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Five Ways For Improving Hospital Revenue Cycle Management

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Besides improving your information systems and educating your staff on the ins and outs of managing revenue, there are many more opportunities for improvement. Here are five suggestions to help health systems improve their revenue cycle management: 1. trend and benchmark your healthcare data; 2. use an enterprise data warehouse to mine your healthcare data; 3. constantly ask frontline staff for suggestions; 4. monitor all payer contracts; and 5. maintain convenient and caring touch points with patients.

Five Ways For Improving Hospital Revenue Cycle Management

  1. 1. © 2014 Health Catalyst www.healthcatalyst.comProprietary. Feel free to share but we would appreciate a Health Catalyst citation. © 2014 Health Catalyst www.healthcatalyst.com Proprietary. Feel free to share but we would appreciate a Health Catalyst citation. Five Ways for Improving Hospital Revenue Cycle Management By Bobbi Brown
  2. 2. © 2014 Health Catalyst www.healthcatalyst.comProprietary. Feel free to share but we would appreciate a Health Catalyst citation. With cash flows declining, margins tightening, and bad debt increasing, maintaining a steady income stream is crucial. There are many opportunities to significantly improve your revenue cycle. . 2 Improving Revenue Cycle Management
  3. 3. © 2014 Health Catalyst www.healthcatalyst.comProprietary. Feel free to share but we would appreciate a Health Catalyst citation. Trend and Benchmark Your Healthcare Data 3 The best way to trend your data is to use an enterprise data warehouse (EDW). An EDW combines data from your disparate IT systems, clinical, financial, human resources, patient satisfaction, and others, and optimizes it for analysis. Top 5 Tips Improving Revenue Cycle Mgmt 1 0 10 20 30 40 50 60 United States France United Kingdom Germany Prevalence of patients undergoing renal transplant (number of patients per 100,000 population) You can’t manage what you don’t measure.
  4. 4. © 2014 Health Catalyst www.healthcatalyst.comProprietary. Feel free to share but we would appreciate a Health Catalyst citation. Use an EDW to Mine Your Healthcare Data 4 An EDW is a powerful solution that enables you to mine your data, discover roadblocks, and determine how to improve. Get a good analyst to go behind the scenes and see what the data reveals — and then work to implement change in your organization. Top 5 Tips Improving Revenue Cycle Mgmt 2 Point Solutions Internally Developed Solutions EDW Platform Solutions Agility and Flexibility Minimal; built for specific purposes Varies High agility and flexibility Use across multiple systems None Not usually without expert help Yes Time to Value Moths to Years Years Weeks to Months
  5. 5. © 2014 Health Catalyst www.healthcatalyst.comProprietary. Feel free to share but we would appreciate a Health Catalyst citation. Constantly Ask Frontline Staff for Suggestions 5 Trending and mining data with an EDW is invaluable for gaining insights to improve your revenue cycle management. But don’t forget an equally important resource: your frontline staff. They have a lot of insight to share — and making them active participants in a culture of improvement helps to guarantee sustainable change. Top 5 Tips Improving Revenue Cycle Mgmt 3
  6. 6. © 2014 Health Catalyst www.healthcatalyst.comProprietary. Feel free to share but we would appreciate a Health Catalyst citation. Monitor All Payer Contracts 6 Effectively monitoring your contracts and communicating clearly and frequently with payers is essential. Make sure payers aren’t under-reimbursing you, denying too many claims, or putting unreasonable demands on your patient accounting office. Use your EDW to easily measure the yield. Is it changing over time? What should it be? As we move to value- based purchasing, such monitoring will become far more difficult — and an EDW absolutely necessary. Top 5 Tips Improving Revenue Cycle Mgmt 4
  7. 7. © 2014 Health Catalyst www.healthcatalyst.comProprietary. Feel free to share but we would appreciate a Health Catalyst citation. Maintain Convenient and Caring Touchpoints with Patients 7 Any patient contact is a public relations possibility. Every person who registers or schedules a patient should have skills to do their job efficiently and with a caring attitude. By making it convenient and pleasant for the patient to do business with you, you are far more likely to get correct and complete registration and insurance information. Top 5 Tips Improving Revenue Cycle Mgmt 5
  8. 8. © 2014 Health Catalyst www.healthcatalyst.comProprietary. Feel free to share but we would appreciate a Health Catalyst citation. Example: 8 A physician’s group was having problems with increasing collection time in accounts receivable. By using the data analysis tools within the EDW, we discovered the root of the problem was a poor process at the registration desk. By simply scripting questions for the registration staff, we were able to decrease collection time in accounts receivable, thus increasing cash flow, while also continuing to provide a good first impression for patients.
  9. 9. © 2014 Health Catalyst www.healthcatalyst.comProprietary. Feel free to share but we would appreciate a Health Catalyst citation. Other Clinical Quality Improvement Resources Click to read additional information at www.healthcatalyst.com Bobbi Brown is Vice President of Financial Engagement for Health Catalyst, a data warehousing and analytics company based in Salt Lake City. Ms. Brown started her healthcare career at Intermountain Healthcare supporting clinical integration efforts before moving to Sutter Health and, later, Kaiser Permanente, here she served as Vice President of Financial Planning and Performance. Ms. Brown holds an MBA from the Thunderbird School of Global Management as well as a BA in Spanish and Education from Misericordia University. She regularly writes and teaches on finance-related healthcare topics. Ms. Brown holds an MBA from the Thunderbird School of Global Management as well as a BA in Spanish and Education from Misericordia University. She regularly writes and teaches on finance-related healthcare topics including value-based purchasing, payer-provider collaboration, revenue cycle management and Medicare reimbursements. See how North Memorial Health Care increased labor productivity, reduced costs, and improved clinical quality by adding an advanced analytics application.

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