Driving Predictable Revenue Using Velocity - A Step By Step Guide
Driving predictable revenue is essential for sustaining operations and delivering quality patient care. This step-by-step guide explores how to leverage Velocity home health care software for effective revenue cycle management (RCM). By utilizing advanced analytics and strategic insights, agencies can streamline their billing processes, minimize claim denials, and enhance cash flow. Whether you’re a seasoned administrator or new to the industry, this guide will equip you with the tools and knowledge necessary to optimize your revenue cycle, ensuring financial stability and empowering your organization to thrive in a competitive market.
1. Log In To Velocity
2. Find Your RCM Dashboard
3. RCM Dashboard Filters
4. RCM Dashboard- Dashboard Overview
- Updated internal policies to address common denial reasons
- Provide targeted training to staff on avoiding frequent denial triggers
- Implement best practices to avoid potential issues before claim submission.
5. RCM Dashboard- Billed vs. Paid vs. Revenue- Line Graphs
The RCM Dashboard Line graphs display your billed vs. paid versus revenue by product. You can hover over the graph to see specific data points and or click on a key item to remove it from the graph for easier visual comparisons. Knowing your billed and paid amounts on a month-to-month basis can significantly impact your budgeting . Financial Planning and Forecasting is clearer when you are tracking your monthly billed and paid amounts. This allows you to allocate funds appropriately and avoid financial surprises. Understanding the timing of bills and payments helps you manage your cash flow more effectively. These data points can be used as you anticipate future expenses and make informed decisions for your organization. Month over month data gives you what you need for Long-term Financial Planning within your agency.
6. RCM Dashboard- AR Balance Medicare and Non-Medicare Pie Charts and Line Graphs
- Knowing the age of claims helps predict when payments are likely to be received, allowing for better cash flow forecasting and budgeting.
- Tracking claim aging assists in maintaining financial stability by ensuring a steady influx Identifying patterns in claim aging can highlight areas where billing processes need improvement, leading to faster reimbursements.
- Timely claim processing ensures consistent cash flow, which is crucial for maintaining uninterrupted care services to patients.
- Prompt payments contribute to regular payroll, which aids in retaining quality staff and maintaining high standards of care.
- Knowing claim ages helps prevent missing timely filing deadlines, which could result in denied claims and lost revenue.
- Regularly monitoring claim aging can help identify and address potential compliance issues before they become problematic during audits.
- Analyzing claim aging by payer can inform decisions about which insurance contracts to maintain or renegotiate.
- Claims that have aged significantly may require more attention. This information helps in allocating staff resources to follow up on older claims.
7. RCM Dashboard- Claims Management Dashboard
- Green claims aged 0-60 days
- Yellow claims aged 61-90 days
- Red claims aged 91 days or older
