4 of the Stickiest Revenue Cycle Issues
These are the among the questions that 50 of the nation’s top revenue cycle vice presidents share at the annual HealthLeaders Revenue Cycle Exchange.
Revenue cycle leaders can fall into a trap of merely managing problems that pop up. But the danger with a “fix it” approach is that so many of the challenges in revenue cycle are connected.
Are your denials issues related to staff development in registration or billing? If some of your key indicators are not moving in the right direction, then are you sure you are even measuring the right ones?
These are among the questions that 50 of the nation’s top revenue cycle vice presidents share at the annual HealthLeaders Revenue Cycle Exchange, which will be held March 21-23 in Ponte Vedra, Fla.
Some issues always rise to the top of the discussions, among them:
1. Dialing up the intensity on denials
Managing denials is ever-present in revenue cycle, and leaders are finding that communication is the old reliable skill that patches many gaps. Orlando Health, a $3.8 billion not-for-profit organization serving Central Florida, reduced claims denials to monthly rates as low as 1% and averaging 4% annually by involving key players.
A denials management team marshalled support from leaders across the seven-hospital enterprise to introduce workflow measures aiding denials prevention. The group also instructed employees how to minimize or avoid errors. Establishing a multidisciplinary task force of executives and clinical staff to identify prevention efforts also proved beneficial.
The result of these efforts are cleaner claims. "We have many checks and balances for compliance, from our registration all the way through to our billing," says Bridget Walters, corporate director of enterprise patient access.
2. Hidden costs of poor patient financial experience
The increase of high-deductible plans makes engaging patients crucial. Patients are often confused about their coverage, so proactively educating patients about their financial responsibility can help offset incorrect information and improve collections.
Concise statements and easy-pay options have also delivered results. And offering online service—with self-service portals and a chat line for questions about estimates, as well as the ability to pay—can prompt payment and improve patient relationships.
“We used to have separate bills for our hospital side versus our physician side, and recently we put everything on My Health Online, which is our online system,” says Alex Collins, director of revenue integrity at Piedmont Athens (Georgia) Regional, a 360-bed nonprofit hospital in the Piedmont Healthcare system. “Combining it makes it easier for patients.”
3. Finding and keeping motivated revenue staff
Sustaining a high-functioning operation requires a top-performing team, but the challenge lies in hiring, training, and retaining a staff who can give excellent customer service.