Chances are, you’ve heard the adage “You can’t manage what you can’t measure,” which underscores the importance of the dashboard as a tool to capture key pieces of data for your practice and demonstrate its overall health and viability.No doubt, you’re connected to the many dashboards out there. In addition to all the dashboards that measure physician performance, there are also those that serves as a reliable means to document investment per physician and gauge effective group staffing.Then there’s one that stands apart from the rest, a dashboard that serves as a critical way to compare your practice or group’s revenue potential with your physician peers to determine how well your medical coding, billing and collections process is doing and what your revenue potential ultimately can be. It can be difficult to get a clear picture of your revenue cycle management performance amidst the challenges clouding its true potential.
2013 is a year of new beginnings, and the beginning of learning how much stronger your practice’s revenue cycle management performance can be. It all begins with what’s called the MedRev Index, a new dashboard tool that serves as a critical benchmark for medical practices today.
The MedRev Index is a meta average for your specific practice and discipline that uses a formula and produces an index actionable number. Customized according to your geography and specialty, this algorithm-driven index serves as a benchmark, driving revenue optimization beginning with a revenue performance comparison with others in your specialty.
This number speaks volumes, representing the delta between your practice’s revenue cycle management proficiency and the average for your industry group with similar practice size and patient payer makeup. The number is derived from the tabulation of your practice’s key performance indicators. By answering less than 10 quick questions from the privacy of your internal connection, you can see the potential improvements to your practice’s bottom line and medical coding, billing and collections process.
revMD.com is the results-proven alternative for healthcare revenue cycle management, with a niche specialization in medical coding and billing that generates unprecedented results and builds profitable medical practices. Leveraging a history of industry wide success spanning 25 years, revMD.com partners with medical practices in Arizona and throughout the U.S. to optimize revenue for hospital based and practice based physicians. For more information, visit www.revmd.com.