The state of Healthcare Revenue Cycle – An Insider’s Perspective, Part 2

by Phil C. Solomon on November 15, 2011

in Healthcare Revenue Cycle,Hospital Performance Improvement,Hospital Revenue Cycle,Hospital Revenue Cycle Improvement,Revenue Cycle Management

Revenue Cycle Risk Mitigation Whitepaper – Foreword written by Lyman Sornberger, Executive Director at the Cleveland Clinic – The state of Healthcare Revenue Cycle – Part Two of Two.

Enhancing Cash Collection

After services are performed; electronic solutions, denial management, monitoring productivity, underpayment pursuit, and cost containment RCM techniques are critical to the financial survival of healthcare institutions large or small. The decline of reimbursement mandates that providers optimize performance and decrease expenses.

Improving Payer Performance

Gone are the days of “contentious” relationships with payers and collaboration between provider and insurances are critical for survival in the future of healthcare revenue cycle management. Defining the metrics to measure between both parties is essential and recognizing that measuring the payer as you do internally; is the recipe for success? Until both the provider and payer is open to sharing their challenges and recognizing the expenses associated with those flawed processes; they will continue to experience unnecessary expenses and decreased patient and employer satisfaction. Once both parties are transparent, they move to the next necessary evolution of success in this ever changing industry. The growing financial pressures on healthcare, organizations are forced to seek innovative strategies to improve RCM. Providers and Payers can no longer survive in a vacuum and nor is there any single solution. Hence, finding a business partner that will complement these demands and changes is crucial to responding and surviving to the healthcare market challenges.

I encourage you to read this whitepaper and take note of the potential strategies, technologies and solutions which are currently available to you and your organization. The author, Phil C. Solomon has done an admirable job in outlining the categories of solutions which can positively improve your revenue cycle performance with limited or minimal budget repercussions. In order to compete in today’s health care environment, one must have the information to adjust, reformulate and often completely change operational directives if necessary. Currently, tools such as the ones described in this paper are available providing plenty of data as feedback for business performance. Leveraging basic data in itself is no longer enough. Knowledge is the key to improving RCM performance. The progenitor for traditional monthly operational statements and periodical reporting has given way to real time operational business intelligence, consumer analytics and multifarious cascading data mining. Knowledge is power and my recommendation is to use it to its fullest capability.

Respectfully, Lyman Sornberger Executive Director Patient Financial Services
Cleveland Clinic Health Systems

Learn more about Revenue Cycle Risk Mitigation by downloading the entire whitepaper: iSolutions IQ Whitepaper

{ 1 comment… read it below or add one }

Phil C. Solomon March 16, 2012 at 12:04 PM

David, I have heard about your platform and it is impressive. I agree SaaS or PaaS are great ways to go.

Reply

Leave a Comment

Previous post:

Next post: