Improve Revenue Cycle Streams in the Age of High-Deductible Plans

Posted by Continuum on Feb 6, 2018 10:05:00 AM

 

The number of High Deductible Health Plans (HDHPs) and Consumer-Directed Health Plans (CDHPs) in the market continues to increase as patients and employers look for lower monthly premiums and payers aim to place more financial risk on patients.

In 2016, the Kaiser Family Foundation reported that an average of 51 percent of workers were covered by a health plan with an annual deductible over $1,000 for single coverage. This group of individuals had increased by 22 percent since 2009, and this trend continues to rise.1 With high deductible plans, patients are often liable for the entire cost of the payer negotiated rate of their physician visit, and the high out-of-pocket expenses are driving them to make savvier healthcare decisions. Patients desire more financial transparency, access to healthcare costs, and increased communication from their provider. Yet despite patients’ increased financial awareness regarding their obligations, many are still unreliable payers in the market.

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Topics: Revenue Cycle Management, high deductible health plans, collection policies, payment processing, financial transparency, claims processing

RCM Key Performance Indicators

Posted by Continuum on Feb 23, 2016 12:01:53 PM

With the right practice management tools, there is no limit to the data your practice can track and measure. Many of the key performance indicators (KPIs) practices should actively manage relate specifically to the revenue cycle function.

When measuring your practice performance, there are typically two industry standards used. First, compare your statistics from year to year. Flag areas of concern and areas of high performance. For example, are your charges and payments equal to, greater than or less than the previous year? If significant variances exist, look at the data on a monthly basis to see if you can identify cause and effect events.

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Topics: Revenue Cycle Management, Medical Practice Key Performance Indicators, RCM

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