Tips from 7 Healthcare Leaders to Improve RCM Performance

///Tips from 7 Healthcare Leaders to Improve RCM Performance

Tips from 7 Healthcare Leaders to Improve RCM Performance

In the current healthcare industry landscape, it is imperative to continually improve processes to improve revenue cycle performance. As there is a shift in costs to patients due to more out-of-pocket costs, practices need to align their processes to focus on the patient.

Becker’s Healthcare spoke with seven healthcare leaders to gather advice on how to improve revenue cycle performance. These healthcare leaders are associated with organizations that hold awards in revenue cycle.

1. Have Access to Good Data and Analytics

Develop KPI’s that are useful in understanding all components of the revenue cycle. Make sure to have reports with good data to fully understand the performance of your revenue cycle.

Brad Arthur. Director of the business office for St. Elizabeth Healthcare

2. Hire the Right People

Hire people that are closely aligned with the culture of your organization. Cultivate a good core of people who embody the ideals of your practice.

Brad Arthur. Director of the business office for St. Elizabeth Healthcare

3. Create a Purpose

Make a statement that encompasses your organization’s purpose and/or mission. Sharing this purpose across your organization can make sure that everyone understand why their work is important.

Drew von Eschenbach. Vice President of Revenue Cycle for CHRISTUS Trinity Mother Frances Health System

4. Create an environment of Transparent Accountability

Performance indicators should be tracked and reported to all so everyone can understand how the whole revenue cycle is performing as well as how smaller departments and teams are performing. This shows staff that all of their work is important because it impacts the whole revenue cycle.

Drew von Eschenbach. Vice President of Revenue Cycle for CHRISTUS Trinity Mother Frances Health System

5. Examine the Entire Lifecycle

It is important to fully review the entire lifecyle. Smaller steps shouldn’t be overlooked.

Laura Holt. Director of Revenue Cycle Management for St. Luke’s Hospital

6. Form Great Relationships with Other Departments

It is important to form great relationships with other departments as well, as this fosters cross-collaboration and teamwork.

Laura Holt. Director of Revenue Cycle Management for St. Luke’s Hospital

7. Focus on the Patient Experience

Organizations should make sure to focus on the experience of their patients. Things like price transparency and providing self-service technology are ways to not only improve performance, but can leave a good impression on patients.

Jon Neikirk. Assistant Vice President of Revenue Cycle for Froedtert & the Medical College of Wisconsin

8. Continuously Learn by Reviewing Metrics

Reviewing metrics on a regular basis can help practices really understand how they are performing over a period of time and where they need to improve. Identify key metrics that need to be improved and lead a team to drill down on those KPI’s to improve those metrics. Once these KPI’s are comparable to national benchmarks, select the next metric to improve on.

William F. Wyman. Vice President of Revenue Services for Lowell (Mass.) General Hospital

Read the original article from Becker’s Healthcare here.

By | 2017-02-23T21:39:39+00:00 July 19th, 2016|Articles, Revenue Cycle Management (RCM)|0 Comments