June 10, 2009 - Oncology Metrics llc and RemitDATA Inc. have partnered to create a tool to aid oncology practices in evaluating their billing staff’s efficiency and staffing levels.
CORE, or Coefficient of Reimbursement Efficiency, is the proprietary collaboration between RemitDATA and Oncology Metrics. By integrating and then analyzing the unique data collected by each company, CORE enables oncology practices to objectively understand the efficiency of their billing and collections staff as compared with other oncology practices. This enables practices to take concrete steps to improve their billing and collections, directly impacting their profitability.
CORE compares time-to-collection and the frequency of denials to evaluate the rate of collections per dollar paid in billing staff salary. CORE participants receive their ranking in the number of claims that are denied and the time from claim submission to first payment. Using CORE, practices can evaluate policies and procedures, staffing levels and output, and collection metrics against an objective standard. Ensuring that a practice is properly staffed continues to be a critical issue for practices as revenue constricts.
CORE can help practices refine their billing procedures such as having billers specialize by payer and procedure. Currently, CORE is only available to leading practices that are both RemitDATA customers and members of the elite Oncology Circle, representing leading office-based oncology practices around the country. The two companies are developing means to enable other oncology practices to access key practice metrics that will drive additional profitability into oncology practices.
For more information: www.oncologymetrics.com and www.remitdata.com