The world of finance has always been a constant exercise in assessing performance and then comparing that performance to a standard, or benchmark. The healthcare industry is particularly acute at paying attention to benchmarks since many areas of performance are tied into meeting or exceeding standards in order to receive compensation, recognition, or to qualify for incentives and discounts.
Healthcare revenue cycle performance is often measured in the same way and practices play very close attention to specific metrics as a means of identifying possible opportunities for improvement. However, comparing revenue cycle performance to benchmarks requires access to industry data and can be time consuming and laborious. That's why the brilliant minds at Health iPASS created a new cash flow calculator tool (scroll down to the bottom of our home page) for medical practices to use that offers a realistic assessment of current revenue cycle performance and subsequent analysis and feedback on how you can improve that performance with the Health iPASS patient revenue cycle solution. We do the revenue cycle analysis heavy lifting, you simply enter a few numbers and click a button.
We even built in auto-calculated values based on industry averages for certain fields (practice revenue, patient payments, patient A/R, bad debt) in case you are interested in using the tool but aren't sure of exact numbers. After entering the values, simply click on the "Calculate" button and you can see where you stand against the industry average plus get a sense of how revenue cycle performance would be improved by using our solution, which, in case you missed the news, is "redefining the patient revenue cycle in healthcare."
Our cash flow calculator provides revenue cycle analysis predicated on optimizing a practice's patient net collection rate (PNCR). Analyzing patient net collection rates is a critical exercise for any practice, especially in light of the fact that patients are paying much more towards the cost of their care via ballooning high deductible health plans (HDHPs). Analayzing PNCR helps a practice to better identify revenue cycle weaknesses and deficiencies such as rising bad debt due to the inability to collect residual balances post-service.
Check out our new cash flow calculator (scroll down to the bottom of our home page). Take for a spin. Don't despair if things seem gloomy, that's why we are here. We specialize in improving the patient experience from appointment to payment by helping medical providers promote price transparency, build trust, and increase their operating income by simplifying the check-in process and streamlining both time-of-service and residual balance patient payments.
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