On the HFMA ANI Hot Seat: Improving Revenue Cycle Performance
Wondering what attendees at the (HFMA ANI) Healthcare Financial Management Association’s Annual National Institute conference in Orlando, Fla., told Becker’s Hospital CFO Report when asked:
What is one thing hospitals can do today to improve revenue cycle performance?
A few highlights include:
- strong leadership in place to drive performance and utilize technology
- getting your payers to pay you
- focus on improving the front end…Almost all of the denials and bad debt starts on the front end
Feedback like this might seem obvious, but execution is easier said than done. Basic blocking and tackling is an enormous challenge when intermixed with emerging alternate payment models and increasing patient financial responsibility. Execution begins with tools that are easy to implement, but they must provide high value returns. Just in the examples above, there are ways to increase collections with better automation of paper-originated payments and remittances and improve the processes around denied claims.
Ask yourself: What is one thing your business can do today to improve revenue cycle performance in spite of upheaval in the sector? If the answer is slow in coming, it may be a good time to have conversation with us regarding the OrboAccess suite!