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.
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.
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.
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 firstname.lastname@example.org, or send us your details via our contact us form.
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.