Hospitals and health systems continuously monitor revenue cycle management metrics, as they play a key role in helping organizations receive maximum reimbursement and an accurate assessment of their billing department.
However, to maintain profitability, organizations must select and track metrics that push them to surpass expectations.
“Understand where you are today and have goals of where you want to go. Looking at how you’re summarizing the information, looking at how you’re tracking and trending the information, looking at how you’re budgeting and trending for that information is very important,” says Nicole Davis, senior vice president of channel managementat IKS Health, which manages RCM functions for health systems and large physician groups.
“Some metrics you’ll want to look at on a daily basis, while others you’ll look at from an operational standpoint and others from a quarterly or monthly perspective to get a better understanding of holistically are we moving in the direction we want to go,” she added.
But with so many metrics to evaluate, which are most important to track?
Ms. Davis recently spoke with Becker‘s Hospital Review about which metrics to focus on to improve cash flow. Below, she provides five metrics for hospitals and health systems to continuously monitor.