Looking outside of the revenue cycle silo is important to maintaining a well-rounded department, so take a look at three recent stories pertaining the revenue cycle from other healthcare leaders.
3 ways CFOs are containing staffing costs while investing in the future
CFOs are getting creative when it comes to retaining talent, succession planning, and maintaining the overall financial health of their organizations.
To trim costs, Northwell Health is applying automation in the revenue cycle space to eliminate or avoid adding FTEs.
"A number of repetitive tasks have been automated and that has created the need for a new technical workforce to manage that work," says Michele Cusack, SVP and CFO at Northwell Health in New Hyde Park, New York. "Our largest area of success with RPA has been in revenue cycle, but we're trying to replicate the success in other functional areas as well using various technology platforms to further optimize workflow and putting tools in place to mitigate the need for manual work efforts."
New technology, strategies improve occupational health management
Health systems are using digital health tools and the electronic health record (EHR) to not only monitor staff health and track compliance but give employees an avenue to manage their wellness and connect with supervisors.
Atrium Health Wake Forest Baptist, based in Winston-Salem, NC, is running its occupational health program through a custom-built electronic health platform developed through a partnership with Enterprise Health. The platform gives administrators insight into employee compliance and engagement rates, while streamlining the communication process and allowing interactions through mobile devices and an online portal.
"This was something that was definitely manual before," says Samantha Lodish, the health system's administrative director. "Now we're able to manage the healthcare of all our employees through the EHR. We definitely needed this and are thankful we have it."
Finding value in the VBP model. How Trihealth's CFO says they got it done
When TriHealth, a Cincinnati-based health system with $2.5 billion in net patient revenue, needed to find a way to expand its population health capabilities so it could provide better care to its patients and maintain a stable balance sheet, leaders at the organization realized switching to a value-based care model was the way to go.
TriHealth partnered with a third-party vendor that helps deliver value-based care services, and as a result, the health system achieved notable clinical and financial outcomes across a variety of payer contracts. TriHealth saw a change in revenue with a 70% rise in ambulatory settings and 30% in acute settings.
The health system also grew its primary care access by 25% across more than 230 primary care physicians and advanced practitioners. TriHealth says it now ranks near the top decile in cost and utilization as the top-performing ACO nationwide. with a larger payer—$7 million-plus in shared savings.
Amanda Norris is the Revenue Cycle Editor for HealthLeaders.