PODCAST INTERVIEW: IF YOU WERE TO PICK THREE TOP KPIS, WHAT WOULD THEY BE?

Chris Ekrem: [00:00:00] So if you were to pick three top performance or key performance indicators in rev cycle, that would impact your bottom line the most, what would they be? And what's the importance of each one?

Rodney Reider: I think I probably take a step back and say, who's mine. And I would; I would say I really had three levels of indicators. So as a CEO, you're talking, you're meeting, you know, your finance committee is very important. I want to keep them informed. What do they need to hear and see what, what knowledge do they need to gain of how things are working and how accountable and responsible we are to perform those, what the metrics are for the C-suite leaders?

What are they looking at? Make sure they have all the right metrics and then go the next step and say, within the revenue management cycle operations. What are the indicators they're looking at? And so I would, within that category, then I would even take another step and say, [00:01:00] how do we make sure that everybody understands the flow and the importance of the flow of the organization around finance, and then the part they play in.

Because it's so important that they are aware, they being everybody in the organization plays the part, everybody from scheduling and pre-registration to the patients. And they actually have to go through that, you know, real registration. Then you walk through the different within a hospital to have a surgery or getting their billings in.

You walk through again, he's like coding, billing, you know, all this. Not everybody knows where they fit within that and painting that picture for the whole organization as the finance team leadership, you're helping people know that is the part, right. They play as individuals to make sure your organization has the financial wherewithal to do the things necessary.

So having stated that staffing is very important. Of course. So then I would look at there's an accounts receivable. That's key, right? Today's on accounts receivable and you really talking about, well, [00:02:00] What are we getting paid? What's our, what's our complete receivables right now. How are we doing? And then taking that next step and saying, you know, what is the most important is, is really AR over 20 120 days.

That's an important factor to look at as well is you're saying, well, are we getting the money we need? Are we making sure that we have our receivables occurrence and really what's happening with, uh, how we look at overall, our team functioning or those things all within and that's core stays in accounts receivable better.

And then I blocked her those two little bit, but then the 120 days is really staying. Right. So if we're looking at, what is the ability of the, the numbers for measurement? How are we looking at the services being paid on time and that's the team functioning? Well, then the final one is really around the adjusted collection side.

If I was looking at just three, if I had the adjusted collection and I said, all right, are we measuring what we need? That would be where you're saying the effectiveness of [00:03:00] the practice itself to collect all, all the legitimate reimbursement is that happening. And so that's where you show them. And that's why you feel that that's where you show that number.

And then the other two that I would throw in is the denial rate, because that's important because it's really a percentage of claims that are denied. And then the final one is really looking at really what your average reimbursement, right? And I, I throw that one in there as well. Cause you're looking on average, obviously what you're getting paid on average, but those are important things to look at.

And especially this one, because you want to look at it over a trending time period. You really want to make sure how do I look on a trend, something unusual this year, going on, am I missing something? That's just some, some component of a revenue cycle failed. And then the other part is looking at industry averages.

We can beat ourselves up. Why are we getting paid? You know, 90%? Well, most of the industry is getting paid 3,500. So what can I do to build on that, to improve and beat the industry standard? Right. I think that's the key. It's always look at the trends in the industry.[00:04:00]

Tagged: healthcare, finance, revenue cycle, KPIs, management, leadership, podcast