WILLMAR - Rice Memorial Hospital has received a Revenue Cycle Performance Award from Health Business Insights. It is the third time the hospital has received the award, making it one of only three members of Health Business Insights nationally to have earned the honor that many times.
Rice was chosen for the award based on a combination of current performance, improvement shown, and practices employed.
Since receiving the award in 2012 and 2014, the hospital has taken significant steps to further improve its performance. The revenue that the hospital writes off due to denied claims shrank to 0.23 percent, due to a recently created denials dashboard that focuses on prevention opportunities. Net days in accounts receivable was reduced from 59 to 51 days, with survey results showing it dip to as low as 45.7 days. Rice also yielded a 12 percent increase in net patient revenue.
