Best Practices for Achieving Full Revenue Capture
Topics: Revenue Capture, Revenue Cycle, Finance
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Executive Summary
Did you know that the average hospital could see a 10% improvement in margins by implementing simple steps to elevate point-of-service and prior balance collections? Or a 15% margin improvement by tying physician incentives to CDI query compliance?
Revenue from all payers is subject to intensifying performance risk. Managing this risk and maximizing revenue capture is foundational to improved margin performance.
This collection lists the Advisory Board’s best practices aimed at boosting revenue capture, including tactics for:
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Prioritize collections from individual patients by establishing monetary incentives for collections staff and payment plans for self-pay patients.
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Ensure strong revenue capture from existing commercial payers through partial payment recovery programs.
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Improve the specificity of physician documentation to prevent downstream coding and billing errors that lead to missed revenue opportunities or denials.
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Ensure best-in-class performance on metrics listed as part of CMS’s value-based purchasing program.
More from the Medicare Breakeven Project
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- Standardizing clinical resource utilization
- Boosting labor productivity
- Launching effective employee health initiatives
- Building flexible labor pools
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- Targeting top-DRGs for LOS reduction
- Rationalizing utilization across the continuum
- Ensuring effective care transitions
- Implementing LEAN design principles
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- Managing an effective medical perimeter
- Securing physician referral networks
- Fostering growth in the ambulatory environment
- Evaluating service line performance
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Improving Patient Collections
