Benchmarking And Analytics
Improving Revenue Cycle Performance with Comprehensive Analytics
Avontix’s system tracks a wealth of information that provides critical insights for benchmarking, compliance and quality reporting. Our solutions assist our clients in exceeding best practices helping them to consistently come out above national industry standards in all areas of the revenue cycle process. Our innovative analytical platform tracks key data and statistics that allow you to compare your facility against national metrics.
DAYS TO DICTATE
Best practice is to have physicians dictate operative reports immediately after the procedure is completed. The Avontix system sends automated reminders to ensure physicians dictate on time. Clients can track the time each dictation is submitted to monitor any deficiencies or delays.
To maintain compliance, ASCs are required to have physicians sign reports within 30 days of the date of service. Avontix makes finalizing reports easy by providing physicians with multiple options to electronically sign and notifying them when outstanding reports still require signature. All electronically singed reports are time stamped to confirm compliance.
Eliminating denials is key to on time reimbursement. Combining accurate Healthcare Documentation and Coding with a detailed understanding of specific payor policies, Avontix limits denials to less than 1/3 of industry average. This ultimately leads to fewer days in A/R and an average reimbursement time that is 10 days faster than the market standard.
DAYS IN A/R
Days in A/R should stay below 50 days at minimum, however, 30 to 40 days is preferable. Benchmarks can vary based on case mix, payor mix, and contracts. Avontix creates custom benchmarks based on the unique qualities of the healthcare facility. Using a combination of automated processes and highly trained revenue cycle experts, Avontix ensures days in A/R is never too high or too low.
ADJUSTED COLLECTION RATE
According to best practices, your adjusted collection rate should be a minimum of 85% in order to drive an acceptable average collection rate. At Avontix, we strive to achieve a minimum of 95% for all of our clients, making sure that you collect the right amount at the right time. Avontix keeps track of fee and reimbursement schedules to create a highly accurate overview of how much you are owed.