Do You Know Your Numbers?
If not, you may not survive 2020.
They say, "hindsight is 2020", but with so much at stake in the addiction treatment field today foresight is no longer a luxury - it's a necessity. Are you prepared to have 2020 Foresight in 2020?
2019 has been a big year of change in the industry, and it’s just the beginning. Most addiction treatment businesses have lived with uncertainty and done their best to navigate their way through new payer rules and reimbursement trends. As we move into 2020, Avea is committed to continue bringing knowledge and information to the industry to help you stay ahead of the confusion and position you for growth.
What Gets Measured, Gets Managed
You may have heard us say this before. Behavioral Health organizations who are getting in front of the uncertainty are using timely, relevant data to track progress, make informed decisions and create a focused, purpose-driven business. Do you know what data you should be tracking, and what it’s telling you?
If not, you are not alone. So throughout the remainder of the year, Avea will be reviewing some key metrics that are important for Behavioral Health businesses to understand and monitor, and outline best practices for how to make improvements when needed.
Let’s Start With Your A/R... It's More Than Just A Report
Many are familiar with the traditional A/R report because it’s an indicator of your cash flow velocity – how quickly you get paid after billing. Unfortunately, most people don’t really know how to use an A/R report to manage their business. While it does tell you how fast your payers are paying you, it will also tell you how good of a job your staff is doing at managing processes that directly affect your billing and collection processes, and thus your cash flow.
A good billing system will allow you to drill down into your A/R and analyze it by the various issues that are holding up payment. This is a critical analysis because it will not only identify what the issues are, but will let you know how much of your revenue is at stake – Are your payers asking for medical records? Are your admissions causing problems? Is incorrect credentialing causing issues? Drilling into and analyzing your issues will point to where you might have breakdowns in your processes and should focus your efforts and get to root causes.
Download our Tipsheet:
Measuring and Managing Days A/R
We’ve created a tip sheet to explain in greater detail what to know about your A/R and outlined some best practices for managing it. We encourage you to download it to learn more.