Issue link: https://beckershealthcare.uberflip.com/i/381883
61 Coding & Billing Projected monthly revenue. Projected monthly revenue allows ASC leaders to compare expected performance, based on benchmarks and histori- cal performance, to actual outcomes. This approach allows for the analysis of revenue cycle processes. Are they working and what could be done better? The greater the detail of the data, the greater the accuracy. Mr. Searles recom- mends tracking: • Average reimbursement per payer by case type or specialty • Days in A/R by payer • Patient responsibility estimates • Bad debt rate "Ultimately, the projection calculus should be detailed enough to be useful and not extremely time intensive so that is can be recreated on a monthly basis with relative ease," he says. Patient accounting software. Many ASCs have some form of patient accounting software, but Ms. Pulliam has observed that this software is rarely used to its full potential. Accounting software generally offers features such as insurance verification, estimation of patient financial responsibility, under and overpayment tracking and more, all of which serve to eliminate hitches in revenue cycle. "By utilizing the various tools offered by the software, the entire process can be made much smoother and faster," says Ms. Pulliam. Explore the software and ensure all staff members using it understand the key functions. Whether due to turnover or lack of training, staff may be unfamiliar with the system. Spend the time to get staff up to speed on the software. "Cross train personnel and ensure enough staff is there to get the job done," she says. "Don't be afraid to try new products that will interface with your system." Putting the data to work Gathering and tracking data is a crucial element of revenue cycle manage- ment, but it is powerless to affect change, or improvement, if leaders do not use it. "Data should always be used to improve performance. Look for any obstructions in the process and remove them," says Ms. Pulliam. "Revenue cycle is a like a car, if you don't maintain it properly it will not run properly." As near to perfect as possible revenue cycle management processes not only serve to bring in as much money as possible, but also serves as preparation for the shift in payment models and care delivery. "Keep your revenue cycle as tight as possible," says Joan Dentler, President and CEO of Avanza Healthcare Strate- gies. "But, the real question: Are you ready for the new types of revenue coming down the road? Are you prepared for what ASCs will need to be in 2020?" n "Ultimately, the projection calculus should be detailed enough to be useful and not extremely time intensive so that it can be recreated on a monthly basis with relative ease." – Rich Searles, Partner at Merritt Healthcare Get More Bang For Your Buck.... Sensible Solutions for Refurbished Radiology 61 Broadway, New York, NY, 10006 info @ atlantisworldwide.com www.atlantisworldwide.com Call 800-533-3356 ...With refurbished & used C-Arms that are dependable, provide great images and have all the features to fulfill your specific needs. Stop by our booth at Becker's ASC 21st Annual Meeting.