Leveraging Revenue Cycle Management’s Most Useful KPI: Yield

Healthcare may be the only industry where interpreting monthly revenue cycle performance is more art than science. 

Traditional revenue cycle analysis uses reports based on metrics such as days in A/R, denial ratios, net collections calculations, and adjustments. These reports are generated from information based on a transaction month – some accounts within the 30-day timespan will be new charges recently submitted for adjudication while other accounts could be as old as 180 days. 

Regardless of where claims may be on their reimbursement journey, they are aggregated and averaged to produce the key performance indicators (KPIs) relied on by healthcare organizations. Payer mix, patient volumes, and charges are just a few of the continually changing metrics generating traditional reporting – making them extremely sensitive to operational fluctuations. 

Healthcare needs a way to see through the variables that create fluctuations and turn revenue cycle reporting into a science. The nature of the healthcare revenue cycle has made calculating a yield KPI  that captures true operational performance so burdensome it is rarely, if ever, used.

Until now.

Introducing Currance’s Patented Rev-Cycle Yield 

Currance’s Rev-Cycle Yield (RCY) delivers a precise measurement of operational efficiency by quantifying performance quality at specific time intervals, such as 60, 90, and 120 days. Its patented process distills information down to its purest form by mitigating variables such as volumes, account adjustments, and rate changes. After isolation from variables, Currance’s RCY provides an accurate measurement of expected reimbursement and operational performance down to the individual account level. 

Traditional KPIs measure from an overview of all account activity and drill down. Currance RCY uses an account level up analysis instead, making it a valuable complement to standard reporting. Revenue cycle leaders can monitor and analyze overall revenue cycle management (RCM) performance with actionable insights and information across units, facilities, departments, service lines, payers, vendors, and teams. 

Optimizing the Currance RCY performance curve

Every organization has revenue cycle ‘leaks’ such as denials, slow conversions to revenue, operational errors that lead to no payments, and incorrect write-offs. Utilizing Currance RCY empowers organizations to recognize real opportunities in their revenue cycle and close the gap between potential expected reimbursement and cash collections. Insights from tracking yield performance drive accountability across the entire revenue cycle by revealing opportunities to fine-tune processes that will produce sustainable performance improvements an improve net revenue. 

Leveraging Rev-Cycle Yield to find the answers you need

Monitoring performance quality with Currance RCY allows healthcare executives to precisely answer revenue cycle performance questions such as:

1. Is my revenue cycle converting all possible expected revenue to cash?

2. How fast is my revenue converting to cash?

3. What additional expected revenue is left to be collected?

4. Are payers slowing down their payment processing?

5. How effective and efficient is my revenue cycle performance? 

Currance RCY provides a point of view lacking in traditional revenue cycle reporting. It isolates revenue and productivity data and converts it into reliable KPIs that can be monitored and tracked over time, virtually eliminating the art of interpreting financial performance and providing reliable data for decision making. 

Currance RCY – performance quality metrics at your fingertips

The Currance suite of performance Yield-calculating technology and analytics provides the key to accurate revenue cycle performance measurement. Our platform-agnostic solutions empower healthcare organizations to optimize net collections and create positive, impactful change in a short period of time. 

ScoreLogix™ 

Our integrated, real-time reporting platform empowers revenue cycle leaders to see how their team performs in support of overall revenue yield goals. Precise metrics isolate revenue cycle performance to reveal actionable data displayed in easy-to-understand formats such as heat maps, run charts, and audit lists. Comprehensive organizational and individual scorecards supply leaders with the information they need to keep their fingers on the pulse of revenue performance and isolate root cause issues.

CollectLogix™ 

Currance developed CollectLogix to bridge the gap between knowledge and action. This statistically-driven A/R workflow tool maximizes efficiency with computer-assisted guidance that assures consistency and efficacy with a one-touch approach. AI-based account assignment and robotic process automation (RPA) minimize write-offs, eliminate nonvalue added work efforts and maximize Yield to deliver optimal revenue cycle performance. 

In addition to our proprietary technologies, we offer qualified teams to help boost performance and assist as needed. To learn more about how enhancing your revenue cycle with Currance will benefit your hospital or health system, contact us today at 949-767-8350, email sales@currance.com, or send us your details via our contact us form. 

About Currance

Formed by revenue cycle industry leaders, Currance is a Rev-Cycle Performance solutions company focused on empowering community providers, physician practices and healthcare systems to achieve and sustain yield performance improvement. Currance’s strategy of Performance Partnering supports your own team by offering everything needed to drive yield performance: an intelligent technology platform that integrates with existing systems, tailored solutions, and professional services for operationalizing the technology and sustaining exceptional results.

