Three Revenue Cycle KPIs Every ASC Should Track Right Now

The Ambulatory Surgery Center (ASC) revenue cycle community has not had specific measurement tools readily available, which has led money to be left on the table or missed altogether. To fix this issue, Vice President of Regent Revenue Cycle Management Erin Petrie and her team authored benchmarks that provide the intel necessary to gauge performance across all functions of the revenue cycle. This is a game changer for administrators and ASC leaders who are looking to obtain a better handle on their financial health in 2020.

On Tuesday, December 10th at 11:00 a.m. CST, Erin Petrie and two members of her team, Leslie Favela and Luz Renteria, will be hosting a webinar that will outline 4 of the 9 exclusive benchmarks.

You will learn:

  • How KPIs allow you to evaluate and optimize your center’s revenue cycle
  • How payer mix impacts A/R
  • How to proactively identify denial trends
  • How to establish processes to attain benchmarks – including our gold standards – and how often they should be measured

Join us for our webinar by registering here and take the first step in getting your ASC on the road to success in 2020.

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 Revenue Cycle Benchmarking Series Video

Regent RCM Focuses on Net Collection Rate in Webinar Series

In the final installment of Regent RCM’s three-part webinar series on ASC industry benchmarks to determine the health of a center’s revenue cycle, Vice President Michael Orseno and Director of Business Development Ed Tschan examine how to interpret these key performance indicators (KPIs) and what they are really communicating.

“Performance benchmarking continues to be an integral part of the Regent RCM team’s operations and its focus on continuous improvement,” said Tschan, who introduced the webinar and Orseno.

Orseno recapped the five ASC revenue cycle metrics mentioned in the second webinar but went into greater depth, discussing which ones could stand alone and which ones could be manipulated. He added a sixth ASC revenue cycle performance metric, net collection rate, which cannot be manipulated and explained its significance.

“It’s nearly impossible for office staff to manipulate the net collection rate,” said Orseno. “That’s why we sometimes refer to it as the great lie detector. All the other metrics we discussed previously can be manipulated. The only way this metric can be manipulated is by the person doing the calculation.”

Multiple attendees of the three-part webinar series commented that they plan to immediately incorporate ASC revenue cycle benchmarks to improve the health of their ASC.

“I think it was an awesome series with so much helpful information,” said one attendee. “I couldn’t believe all the insight our center can gain from utilizing these metrics. We’re running reports right now to see where we stand.”

Tschan stressed the importance of a revenue cycle audit that utilizes these recommended metrics to allow a center to confidentially capture existing performance metrics and get a solid sense of where they stand.

“What we’ve found historically is that most centers don’t have the luxury of having a strong financial contact that has performed revenue cycle audits before,” said Tschan. “We recommend that a center looks for an auditor specifically in the ASC community to provide relevant qualitative and quantitative insights.” He went on to explain how to find the right auditor, including four key areas that should be part of the audit and what to expect at the end of the audit process.

Orseno finished up the webinar by putting ASC revenue cycle benchmarks in perspective, noting that they are a valuable tool, but only part of the picture.

“We want to make sure that you have the tools in order to measure these metrics and to be able to identify how these metrics can be manipulated,” said Orseno, “but I think the most important message we want to put out is not to be blinded by these metrics, either one by one or altogether. Use them as a tool but ultimately, focus on the revenue due to the center.”

Click here to listen to the full webinar with detailed information on assessing the validity of these ASC revenue cycle benchmarks and how to be mindful of those that can be manipulated.

ASC Revenue Cycle Benchmarks Defined

Regent RCM Webinar Series Addresses Five ASC Revenue Cycle KPIs

In the second of Regent RCM’s three-part webinar series, Vice President Michael Orseno examined five ASC industry benchmarks or key performance indicators (KPIs) that measure the health of a center’s revenue cycle.

“Focusing on these industry benchmarks has been an integral driver of our team’s success and in the continuous improvement cycle of our partner centers,” said Director of Business Development, Ed Tschan, who introduced Orseno.

Tschan added that many revenue cycle conversations with ASCs frequently include questions regarding recommended metrics to drive the financial health of a center, whether metrics operate independently or in an integrated manner, what metric tracking capabilities exist and how to leverage the information to benefit the center.

Orseno addressed these questions while discussing five of the ASC industry benchmarks: Days Outstanding/Days in A/R, % of A/R greater than 90 Days, Denial% and Clean Claim, Charge, Claims Lag, and Statement Lag. He explained how to calculate the metrics, why the information is useful, the Regent gold standard for each of these metrics, and why keeping a center’s numbers within target parameters will maintain a healthy revenue cycle.

“Once your center is measuring these benchmarks, they should be monitored monthly, at minimum, possibly weekly,” said Orseno, in response to an attendee’s question. “For collections, a standard should be set as a goal each month and metrics should be looked at weekly. Other metrics, such as days in A/R should be monitored monthly.”

Click here to listen to the full webinar with detailed information on these benchmarks and answers to more questions on how to utilize them. To register for the final webinar in the series, held May 3, click 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.

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.

 

Regent Revenue Cycle Analysis

Regent RCM Presents Webinar Aimed at Helping Ambulatory Surgery Centers Gain Control & Efficiency

Regent RCM recently hosted a webinar aimed at helping Ambulatory Surgery Center (ASC) personnel gain RCM efficiency and control.

Led by industry veteran and Regent RCM Vice President Michael Orseno, the webinar provided insights in three key areas:

  • The evolving state of ASC RCM
  • Defining four components that drive competitive advantage for ASCs
  • Debunking common myths of outsourcing RCM

For those unable to attend, the webinar was recorded and is available now.

Please stay tuned for an upcoming blog series that explores these key areas in more detail. Contact Regent RCM to learn more or to speak with an RCM specialist directly at 312-882-7228.