A revenue cycle partnership can go beyond an improvement in financial outcomes. The much anticipated Becker’s Hospital Review 11th annual meeting threw light on how healthcare organizations can increase revenue and contain costs, in what could possibly be healthcare’s most challenging era.
The meeting had senior healthcare professionals reveal key insights and success metrics. The senior vide president of revenue and network management of a health system with 87 hospitals in 29 states, shared how a revenue cycle partnership can form the bedrock of a financially and operationally successful healthcare system and go well beyond improved revenue. In the featured session a few key points were discussed. This is a quick roundup of an interesting interview with one of healthcare’s leading voices. He highlights the true advantages of a revenue cycle partnership.
Partnering with a revenue cycle vendor who places emphasis on process rigor enables large health systems to move huge chunks of their revenue cycle for optimization without workflow disruptions. A revenue cycle partner who has a highly detailed work plan and flexible business model can accelerate cost containment, improve reimbursement and augment RCM processes. Training in-house teams or hiring highly experienced professionals, in comparison slows down speed to value.
Standardizing processes and driving process improvements major pain points for large health systems. The lack of a centralized billing office can lead to inconsistent billing practices and non-standard processes. To achieve enterprise standardization it is best practice to partner with a revenue cycle vendor. It can unlock value in the revenue cycle and light the way for enhanced clinical, financial and patient experience outcomes.
The revenue cycle offers several opportunities for automation as certain processes are repetitive. Investing in point solutions or standalone software smuggles in usability and ROI challenges. For instance, robotic process automation (RPA) can be utilized to perform time-intensive tasks with higher speed and clarity than a human resource. A tech-forward RCM company provides the dual advantage of offering revenue cycle technology and the expertise needed to get the most of it.
This results in redeployment of in-house staff who can be moved to more critical functions.
Healthcare organizations are investing in building a portfolio of value-based work as it is the way forward. Transitioning to Medicare’s bundled payments and VBC initiatives for various episodes of care is a front-and-center concern of health systems. Clinical documentation and medical coding play a vital role and can be critical in determining the degree of success with value based acre programs.
Sub-optimal performance in key areas such as CDI or HIM is detrimental. Partnering with a vendor strentghens revenue cycle operations and lays the foundation for value-based reimbursement models.
Imagine if patients submit requisite documents and details much before they walk in for their appointments. Or practice managers are freed from the unenvious task of verifying insurance eligibility as an anxious patient sits across them. Partnering with the right RCM company can not only improve financial performance but the patient experience as well. Leading revenue cycle companies offer a suite of patient experience solutions to automate front-desk tasks and provide the frictionless intake process patients expect.
The momentum to contain costs while improving reimbursement has gained speed. SolvEdge enables healthcare organizations to transition to new reimbursement models with speed and clarity. Our suite of patient experience and revenue cycle solutions offer the tech stack that modern health organizations need to forge ahead in healthcare’s most challenging era.
Move with speed and clarity
Let’s build the revenue cycle of tomorrow