The Currance approach encompasses best-in-class knowledge of revenue cycle management, proprietary technologies, and the proven ability to engage, train, and mentor employees, adding value to clients’ organizations. We embrace a mindset rooted in science and operational experience, enabling highly efficient processes and precise workflow design that improve profitability and help build patient-centered, high-performing organizations.

Employee wellbeing critical to WFH success

Focus on engagement and experiences to keep individuals productive. 

In 2020, during the initial stages of the global pandemic when just about everyone was forced to go home to work, activities such as video coffee breaks, lunches and happy hours brought team members together to check in with each other much like they would experience in office settings. However, for many, these initial virtual connections soon gave way to feelings of isolation and burnout.

These scenarios unfolded even as employers adjusted by responding to the ever-changing needs of employees working from home by implementing flexible schedules and deadlines, as well as tools and secure technology to streamline work processes. One of the challenges for managers has been to keep in constant communication with individual team members. Employers are responding with a variety of initiatives to ensure team members feel heard and “seen” when working from home.

In a Gallup study of seven workplace insights from 2020, No. 7 states employee wellbeing is an essential factor in business survival. It all comes down to managers who support teams and each individual. Communication — how much, how often, etc.— is vital to employee engagement and productivity. And this communication must go two-ways in that employees need a way to send messages back to managers and others, notes Julie Develin, HCM Strategic Advisor at the Ultimate Kronos Group. “With the rapidly changing employment landscape, this has become more important than ever,” she adds.

Managers should have a firm grasp on what is working and where challenges exist and seek to “decrease virtual distance,” according to ROI Talent Development’s How to Keep Your Team Engaged When Working Remotely. Learn who is struggling and requires additional feedback. Leaders need to make decisions based on data but also be people centric, says Leanne Legasse, co-founder, ROI Talent Development LLC. Meeting the individual needs of team members ensures the company’s goals are met and allows you to better serve customers. Find out who needs more points of connection and if you need to assist in starting conversations between team members. The more data managers collect the more prepared they will be to meet an individual’s needs so they can carry out the company’s goals. 

Another measure to consider when collecting data is employee experiences. Qualtrics encourages managers to focus broadly on employee experiences and not just employee engagement where you can gather data on the entire employee life cycle. “Crucially, this approach puts a heavier emphasis on the perspectives and experiences of the employees themselves, a critical issue that impacts the likelihood that employees will provide candid and actionable feedback,” according to Qualtrics’ Experience Management: The HR Imperative

In 2021, work from home will continue to be the normal method of operations for companies, and in fact, will extend deep into the year as COVID-19 infections continue to rise and challenges remain with the distribution of vaccines to combat the virus. Focusing on an individual team member’s wellbeing as well as their experiences will go a long way in meeting your company’s goals and keeping your customers happy. 

To learn more about how Currance and its solutions can assist your company in work from home success, visit www.currance.com

About Currance

Formed by revenue cycle industry leaders, Currance is a Rev-Cycle Performance solutions company focused on empowering community providers, physician practices and healthcare systems to achieve and sustain yield performance improvement. Currance’s strategy of Performance Partnering supports your own team by offering everything needed to drive yield performance: an intelligent technology platform that integrates with existing systems, tailored solutions, and professional services for operationalizing the technology and sustaining exceptional results.

The Currance approach encompasses best-in-class knowledge of revenue cycle management, proprietary technologies, and the proven ability to engage, train, and mentor employees, adding value to clients’ organizations. We embrace a mindset rooted in science and operational experience, enabling highly efficient processes and precise workflow design that improve profitability and help build patient-centered, high-performing organizations. For complete details, visit www.currance.com.

Proven Software Tools Enable Successful WFH Environments

Software facilitates virtual settings where managers, team members and clients can successfully connect and achieve proficiency with rev-cycle functions.

Even though some revenue cycle related activities for hospitals and health care organizations have been operating offsite for some time, the onset of the pandemic in March 2020 sent more team members home to work than ever before. This sudden push shined a spotlight on how vital established and verified remote workforce management tools, and training on these platforms, are to an organization’s success. What’s more, support and constant feedback from managers have emerged as essential components in accomplishing remote work goals. 

Tips on the best ways to position microphones and lighting solutions to improve the videoconference experience when working remotely are surely helpful to remote workers; however, a combination of actionable performance monitoring tools and the advancement of social virtual environments are behind successful remote workforces. 

