Revenue cycle optimization provides financial stability for your healthcare organization, but optimal performance is difficult. An end-to-end revenue cycle assessment can identify bottlenecks that slow your cash flow. In examining revenue cycle management at each operational phase, you can spot opportunities to improve your overall process.
This post is a preview of a revenue cycle optimization whitepaper that focuses improving performance through and end-to-end assessment.
Understanding Revenue Cycle Mangagement Issues
Your healthcare organization’s revenue cycle can be a vicious cycle if you don’t manage it properly. Billing incorrectly and collecting slowly can impair your financial operations. As accounts receivable age, your coverage of expenses erodes. If problems persist, you may be forced to stop accepting certain insurances, which could reduce your patient volume, thereby further weakening your healthcare organization’s financial stability. However, revenue cycle management is not solely a back-office responsibility. Rather, running your organization smoothly requires cooperation among clinicians and staff.
Billing issues often spring from problems in arranging and providing care. Such bottlenecks eventually result in denied claims or delayed payments. You may be able to accelerate cash flow by improving your revenue cycle management if your healthcare organization’s average AR days exceed 45. Reducing the average time to generate a claim to four days or less after a patient visit/discharge could produce a similar benefit if you currently take longer than this timeframe.
End-to-End RCO Assessment
An end-to-end assessment of your integrated revenue cycle operations can help you identify and resolve problems that could slow billings and collections. From counseling patients on their financial responsibilities prior to providing care to investigating under-payments in reimbursements, The HCI Group have written a white paper to tackle common revenue cycle management issues to watch for and address as part of a revenue cycle assessment.
Additional Revenue Cycle Resources
- Revenue Cycle Management: Key Steps in Preserving Revenue Integrity During Install
- Revenue Cycle Management (RCM) - Bank on Your Procedures: Charge for Every Procedure Billable and Performed
- Revenue Cycle Management (RCM) - Post EHR Implementation: Much Ado About Charging
- The Inseparable Connection Between Good Testing and Revenue Cycle Implementations
About HCI’s Revenue Cycle & Optimization Services
The HCI Group’s proprietary revenue cycle methodology recognizes that every part of your operation must work seamlessly to improve cash flow, while also assuring full compliance and growth in revenues over the long term. Our experienced resources make sure that every component of the revenue cycle is performing properly, because every single part affects the whole.
In addition, we can help assure that as payment models inevitably change, your organization keeps pace. From ACOs to value-based purchasing, to whatever unknown models lie in the future, we’ll make sure you are ready for the evolution of healthcare economics. Rather than reacting to changes, The HCI Group can make sure you anticipate change and prepare for it completely.
To learn more about HCI's Revenue Cycle Services, contact us today!