6 key insights to know on benchmarking

 

External and internal benchmarking plays a critical role in ASC revenue cycle success, according to Fort Myers, Fla.-based Serbin Medical Billing.

The key details to know:

1. Valuable data indicators to benchmark include average charge per case, reimbursement per case, net collection percentage, average days to bill and overhead percentage.

2. Accounting records and ASC software systems can provide the necessary information to benchmark operations internally.

3. Internal benchmarking can be used as a tool to improve quality at ASCs.

Alpharetta, Ga.-based Surgical Information Systems Revenue Cycle Services Senior Vice President Jho Outlaw and Revenue Cycle Services Director Jessica Nelson weighed in on common ASC benchmarking challenges.

The insights they shared:

4. Evaluate accounts receivable goals based on current data. A/R data should be reviewed at least once a year, based on payer and case mix.

5. Be aware of acceptable denial rates for ASCs. Ideally, the denial rate should be 5 percent or less.

6. Use automation to help with audits. Auditing for quantity and the amount of work completed is the easiest way to use automation, as nearly all revenue cycle tasks should be documented in the ASC's system. However, quality auditing may need to be completed manually.

More articles on benchmarking:
Number of Medicare-certified ASCs per state | 2019
Higher healthcare use leads to lower prices, report suggests: 4 takeaways
10 statistics to know on ASC sales activity, ownership

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