Revenue cycle KPIs show improvement in February
Key metrics reflecting the performance of hospital revenue cycles have worsened over the past three calendar months. But in the first week of February, most key performance indicators (KPIs) noticeably improved, based on data provided by ICD-10 Central.
RelayHealth’s ICD-10 Central Metrics tab shows the average “days to final bill” and “days to payment” lower during the first week of February than during any of the three previous full months. In addition, the denial rate in early February to date is lower than the denial rate in November, December, or January.
Only the average reimbursement rate has worsened slightly (so far) in February, falling to 28.0% from 29.1% in January. The reimbursement rate is the percent of total charges (excluding self-pay patients) that can be collected.
The ICD-10 Central Metrics tab – powered by RelayAnalytics and using data from RelayHealth customers – is updated at least once a day. The graphic below shows data from February 8 for four KPIs that should be tracked to provide revenue cycle professionals meaningful context and allow them to identify challenges and problems as they unfold.
Starting at the beginning of the revenue cycle, you can see from the graphic below that “days to final bill” – the number of days from statement through the date until a claim is submitted (primary claims only) – in February were 14.4, a shorter period than the averages for November (14.7), December (15.5), and January (15.6).
After climbing from 44.1 in November to 46.2 in January, “days to payment” – the number of days from statement until payment for primary claims is received from the payer (excludes all self-pay including patient responsibility portion of claim) – fell in the first week of February to 43.0 days.
Denial rates – probably the biggest concern regarding conversion to ICD-10 – held at 1.6% from November through January before dipping to 1.4% in the first seven days of January.
Latest News> VIEW ALL NEWS
Stay Up To Date!
Get the latest revenue cycle insights delivered right to your inbox.