Improving hospital finance efficiency is a good goal, but it’s somewhat abstract. One of the best ways to close in on real improvement is to set clear targets for success. James Larson and Nancy Henry of Healthcare Finance News suggest that executives set a goal of 98 percent for collections.
This means that nearly 100 percent of all outstanding claims should be collected, leaving a small margin for unpaid bills. Monitoring your net collection ratio is another important strategy for revenue cycle management. Once you’ve made these targets explicit, your organization can begin building tools and plans for reaching them as soon as possible.
One of the best ways to improve revenue cycle management is to outsource receivables management. Contact Professional Medical Services today to learn more about how our services can improve efficiency at your facility.