Optimizing Revenue Cycle Performance                    Ahead of Healthcare Reform                                        ...
About the National Healthcare CFO Summit Spring 2013  The      Finance       Network         –                            ...
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Optimizing Revenue Cycle Performance Ahead of Healthcare Reform: Interview with: Renee Monahan, Vice President, Revenue Cycle, Conemaugh Health System

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Optimizing Revenue Cycle Performance Ahead of Healthcare Reform: Interview with: Renee Monahan, Vice President, Revenue Cycle, Conemaugh Health System, a speaker at the marcus evans National Healthcare CFO Summit Spring 2013, on how healthcare CFOs should prepare for healthcare reform.

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Optimizing Revenue Cycle Performance Ahead of Healthcare Reform: Interview with: Renee Monahan, Vice President, Revenue Cycle, Conemaugh Health System

  1. 1. Optimizing Revenue Cycle Performance Ahead of Healthcare Reform To prepare for this change, we are relationships with healthcare organi- working to get our costs aligned. The zations across the spectrum of care, as systems that Healthcare CFOs have in well as developing an integrated place for measuring and reporting physician network. Ultimately we are clinical variations will be key for going to be sharing the healthcare dollar successfully reducing costs as and partnering with physicians and reimbursement dollars continue to providers to manage costs. shrink. To optimize revenue cycle performance, many healthcare providers, including us, are putting into place the upgrades and technologies that will help achieve We areInterview with: Renee Monahan, Meaningful Use and prepare us for theVice President, Revenue Cycle, changing payment mechanisms,Conemaugh Health System ultimately with a longitudinal health record that crosses all spectrums of transitioning care.As the healthcare business changes,Chief Financial Officers (CFOs) in the What else is required to achieveindustry should make sure to have good that? to a healthsystems in place to measure cost andquality, advises Renee Monahan, Vice Excellent leaders and staff who arePresident, Revenue Cycle, Conemaugh maximizing effectiveness of theHealth System. “The systems that technology available. For example, we systemHealthcare CFOs have in place for have installed a quality assurancemeasuring and reporting clinical program that is automated for patientvariations will be key for successfully access staff. A work center allows themreducing costs as reimbursement dollars to very efficiently correct any errors in based oncontinue to shrink,” she goes on to say. real time, before the claim moves any further down the revenue cycle stream.A speaker at the marcus evansNational Healthcare CFO Summit Moving through the revenue cycle, we quality andSpring 2013, in Palm Beach, Florida, have been working with our physicians,April 15-17, Monahan talks about clinicians and coding specialists forrevenue cycle management and how improved clinical documentation, andhealthcare reform will impact the training them on our electronic health patientfinance function. record system. These steps will ensure that we are prepared as an organizationHow is the healthcare business for implementation of ICD-10 in Octoberchanging and how will it impact 2014. outcomesCFOs? What opportunities could healthcareWe are in a period of many changes. We CFOs take advantage of, to improveare transitioning from a system that is financial performance?based on quantity, where we get paidfor the volume of services per admission Healthcare CFOs should be gearing upor outpatient encounters, to a health and preparing their systems forsystem based on quality and patient changing payment mechanisms,outcomes. Today increased volume including ACOs, bundled payments,equates to additional revenue, but in where we will be paid based on healththe future, it will actually equate to management over our population. Iadditional cost. would advise CFOs to look at building
  2. 2. About the National Healthcare CFO Summit Spring 2013 The Finance Network – This unique forum will take place at The Ritz-Carlton, Palm Beach, Florida, April marcus evans Summits group 15-17, 2013. Offering much more than any conference, exhibition or trade show, delivers peer-to-peer information this exclusive meeting will bring together esteemed industry thought leaders and on strategic matters, professional solution providers to a highly focused and interactive networking event. The trends and breakthrough Summit includes presentations on positing a hospital for success, the impact of innovations. healthcare reform and getting a handle on operational expenses. www.nhcfosummit.com Please note that the Summit is a Contact closed business event and the number of participants strictly Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits limited. Division Tel: + 357 22 849 313 Email: press@marcusevanscy.com For more information please send an email to info@marcusevanscy.com All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.comAbout marcus evans Summitsmarcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discussstrategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity toindividually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings.For more information, please visit: www.marcusevans.comUpcoming EventsCFO Summit - www.cfosummits.comNational Healthcare CXO Summit - www.nhcxosummit.comTo view the web version, please click here: www.nhcfosummit.com/ReneeMonahan

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