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• Define the revenue cycle
• Use the EHR to improve your revenue cycle
• Use the EHR to track improvements
Improve your revenue cycle rather than relying on cutting
expenses.
‘…find the holes in your revenue cycle and then plug
them...’
• More than just billing and collecting
• Includes all processes and procedures that have potential to impact the revenue
• Ex: treatment planning, scheduling, accounts, patient check-in/out, all things AR, etc.
USING THE EHR
WHAT IS THE EHR?
• EHR = Electronic Health Record
• Fully integrated EHR = all functions are
interconnected and do not stand alone.
TREATMENT PLAN
• Lack of treatment plan=lack of communication
• Communicates cost of treatment to patient
• A sequenced treatment plan facilitates scheduling
• Tracks potential revenue
SCHEDULING
• Need to know clinic activity.
• Using the Treatment Plan = staff knows what to collect
• Track patients who habitual fail or cancel = stable patient base
• Tracks chair utilization
• Digital format allows for use of outside vendor for confirmation of appointments
PATIENT CHECK-IN
• Treatment plan and accurate scheduling = patient check-in process
• Ensures collection or verification of patient demographics
• Allows for collection of payment before treatment • Do you want to manage credit or debt?
CODING AND DOCUMENTATION
• Treatment Plan = accurate coding
• Inaccurate coding = slower reimbursement from 3rd
party payers
• No codes = missing charges and/or reduced productivity/revenue
• Use EHR to track missing charges (codes) daily
CLAIMS PROCESSING
• Treatment Plan = accurate coding = accurate claims
• Accurate claims = faster reimbursement
• Electronic Claims and electronic attachments = faster reimbursement
• Real time processing information
DENIAL MANAGEMENT
• EHR flags incomplete claims.
• Electronic claims allows for real time management.
• Real time management = faster claim correction = faster reimbursement
• Reduces the amount of time staff spends on the phone with 3rd party payers
A/R MANAGEMENT
• Accurate demographics = fewer returned statements
• Digital format provides for sending file to 3rd party vendors for statement processing.
• Allows staff to use time in more productive manner
• Reports that assist staff in claims and outstanding balance follow-up
PAYMENT POSTING
• Tracks the amount of time from check posting in the system to allocation to individual claim
• Future: 3rd party payers will send electronic files that download payments automatically
• Staff will only have to look at the payments with exceptions
PATIENT COLLECTIONS
• Report generation for outstanding claims/patient balances
• Ease of working with collection agencies
• Collection agency can access files and download information into their system.
• Streamlines process and reduce staff involvement
TRACKING IMPROVEMENTS
• Determine which benchmarks to use to gauge improvement
• Apply a simple pre-test/post-test method to determine improvement
• Use the data your EHR collects to determine improvements
• Determine which intervals to check for improvements
CERTAIN BENCHMARKS CAN BE USED TO TRACK PROGRESS:
• Average days in A/R <50 days
• % of A/R over 90 day <20%
•% of A/R over 120 days <10%
•Billing turn-around within 5 days of treatment
•Payer turn-around Electronic claims 10-15 days Paper claims <45 days
• Bad debt expense (% of net revenue) <2%
REFERENCESQuist, Jim & Robertson, Brian. (2004). Key Revenue Cycle Metrics. Healthcare Financial Management, 58 (9), 71-72.
Palmer, Diane. (2004). Key Tools For Turning Receivables Into Cash.
Healthcare Financial Management, 58 (2), 62-67.
Hammer, David. (2007). The Next Generation Of Revenue Cycle
Management. Healthcare Financial Management, 61 (7), 49-57.
Amatayakul, Margaret. (2005). Are You Using The EHR-Really?.
Healthcare Financial Management, 59 (11), 126-128.