“I don’t think you can strive for performance improvement until you know where you’re trying to go and until you can accurately measure where you are,” Regent RCM Director of Revenue Cycle Management Erin Petrie said in a white paper. “Implementing benchmarks gives you a baseline to understand what process changes you need to make to get to your goal.”
Nine benchmarks to track:
1. Accounts receivable over 90 days: 20 percent or less
2. A/R follow-up: 95 percent of claims in a month
3. Claim/charge lag: 48 hours
4. Statement lag: 48 hours
5. Clean claims: 98 percent
6. Denials: Under 5 percent
7. Net collections rate: Over 97 percent
8. Days outstanding: Under 30 days
More articles on coding, billing and collections:
The 3 revenue cycle benchmarks ASCs should track
3 key performance indicators for ASCs
What the rise in high-deductible health plans means for ASCs — 3 Qs with an expert
