseases by the World Health Organization (WHO).

We recently debunked some common myths surrounding the updated coding system, and if you haven’t already, it’s now the time to turn your focus on ensuring that your ASC is completely ready for the transition. With less than 100 days until October 1, use these tips to optimize your time as you prepare for ICD-10 to ensure your center is ready. And remember, improper preparation can have negative impact on key performance indicator (KPI) metrics such as AR days and revenue.

Focus on small-scale successes

With the deadline fast approaching, gradual improvements are no longer an option. Instead your center should shift its focus to repeated small-scale successes in order to produce outcomes in a tangible process.

Change the perception

Many of your staff members may view ICD-10 as an unnecessary complication. Changing their perception of the coding system by hosting meetings regularly to review the new codes will make business office employees feel more comfortable and confident, making the system easier to adopt when the time comes. You can also have your staff use online tools to look up, verify and validate codes, which will reduce incorrect codes from being input.

Cut down meeting times

Instead of a more traditional approach to planning and preparation, you should now think outside the box with a different structure for project management. Instead of lengthy status meetings once a month, plan on shorter daily or weekly meetings to keep your revenue cycle specialists on track with their progress.

Assess your internal capabilities

Some centers may have a solid business office in house who can sufficiently handle the transition to ICD-10 without a negative impact on KPIs. It’s important to assess whether or not your internal revenue cycle specialists can manage the implementation. If the answer is no or you are not sure, you might want to consider transitioning to outsourced revenue cycle management services with an external provider that is fully prepared.

Billing and collections analysis

Addressing concerns about transitioning to outsourced RCM services

Last week, we discussed concerns you might experience as you consider transitioning from internal revenue cycle management to outsourced RCM services. Now we’ll address some of the most pressing concerns that you may be facing.

Decreased revenue

One of the most prominent concerns is that the transition process may lead to decreased revenue. Importantly, choosing to outsource RCM not only adds consistency and predictability, it offers the ability to increase monthly revenue. An external provider, such as Regent RCM, reviews and takes the time to understand all of your center’s payer contracts as the foundation for success. Once the initial review is complete, a targeted assessment is done, and any outstanding payments are collected.

The external provider also looks at past reimbursements per each contact, and if money has been left on the table, they will help you recoup the lost revenue for your center. For example, if your ASC was owed a $1,000 reimbursement but you were only paid $800, the external provider will help you get that lost money. Whenever possible, they will renegotiate a better rate and increase revenue per case.

The outsourced RCM provider will also examine your out-of-network revenue. In cases where negotiations have not been pursued, pursuit of available monies becomes paramount to bring in money left on the table in these situations as well.

It requires the diligence of a dedicated team who has the time and resources to focus on optimizing and increasing revenue coming into your center. Additionally, a provider like Regent RCM has the proper process and workflow in place to make the transition to outsourcing an effective one and ultimately bring more revenue into your ASC.

Supporting staff

The other major concern with the transition process relates to staffing, whether it’s supporting current internal business office staff members or wondering what to do when there is a billing and collections gap.

Centers that have long-term employees don’t have to let them go just because you choose to outsource. If you have good people working in your ASC, they can simply be redeployed within the center to fulfill the front end of the business office or to take on roles that also match their skillsets. Transitioning to outsourced RCM services take the complex billing and collections piece off the table, allowing the internal staff to focus on core priorities and optimize the center as a whole.

In situations where an internal role is left unfulfilled because of high turnover or a senior billing a collections staff member retires, an external RCM provider can help maintain continuity to keep the business office running. External RCM providers offer contingency plans that allow you to engage in succession planning. You won’t have to ask yourself what will happen down the road, and how you’ll stay ahead of it to avoid a revenue drop. At the end of the day, you need planning and strategies in place because predictability keeps the process running smoothly.

Next up, we’ll provide a real-world example using a case study that details the transition process and the success an ASC can find by outsourcing RCM services.

ASC staff meeting revenue management

Regent RCM provides 3 ways ASCS can reduce costs for a stronger RCM strategy

Regent RCM recently spoke to Becker’s ASC Review to provide insight on how to reduce the costs related to an ambulatory surgery center’s business office. This includes everything from smart staffing practice management, which can become expensive quickly.

1. ASCs should invest in IT as information technology can lead to major cost savings over time. For example, electronic insurance verification and payment posting reduce the number of business office employees needed as well as lower one of the highest ASC expenses.

2. Another suggestion is to invest in a solid business office staff and hiring the best of the best for the job. Instead of hiring multiple people, an ASC can capitalize on one employee who can successfully wear more than one hat and manage numerous business office functions.

3. The third way to cut business office costs is to consider outsourcing RCM.

ASCs run on lean resources. Staff members wear multiple hats and revenue cycle management can easily slip through the cracks. The right RCM outsourcing provider can handle coding, billing and all of essential tasks related to revenue cycle to bring more money to the table.

To read the full story in Becker’s ASC Review, click here.