5 Things To Know About Revenue Cycle Management & Medical Billing Key Metrics
Are you a medical billing company looking for effective ways to increase revenue? Are you a stakeholder in a revenue cycle process looking for metrics to reduce your AR? This blog will definitely help you to get to the bottom of key metrics to be followed in the revenue cycle process. “ What gets measured gets improved.” The late, legendary management expert Peter Drucker once famously said, " If you can't measure it, You can't manage it" cash flow is just one factor in the financial health of medical practice. also, there are a few other metrics that should be followed when evaluating a practice's revenue cycle . Metric 1: First Pass resolution rate: What it is? The first-pass resolution rate (FPRR) is the share of a practice’s claims that get paid on first submission FPRR is a reflection of the effectiveness of your revenue cycle management process. from pre-visit processes like verifying insurance eligibility, adding required authorizations, and mai...