As an example, a year prior to the onset of the COVID-19 pandemic forever changing the way we work, Currance began offering a work from home (WFH) policy to ensure a company’s performance standards were maintained, no matter the location of the team member. These existing measures enabled companies using Currance’s remote work software tools to send 100 percent of their employees home to work within a weekend’s time frame. The WFH policy includes features such as:

  • A home certification process to ensure a team member’s success in establishing a home office
  • Deploying productivity and performance monitoring tools to track an individual’s metrics
  • Offering CollabApp, which allows team members to virtually connect with everyone in their group, from asking questions and sharing documents to social interactions, similar to what they would find in an in-person office environment

Secure remote workforce software management tools have emerged as a leading instrument for success when it comes to Work From Home. For example

virtual desktop infrastructures (VDI) such as Currance’s RemoteLogix offer network environments that facilitate high performance results from your team members.

The network includes tools such as softphone, videoconferencing, single sign-on, multifactor authentications, inbound/outbound call center management and more. Through VDIs, managers, team members and clients can visually engage with each other. The productivity and performance of team members can be monitored through features such as Active Track, ScoreLogix and CollectLogix. In addition to tracking metrics, managers can ascertain who might be experiencing feelings of isolation and loneliness; therefore, they can engage with them and promote opportunities to engage in daily briefings, monthly town halls, virtual happy hours and other activities to foster feelings of belonging.

About Currance

Formed by revenue cycle industry leaders, Currance is a Rev-Cycle Performance solutions company focused on empowering community providers, physician practices and healthcare systems to achieve and sustain yield performance improvement. Currance’s strategy of Performance Partnering supports your own team by offering everything needed to drive yield performance: an intelligent technology platform that integrates with existing systems, tailored solutions, and professional services for operationalizing the technology and sustaining exceptional results.

The Currance approach encompasses best-in-class knowledge of revenue cycle management, proprietary technologies, and the proven ability to engage, train, and mentor employees, adding value to clients’ organizations. We embrace a mindset rooted in science and operational experience, enabling highly efficient processes and precise workflow design that improve profitability and help build patient-centered, high-performing organizations. For complete details, visit www.currance.com.

Remote Workers Can Do It All

The more flexibility an employee can work into their day the more effective they will be in achieving work-life balance in a Work From Home environment.

Experts on workplace cultures and employee engagement advise corporate leadership to stay curious and flexible when it comes to Work From Home (WFH) measures because what worked during 2020’s COVID-19 pandemic scenarios may not work in 2021’s scenarios. Flexibility regarding schedules and deadlines leads to fewer disruptions to the overall team in a WFH environment.

But what measures can individual team members take to ensure working from home does not overwhelm them or lead to feelings of isolation and loneliness? Such measures are especially important as increasing numbers of employees want the option to continue working from home once the dust settles from the pandemic. Or they would like to follow a hybrid workplace strategy, where they can both work at home and go into the office during the work week. 

“We are surveying HR people who say they are going to be much more open to flexible scheduling to allow people to work from home a few days a week,” says Andy Challenger, senior vice president, Challenger, Gray and Christmas Inc., a global outplacement firm.

While some remote workers thrive, developing a rhythm to their processes, others struggle, and their productivity levels decline. Those achieving success are adapting and evolving to overcome challenges. 

There are a few common themes to achieving a work-life balance in WFH:

  • To begin with, these employees work for leaders who prioritize their needs, engaging with them daily to ensure they have resources and equipment for successful WFH strategies. 
  • Transparent, clear communication of goals and expectations by managers is important to employee engagement and combatting feelings of loneliness, Challenger notes. WFH procedures should be included in an updated employee handbook.
  • Successful remote employees also feel they can safely share their feedback with managers, and they believe their needs are a priority to the leadership team.
  • It is important remote employees have a safe way to log their hours, request time off, switch a shift or complete virtual trainings, as examples, says Julie Develin, HCM Strategic Advisor of the Ultimate Kronos Group
  • Remote workers also experience balance when they have the freedom to make appointments, take or pick up their children from school and/or events, or work their way, for example, working from noon-8 p.m.
  • Balance also comes when employees sit down with their families and develop plans to ensure WFH is sustainable. For example, one parent might work in the mornings and the other in the afternoons to balance childcare, pet care and household duties. “It can be exhausting because you feel like you are never separated from household chores while you are trying to handle a professional career and perform childcare duties,” Challenger says. “Take the time to sit down with the family because it is clear this trend (WFH) is not going to go away.” 
  • Those achieving a balance also make conscious efforts to form connections, Challenger adds. “People that will be most successful in the work from home environment are the ones that put efforts into reaching out to colleagues that might be in a different department and asking them to have a cup of coffee during a Zoom call or set up a virtual happy hour to discuss things other than business.” 

