Welcome to the Revenue Cycle Effectiveness Survey.  A video tutorial for this form can be found here: https://www.loom.com/share/f6e71f1bf22c4163af1978ed8f1d4cf3  

2020 was a year like no other and it has taught us many lessons.  One of the biggest being that we cannot afford to leave money on the table and ineffective and inefficient revenue cycle processes are the most common way practices leave money on the table.  As a PT or OT practice, you are in the "maximizing revenue per visit business". In other words, the stability and scalability of your practice, and ultimately the value of your practice, is directly dependent on your revenue per visit.  Maximizing revenue per visit requires optimizing all revenue cycle processes and the right questions and the right assessment can identify opportunities to improve revenue cycle performance.  That is the purpose of this form.  

To complete this form you are going to need to know some data by month going back 5 months.  Month 1 is the most recently completed month.  For example, unless you are filling this survey out on the last day of the month, Month 1 in this survey is last month.  Month 2 is 2 months ago and so on.  The data points needed include: a basic understanding of your payer mix, if you have in-house billing - how many hours per week your billing staff spends only on billing process, your AR, Visits, Charges and Collections data by month, your clinical FTE's by month.  Once you have that data together, this form will take about 10-15 minutes to complete.  If you do not have that data, you should gather it before beginning to complete this form.  

That average RPV increase experienced by Bob’s clients with underperforming revenue cycles one year after moving to our services is 15%.  The average profit margin of a practice in the US is 11%.  This form asks all the questions Bob asks as a first step in evaluating revenue cycle performance.  Once this form has been completed, your answers will be imported to an Excel workbook that will calculate key revenue cycle metrics and provide the context from which to have a meaningful discussion with Bob about opportunities for improvement.    

All information provided will be held in confidence and will be used only for the purpose of providing you a report containing 3 key revenue cycle metrics.  That report is free to you. This information will not be shared with third parties without your permission. Your data may be compiled on an anonymous basis with other data we collect in order to improve our understanding of industry metrics / benchmarking.

This Survey has been prepared for you as a tool to assist you in understand the condition of your revenue cycle. It is not intended to be or substitute for sound financial or legal advice.  You should be obtaining advice from your licensed financial and legal professionals.  It is not intended to create any rights, privileges, or benefits. Although every reasonable effort has been made to assure the accuracy of the information, the ultimate responsibility for making strategic business decisions lies with the owner of the practice for which this information is intended.  The value of the output from this survey is directly determined by the accuracy and validity of the information entered into it.