Revenue cycle management is evolving—are you keeping pace?
How have your revenue cycle priorities and performance changed—for better or for worse—since last year’s HFMA conference?
Hospital and health system CXOs have consistently focused on revenue cycle management (RCM) and patient financial services (PFS) as key areas for improvement and investment—this is not breaking news. Despite these ongoing efforts, a majority of organizations are still struggling to adapt their RCM and PFS approaches at the pace and scale required by payers and patients. Major barriers to progress include pervasive cost pressures, clunky outdated systems, and a general distrust of technological innovations within the healthcare industry.
Provider organizations need a robust, multi-pronged plan for clearing these barriers and creating a visible, actionable path toward RCM and PFS improvement.
The plan:
Identify your gaps and goals: What common concerns or complaints are you hearing from revenue cycle staff? Are you struggling with obstructed visibility into A/R and denials? Can you effectively monitor staff performance and its impact on revenue realization? How are you tracking revenue-related interactions across various care settings and situations?
Reevaluate your partnerships and programs: Are your legacy systems still highly effective? Do your tech investments reflect organizational mission and vision? Which glitches have grown into real problems? Who are you trusting to advise your next steps?
Get to know your options and opportunities: What is working for organizations similar to yours? Which strategies have you been hesitant to try—and why? Where does RCM fall in your organization's priorities, and how does that affect the resources available for RCM-focused initiatives?
The path:
Reflect on what you’ve learned from the planning session and look into the future of healthcare – where it’s headed and how your organization fits in. Considering RCM and PFS specifically, you can now set concrete objectives, establish new initiatives, create a milestone timeline, and arrange meaningful performance benchmarks.
Get focused, data-backed support for your organization’s unique path to improvement.
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