Are Your Revenue Cycle Metrics Keeping Up with Healthcare Complexity? with Robert Kowalick - Part 2

Episode summary

If you haven't listened yet, start with Part 1 and then continue with Part 2 of this episode of Rehabbing Your Revenue Cycle, where host Robert Kowalick , Founder & CEO of Revenue Cycle Solutions, LLC and Ascend Solutions, LLC , explains how understanding and tracking essential revenue cycle metrics provides the strategy for improving healthcare business financial outcomes. Our systems must provide the essential raw data from which meaningful metrics and analytics can be created. RCM, like any other critical…

Show notes

If you haven’t listened yet, start with Part 1 and then continue with Part 2 of this episode of Rehabbing Your Revenue Cycle, where host Robert Kowalick , Founder & CEO of Revenue Cycle Solutions, LLC and Ascend Solutions, LLC , explains how understanding and tracking essential revenue cycle metrics provides the strategy for improving healthcare business financial outcomes. Our systems must provide the essential raw data from which meaningful metrics and analytics can be created. RCM, like any other critical business pillar, needs strategic planning and focus areas that map into every revenue cycle task that impacts if, when, and how much providers are paid. In Revenue Cycle businesses, most team members do not understand their roles in the context of Revenue Cycle Objectives. Robert discusses how he has created the structure to provide this essential data story. Robert also shares real-world examples and practical strategies for reducing complexities in revenue cycles and why this needs to be the central focus of all RCM operations. By creating the right data, metrics, and analytics, processes can be optimized, and healthcare businesses can enhance cash flow and build more financially stable and scalable businesses. As a top physical therapist with years of experience as a private practice owner, Robert transitioned into revenue cycle management after building and selling his own multi-location physical therapy practice. He now focuses on helping other healthcare providers optimize their businesses through a better data foundation, time analytics, and process optimization. Robert’s expertise in both patient care and business operations has allowed him to create effective systems and strategies for improving revenue cycle performance. In this episode, Robert gets into the details of Revenue Cycle must have metrics and sets the stage for the next episode when Robert interviews Jennifer Frigault, the former head of data and strategy for USA Today Networks. Expect to Learn -How understanding and tracking key revenue cycle metrics can improve financial outcomes for healthcare practices -Why raw data and simple calculations are the foundation for creating more meaningful metrics and analytics -What raw data, calculations, metrics, and analytics are must-haves for any revenue cycle-dependent healthcare business -Why aligning all team members across the entire revenue cycle organization is critical to success, and how to do it. -How optimizing revenue cycle processes through data-driven insights can lead to a more profitable and scalable healthcare business. Timestamps: [00:00] – Teaser [01:11] – Gross Value of a New Patient as a Core Revenue Metric [03:45] – Patient AR vs Insurance AR: Must-Have Relative Metrics [06:51] – Measuring Time of Service Collection Shortfalls Per Visit [11:28] – Identifying Complexity by Function and Location [15:55] – Volume vs Production: Why Scale Alone Misleads [20:53] – AR Audit Frequency Based on ADO Score Condition [23:50] – Categorizing AR by Authorization, VOB, and Registration Errors [27:10] – Claim Break Rate: Open Claims Relative to Production [29:34] – Front Office Contribution to Claim Break Rates [31:40] – AR Follow-Up Score and Denial Rate Measurement [36:30] – 96% of Revenue Cycle Problems Originate Outside Billing [39:59] – Converting Data into Actionable Intelligence Each Month [42:27] – Expanding Complexity Tracking Beyond the Billing Function [43:05] – Future Episodes on AI, Data, and Revenue Cycle Innovation Company LinkedIn: 👉 Revenue Cycle Solutions, LLC - https://www.linkedin.com/company/revenue-cycle-solutionsllc/ 👉 Ascend Solutions, LLC - https://www.linkedin.com/company/ascend-solutions-llc-co/ Company Website: 👉 Revenue Cycle Solutions, LLC - https://revenuecyclesolutionsllc.com/ 👉 Ascend Solutions, LLC - https://ascendsolutionsllc.com/ Follow Robert Kowalick on: 👉 LinkedIn - https://www.linkedin.com/in/robert-kowalick-610502102/ Follow Rehabbing Your Revenue Cycle Podcast: 👉 Youtube: https://www.youtube.com/@RehabbingYourRevenueCycle 👉 Facebook: https://www.facebook.com/RehabbingYourRevenueCycle/ 👉 Instagram: https://www.instagram.com/rehabbingyourrevenuecycle/

Are Your Revenue Cycle Metrics Keeping Up with Healthcare Complexity? with Robert Kowalick - Part 2

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It’s About Time: How Time-Based Billing Intelligence Data Can Maximize the Value of Your Practice (Part 1)

How Time-Based Billing Intelligence Data Becomes the Basis for Reducing Revenue Cycle Complexity and Improving Revenue Cycle Outcomes (Part 2)