Challenger stresses that leadership in organizations understand the world is still operating in a crisis because of the pandemic. “We are still in an emergency. People are really being flexible around their work schedules right now; employees shouldn’t be afraid to ask for additional flexibility.”

Work From Home Lessons Learned

Trust is vital to the future of all things in work from home 

The concept of trust will emerge as a fundamental success factor in a post-COVID-19 world (whenever that is), when it comes to remote workforces. “Those businesses that share a mutual trust between employees and management will be more successful moving forward, notes Julie Develin, HCM Strategic Advisor at the Ultimate Kronos Group. 

According to the Workforce Institute at Ultimate Kronos Group, more than half of 4,000 employees surveyed say that trust directly impacts issues such as their sense of belonging at work, their career choices and their mental health. However, there is a hurdle to overcome because 55 percent of business leaders and employees think it is easier to trust colleagues in a physical office environment, Develin writes. “There is some work to be done when it comes to the remote workforce.”

Prioritize communications with each individual to foster success 

While working from home is embraced by some as the perfect workplace solution, for others, the option to work from home is riddled with anxiety, where productivity suffers, and employees feel like they are on an island of one.

“During the pandemic, for the most part, employees required a bit more help and guidance with prioritization than in the past,” says LeAnne Legasse, co-founder ROI Talent Development LLC. She believes it is because employees lack the social and relational touchpoints at home that they would have in the workplace when it comes to picking up on nonverbal clues or to know what is needed for team members on a project. 

One solution to this challenge is to provide consistent daily feedback, be it a quick call to touch base as to the work plan for the day or a preview of the plan for the next day. “I think what a really great manger is going to do is individualize to each team member and create some standard rhythms or processes that work for the entire team. Ask employees their preferences; how often would you like me checking in with you?”

People, and teams for that matter, will continue to have evolving needs. “As a leader, when I have one team member depart, or add a new team member, I have a completely new organism, so to speak, that I am working with, so I have to keep curious so that I am meeting the needs as they are evolving.” — LeAnne Legasse, co-founder, ROI Talent Development LLC

While communication and collaboration tools are key during disruptions, not just any methods work. The right tools promote ease of use, are reliable and are widely accepted.

Connected and engaged team members produce and thrive in remote work environments. Here’s how to keep them that way. 

Carrying out a successful work from home strategy is a big and challenging task for corporations, even with plenty of technological tools in place to support the effort. The key is to focus on the wellbeing of employees to ensure productivity and engagement levels remain high.

Highlights

  • The ongoing pandemic continues to demonstrate remote work solutions are here for the long term. In fact, employees prefer some form of work from home options. Employers should plan for the evolution of their remote work offerings once public health restrictions ease and we return to some forms of normalcy in the workplace.
  • The social and relational needs of remotely based employees should be front and center to counter feelings of isolation and lack of connection. Additionally, managers should stay curious and ask questions as well as remain flexible in these uncertain times. 
  • Employee expectations are shifting and companies should address the shifts. Proper training in how to manage remote workers, including access to innovative technological tools that foster flexibility are critical to strategies. 

If 2020 taught us anything about the remote workforce and working from home, it’s that a company’s intentions to develop a set of best practices gave way to its ability to be flexible and adapt to lessons learned as the year played out. 

What began with high levels of productivity and satisfied employees adjusting to work from home situations brought on by the COVID-19 pandemic slowly gave way to declining productivity levels and employees who were feeling burnout, isolation and a lack of connection with their managers and team members.

In October 2020, a Gallup poll found during the pandemic that fully remote workers experienced burnout more than onsite workers. At that time, nearly 40 percent of U.S. full-time employees were working from home full time, compared to just 4 percent pre-COVID-19. However, for many of these employees, remote work was not a choice, and was in fact a “jarring shift” in the way they were used to working, “and may be the biggest shift of the modern era,” Gallup reports. 

However, in visiting with HR executives from a variety of industries, workplace experts have ascertained that the expanded remote work option will not shrink to pre-COVID 19 levels. Corporations, managers and employees must adapt to this shift. Another Gallup survey from October 2020 reported that two-thirds of U.S. workers who were sent home during the pandemic would like to continue working remotely even when public health restrictions are lifted. 

Employers need to rethink the employee experience, which includes meeting the needs of a diverse and global workforce, while simultaneously achieving corporate goals, says LeAnne Legasse, co-founder, ROI Talent Development LLC, based in Lubbock, Texas. These strategies will take on different forms, depending on the needs of each organization.

