Three Tips to Keep You on Track with Revenue Cycle Management
As healthcare organizations track towards value-based reimbursement models, analytics will continue to play an important role to keep them financially viable. However, many healthcare organizations struggle to make the most of their data and tackle revenue cycle management (RCM).
We recently spoke with Tom Schaal, director of product management at MedeAnalytics, to gather insight on how healthcare organizations can master RCM through their available data. Below are his tips:
1. What end goals should healthcare organizations keep in mind when addressing RCM?
Tom Schaal (TS): Ultimately, the end goal in RCM is working smarter, not harder. Hospital staffs are routinely stretched thin. Intelligently designed analytical tools can be used to highlight opportunities and outliers, and focus staff attention to the most impactful workflow and resolution strategies.
2. Data can be overwhelming – what are the top focus areas for healthcare organizations?
TS: Having access to data is not in and of itself meaningful. In fact, it is oftentimes overwhelming. Organizations need to focus on key objectives that are most important and pressing. Leveraging analytical tools that are easy to use and configure to meet specific business and clinical objectives is key.
3. How can healthcare organizations implement, align and strategize around data?
TS: The key here is transparency. Typically, healthcare organizations use different tools across different teams that make it incredibly difficult for any organization to land on a single source of truth. The value of this central source of easily accessible data that people within the organization trust cannot be understated. It’s a game-changer.