With EHR acceptance rates at nearly 98%, healthcare providers are looking for new places to reduce costs and improve efficiency.
The revenue cycle (RC) has come into the spotlight as a key investment area. In fact, 91% of hospitals now have one or more RC management tool in place.
Yet RC managers often fail to see growth, which is often because they don’t put benchmarks in place to measure progress.
Keep reading for the revenue cycle benchmarks you should be paying attention to. And stick around to learn how a patient lending program can help you reach your RC benchmarks faster.
Important Revenue Cycle Benchmarks to Measure
A good RC management plan should include measurements that prove your strategy is sound. Part of this is keeping up with your key performance indicators. But you should also have an idea of where you’d like your new strategy to take you.
For instance, Becker’s ASC Review thinks there are 9 important revenue cycle benchmarks. These include:
- AR over 90 days is at 20% or less
- Statement lag is at 48 hours
- Net collections rate is over 97%
- Days outstanding are under 30
Benchmarks help you determine which of your strategies are working and which aren’t. Improving your revenue cycle takes time. But there is something you can do to speed up your progress.
Medical Loan Financing Helps Revenue Cycle Managers Reach Benchmarks Faster
Healthcare lending helps patients pay medical bills when they can’t fork up a lump sum. Providers help patients in need sign up for a loan through a partner bank. The provider is paid up front and in full while the patient makes repayments over the life of the loan.
And why should you care? Because medical loan financing has been proven to decrease AR days, improve collection rates, cut down on clerical workload, and reduce outstanding balances.
If you need to meet your revenue cycle benchmarks faster, Epic River’s medical loan financing program can help. Contact us to speak with a representative about what our patient lending software can do for you.