Holistic Revenue Cycle Organization
Traditionally we think of revenue cycle as scheduling, registration, coding, billing, aged AR, denials, self-pay, and cash posting.
We often silo the business office and don’t include the entire organization when building goals and strategy for the revenue cycle. If you want to build ownership and passion within a healthcare organization you need to include the entire team in your revenue cycle and financial success.
A hospital’s revenue cycle really begins in marketing and ends with the final patient interaction. Without marketing you won’t see patients coming for services (no revenue). The final patient interaction is just as important, and should be used to boost or gauge each patient’s experience. Every department that interacts with a patient or with patient health information becomes an important part of the revenue generating and reimbursement machine. The move to link reimbursement to quality measures makes it more important than ever to include your entire team in the revenue cycle.
Do you share your revenue cycle measures and results with all department heads? Is your clinical care staff trained on how their performance impacts the bottom-line? Think about how much clinical documentation can affect revenue. That means that every care provider, your IT support team, your HIM team, and many others all have a hand in optimizing reimbursement for services.
Every employee should feel ownership for the financial well-being of your hospital. Here are some suggestions to create a holistic revenue cycle team:
- New employee orientation should include training on the hospital financials
- The training program for every employee should include how their job impacts the bottom-line
- Employees scorecard/evaluations should include their impact on the revenue cycle
- Include all department managers when budgeting and strategizing about revenue and reimbursement
- Communicate to your entire organization trends in the revenue cycle and hospital finance
- Celebrate financial success with the entire organization
Building a feeling of ownership and passion within your organization will help you achieve and sustain success. Including your entire team in the revenue cycle is a great place to start.
PRESIDENT AND CHIEF OPERATING OFFICER FOR HEALTHCARE RESOURCE GROUP INC.
Greg has over 24 years of healthcare management experience working closely with clinics, hospitals, vendors, and insurance carriers. Greg's expertise in revenue cycle process improvement, payer contracting, patient collections, and team building has made him one of today's voices of the healthcare industry.
Greg is actively involved with HFMA, AAHAM, and MGMA and has served as a Board Member for both the Washington Chapter of HFMA and the Inland Empire Chapter of AAHAM.