Revenue Cycle Transformation
Opportunities to Reshape the Revenue Cycle
Rising operating costs, lack of resources, regulatory changes, and reduced reimbursements make it extremely challenging to lead revenue cycle management operations within many healthcare entities. And yet, there are opportunities: Better technology, advancements in patient involvement, and improved vendor relationships can transform revenue cycle management and identify new sources of revenue.
Identifying Gaps in Service and Process Alignment
Despite the challenges, it is important for healthcare providers to continually assess if their internal processes are working together as well as they could be. Gaps in alignment result in missed opportunities for collections and reimbursements and can affect patients’ access to timely care. High turnover, inefficient processes, and delays in revenue cycle are all indicators that workflows and the internal process can be optimized.
Proven, First-Hand Experience in Transforming Revenue Cycle Management
Navigating the challenges and uncovering opportunities in revenue cycle management can be hard when you’re involved in the day-to-day details of running a healthcare organization. Partnering with an external expert who’s had first-hand experience leading transformative initiatives is the first step to reclaiming control. Revenue cycle transformation starts by identifying methods to increase net revenue, accelerate cash, and reduce costs. Often, the solution involves redesigning processes, optimizing technology, aligning vendors, and training staff.
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