In a data-driven world, metrics matter. But it’s just as important to make sure you are tracking the right metrics—those that give you a complete picture of your revenue cycle.
Hospitals and physician practices have long focused on certain Key Performance Indicators (KPIs) to evaluate revenue cycle performance such as “days in A/R,” which tells you the average number of days it takes to get paid, or “aged receivables,” which indicates your ability to collect timely payments. While important, these KPIs reflect a snapshot in time and don’t provide the big picture perspective you need to evaluate what’s working in your organization and where you may need to invest money and resources.
That’s why many healthcare organizations are turning to another metric, yield, to better understand how revenue cycle processes are contributing to the overall financial performance of your organization.
To learn more about yield and other strategies that contribute to success in a changing healthcare environment, download our eBook, 7 Strategies to Transform Your Revenue Cycle.