CFO Exchange: Top Execs Talk Strategy
"You are now going to have to chase an even greater amount of dollars for the self-pay portion so this idea that Medicare is now going to phase out disproportionate share and all of these other things saying now everybody is going to be covered is ludicrous," he says. "Intentionally or not, the ACA is going to create winners and losers."
On the topic of finding successful cost-reduction strategies, the CFOs were in agreement that simply buying and installing an IT product is not enough to create efficiencies. To truly get the most bang for the buck out of an EMR or other technology product, healthcare leaders must think through workflows and all revenue cycle related processes, they say.
Craig Richmond, associate CFO and vice president of revenue cycle at Cleveland-based MetroHealth, says his organization used its current revenue cycle IT initiative as a chance to reevaluate its entire front-to-back revenue cycle process to find cost savings.
"Currently, we are in the process of replacing our ADT system and moving toward one enterprise IT platform," Richmond says. "One of the approaches that we took was we weren't just going to go ahead with our existing business practice and implement a new technical solution…"
"What we decided to do is take a look at our current practice and our current workflows and see how we could optimize them during the system install. I refer to it as a revenue cycle transformation and at the conclusion of our implementation, which is now set for Feb. 1, 2014, we would be in a position to realize the true value and benefits from our system implementation," Richmond said.