Bill Hold Resolution Time is a key metric in healthcare revenue cycle management that measures the time it takes to resolve a bill hold. A bill hold is a situation where a claim is put on hold due to missing or incorrect information, such as a missing diagnosis code or incorrect patient information. This can delay payment and impact the overall revenue cycle.
The Bill Hold Resolution Time metric tracks the time it takes to resolve the issue and release the claim for payment. This includes the time it takes to identify the issue, gather the necessary information, and make the necessary corrections. A shorter Bill Hold Resolution Time indicates a more efficient revenue cycle process and can help improve cash flow and revenue.
It is important for healthcare organizations to monitor their Bill Hold Resolution Time and identify any trends or areas for improvement. This can be done by analyzing data and identifying common reasons for bill holds, implementing process improvements, and providing training to staff to ensure accurate and complete billing information. By improving the Bill Hold Resolution Time, healthcare organizations can improve their revenue cycle and ultimately provide better patient care.
Bill Hold Resolution Time is calculated by measuring the time it takes for a healthcare organization to resolve a bill hold. A bill hold is a temporary suspension of a claim due to an issue that needs to be resolved before the claim can be processed. The resolution time is the duration between the date the bill hold was initiated and the date it was resolved.
To calculate Bill Hold Resolution Time, the healthcare organization should track the following information:
1. Date the bill hold was initiated
2. Reason for the bill hold
3. Date the issue was resolved
4. Time taken to resolve the issue
Once this information is collected, the organization can calculate the Bill Hold Resolution Time by subtracting the date the bill hold was initiated from the date the issue was resolved. The resulting number is the duration of time it took to resolve the bill hold.For example, if a bill hold was initiated on January 1st and the issue was resolved on January 15th, the Bill Hold Resolution Time would be 14 days. It is important to track this metric as it can help healthcare organizations identify areas for improvement in their revenue cycle management processes and ensure timely payment for services rendered.
Best practices to improve Bill Hold Resolution Time are:
1. Establish clear communication channels: Effective communication between billing and clinical staff is crucial to resolving bill holds quickly. Establishing clear communication channels and protocols can help ensure that all parties are aware of the status of a bill hold and can work together to resolve it.
2. Implement automated workflows: Automating workflows can help reduce the time it takes to resolve bill holds. For example, implementing automated alerts and notifications can help ensure that billing staff are aware of bill holds as soon as they occur, allowing them to take action quickly.
3. Conduct regular training: Regular training can help ensure that billing staff are up-to-date on the latest billing and coding guidelines, as well as any changes to the revenue cycle management process. This can help reduce errors and improve the speed at which bill holds are resolved.
4. Monitor key performance indicators (KPIs): Monitoring KPIs such as bill hold resolution time can help identify areas for improvement and track progress over time. This can help ensure that the revenue cycle management process is running smoothly and that bill holds are being resolved as quickly as possible.
5. Utilize technology: Technology can play a key role in improving bill hold resolution time. For example, using electronic health records (EHRs) can help ensure that billing staff have access to all relevant patient information, reducing the time it takes to resolve bill holds.
By implementing these best practices, healthcare organizations can improve their bill hold resolution time, reduce revenue cycle management errors, and ultimately improve their bottom line.
The industry standard benchmark for Bill Hold Resolution Time is 30 days. This means that healthcare organizations should aim to resolve any bill holds within 30 days of the initial hold. This benchmark is important because it ensures that the revenue cycle is not delayed, and the organization can receive payment for services rendered in a timely manner.
Revenue cycle software can significantly improve the Bill Hold Resolution Time metric by automating the entire billing process. With the help of advanced algorithms and machine learning, revenue cycle software can identify and resolve billing errors quickly, reducing the time it takes to resolve bill holds.
Moreover, revenue cycle software can also provide real-time visibility into the billing process, allowing healthcare organizations to track the status of each claim and identify bottlenecks in the billing process. This visibility enables healthcare organizations to take proactive measures to resolve billing issues before they become a problem, further reducing the Bill Hold Resolution Time metric.
If you're looking to improve your healthcare organization's Bill Hold Resolution Time metric, then it's time to consider implementing revenue cycle software. MD Clarity's revenue cycle software is a comprehensive solution that can help you streamline your billing process, reduce errors, and improve your overall revenue cycle management. Book a demo today to see firsthand how MD Clarity's revenue cycle software can improve your Bill Hold Resolution Time metric and transform your healthcare organization's revenue cycle management.