Hospitals and health systems are losing two to five percent of potential revenue due to siloed revenue cycle management systems.
Jim Lazarus, Managing Director of Strategy and Innovation, Revenue Cycle Solutions Division, The Advisory Board Company: Inefficiencies and inaccuracies in any one of the three parts of the revenue cycle (front-end, mid-cycle and back-end) can have a ripple effect in other parts. For example, incorrect information collected prior to a patient's arrival to receive care could present a serious challenge when it's time to file claims with the payer. But when you're using separate revenue cycle systems, it's hard to identify root causes of issues — and the financial impact of fixing those problems. Several hospitals and health systems we work with are integrating the three segments of the revenue cycle into a comprehensive system that enables them to better understand how they can improve efficiencies, reduce claim denials and, for many health systems, capture millions of dollars. This additional revenue is critical as providers look to fund the transition to risk-based care delivery.
If you would like to share your RCM best practices, please email Carrie Pallardy at cpallardy@beckershealthcare.com to be featured in the "RCM tip of the day" series.