Centralizing the Revenue Cycle Protects the Bottom Line
In many cases, preventing denials requires improving clinical documentation, Lyman says, noting that this is an area of emphasis for the revenue center.
"We are doubling down with our clinical documentation efforts," he says. "We've had a good program, but we are trying to take it to another level. … Finance has worked together a lot with physicians on rethinking how clinical care impacts reimbursements under value-based purchasing, and it's getting people to understand why this is important and how it impacts our revenue. Everybody gets it at a high level, so we were able to quickly get the docs on board with what we had to do."
Lyman believes strongly that the revenue center is a big step in the right direction as healthcare continues to evolve into a more value-driven industry and says Advocate will reap substantial benefits from taking a consistent approach to its revenue cycle across the organization.
"There are a lot of cost savings in standardization," he says. "We've been fortunate that Advocate has made substantial investments, and we have tools in place now that the hospitals would not be able to afford on their own."
- CEO Exchange: Preparing for Population Health
- Advocate, NorthShore Deal Would Create 16-Hospital System
- Interventional Radiology No Longer a Sub-Specialty
- Top Reason for Nurse Turnover: Managers
- CEO Exchange: Pressure is On to Partner, Drive Quality
- Power of price: In South FL and the nation, healthcare costs often are shrouded in secrecy
- Hospital mergers may lead to higher prices
- Healthcare data of 1 million NJ patients compromised since 2009
- House OKs Cassidy's 'keep your plan' bill