Delivering high-quality care while maintaining profitability is the overarching objective of any outpatient facility.
We’ve been talking a lot about using KPIs (key performance indicators) to determine the health of your revenue cycle – things like the age of accounts receivable and the number of days to bill. It’s one thing to know where your business stands in terms of profitability, but actually taking steps to optimize your revenue cycle management can take your facility’s financial goals to another level.
To help you get there, we’ve come up with another way to think about the KPI acronym for turning your metrics into action: Know, Plan, Implement. Let’s use one specific performance indicator – denials – to show how these three steps can drive financial change.
To learn how to "Know, Plan & Implement" your metrics, click here.
[Editor's Note: This article originally appeared on SourceMed's blog.]