In December 2012, RelayHealth sponsored a webinar with Healthcare Finance News, Accelerating Service-to-Payment Velocity which helped attendees learn to identify the most impactful opportunities for accelerating payment from payers using new insights into claims data. One of the most interesting pieces of information from the webinar was a live polling question that asked attendees:
Is your organization effectively integrating insights from benchmarking within your revenue cycle management processes?
The results may surprise you.
Fifty percent of those that answered the question reported that they do not currently benchmark to other organizations, (although 46% of them recognized that an opportunity exists to use benchmarking more effectively.)
If you are not currently benchmarking your revcycle processes and using analytics to compare your organization to peer hospitals, how do you know if you are doing a good job? What metrics and goals do you aspire to, and how do you know if those goals are in line with hospitals of your size and geography? Further, how do you know what the issues are that cause you to fall short of your goals or the benchmarks of your peers? As we enter 2013, taking a look at these questions and getting the answers for your organization just might take you where you want to go this year.
Here are the poll results in their entirety from the question: Which group would you place your facility in?
If you missed the webinar, you can view the recording at: http://www.relayhealth.com/resource-library/webinars/Accelerating-Service-to-Payment-Velocity-184092141.html