Common threads include the ability of managers to remain flexible when it comes to deadlines, schedules and other areas, which creates smoother and seamless remote work experiences. Companies are rolling out hybrid remote work options to counter feelings of isolation and to encourage employee engagement. Employees have the option to work from home on certain days of the week and then work in the office the remaining days.

Informal surveys demonstrate employees prefer a hybrid remote work option, writes Julie Develin, HCM Strategic Advisor at the Ultimate Kronos Group, in an email correspondence. She is based in Baltimore. 

“Balancing work and life simultaneously has become another type of new normal for many people, and the freedom to make appointments, work their way, and watch their kids is not something that many will let go of easily once offices reopen,” Develin notes.

Focus turns to the wellbeing of each employ

Frequent, supportive and inspiring communication from managers to remote-based staff assists in keeping them engaged and minimizes burnout and turnover. Not micromanagers, but rather flexible, creative, inspirational and collaborative mangers.

This includes addressing the social and relational needs of team members. “The best managers are those that are staying curious and realizing that what worked in March [2020] when this was all brand new to us may not work in January 2021,” Legasse says. She believes managers should continue with good perspective taking and audience analysis and ask questions of team members so they can meet their needs without overwhelming them.

Employees who receive consistent feedback from their managers, while at the same time being able to tap into technology and resources that allow them to effectively do their jobs remotely are tied to feelings of connection and engagement. 

“I think team leaders that have done this well have balanced the social and relational needs of their employees with the feedback and the help with prioritization that we know our employees have to have to feel engaged,” Legasse says. 

People, and teams for that matter, will continue to have evolving needs. “As a leader, when I have one team member depart, or add a new team member, I have a completely new organism, so to speak, that I am working with, Legasse adds. “I have to keep curious so that I am meeting the needs as they are evolving.”

What’s more, executives should not overlook the needs and support team leaders require as they navigate the ever-changing remote work landscape. During the pandemic, mid-level managers have taken the brunt of the lack of communication that can occur, usually from those employees who are above them, but also from those they manage, Legasse points out. Companies should double down on taking care of these managers because data shows they are struggling the most.  

Technology influences employee engagement and productivity levels

Managers who have been given the training, tools and technology to lead virtual teams have witnessed greater success when it comes to productivity and keeping team members engaged, Develin notes. And while communication and collaboration tools are key during disruptions, not just any methods work, she points out. The right tools promote ease of use, are reliable and are widely accepted.

For example, companies with effective HR technology solutions in place prior to the pandemic found they were better suited to weather the disruption compared to those without such solutions. Companies without existing tools in place quickly learned that technology solutions are no longer a luxury but rather are a necessity, Develin notes.

RemoteLogix, a product of Currance, is an example of such solutions. Currance offers rev-cycle solutions for healthcare organizations. Through a proprietary technology platform, RemoteLogix software delivers a virtual infrastructure that connects work-from-home team members with each other and systems and applications. Managers have full visibility in a secure HIPAA/HITECH-compliant environment.

These types of remote work tools provided companies and managers with a leg up during the rush to send the majority of team members home over those who did not have these tools in place because they were accustomed to managing remote-based teams. These organizations had existing policies, systems, technologies and expectations in place, which made the transition less painless, Develin notes. “Employee expectations are shifting and companies will also need to shift to meet those expectations. From a safety and security perspective, there must be a renewed focus both from a physical and psychological standpoint. Innovative technology is no longer something that employees hope companies have — it is what they expect companies to have.”

Legasse advocates for executive leadership teams to make decisions that are both data driven and people centric when it comes to work from home options. 

“One thing is certain: Work must — and will — go on,” Develin notes. “Resilience is the norm in a time of great change and new challenges arising every day.”

About Currance

Formed by revenue cycle industry leaders, Currance is a Rev-Cycle Performance solutions company focused on empowering community providers, physician practices and healthcare systems to achieve and sustain yield performance improvement. Currance’s strategy of Performance Partnering supports your own team by offering everything needed to drive yield performance: an intelligent technology platform that integrates with existing systems, tailored solutions, and professional services for operationalizing the technology and sustaining exceptional results.

The Currance approach encompasses best-in-class knowledge of revenue cycle management, proprietary technologies, and the proven ability to engage, train, and mentor employees, adding value to clients’ organizations. We embrace a mindset rooted in science and operational experience, enabling highly efficient processes and precise workflow design that improve profitability and help build patient-centered, high-performing organizations. For complete details, visit www.currance.com.