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Infographic: 6 Steps For CFOs To Drive Rev. Cycle Success

Analysis  |  By Marie DeFreitas  
   July 23, 2024

“Lean into action, let courage follow.” says one CFO.

The relationship between a CFO and the revenue cycle team is vital for smooth financial operations. This year at the HFMA conference executives shared their insights on what it takes to make CFOs and rev. cycle the ultimate success. 

Six key points stood out: 

  • Trust from both sides. A CFO should trust the rev. cycle team and not micromanage, and rev. Cycle should trust the CFO to guide and eliminate barriers. 
     
  • Consider system-wide participation. Physicians and the CMO should be involved in revenue cycle decisions. The person with the medical degree is going to understand the ground level operation flaws more than an executive who doesn’t deal with it.
     
  • Agree on transparency and payer guidelines to not only ensure the organization chooses the right payer partners, but also stays on top of items like denial trends and rates. 
     
  • Conduct individual meetings with the rev.cycle team. Ensure there is agreement, or resolutions at each step in the process. 
     
  • Give space for people to be authentic, vulnerable, and share their struggles.
     
  • Learn from each other. Rev. cycle learn finance as a goal to better their relationship with the CFO. CFOs can learn the day-to-day rev. cycle operations.

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Marie DeFreitas is the CFO editor for HealthLeaders.


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