To improve revenue cycle performance, hospitals and health systems must focus on the right priorities and track the appropriate metrics.
To help healthcare organizations navigate the revenue cycle improvement process, a panel of experts shared the following best practices at the Becker's Hospital Review 3rd Annual Health IT + Revenue Cycle conference in Chicago.
1. "Keep an eye on your KPIs," said Carmen Deguzman Sessoms, assistant vice president of reimbursement and analytics solutions at Change Healthcare, a healthcare technology company. Although there are several important key performance indicators for healthcare organizations to track, it is vital for hospitals and health systems to closely monitor denial rates. "If denial rates start creeping up, that is a sign of a problem," she said.
2. Examine the underlying problem before investing in new technology. When trying to maximize efficiencies and reimbursement, healthcare organizations sometimes turn to new technology too soon, according to Kayne Coleman, system director of revenue cycle at Bellin Health System in Green Bay, Wis. "We jump to a technology solution, and we've failed to look at the underlying process," she said. "Just adding technology to a bad process isn't going to get us any further. Make sure to look at the problem you're trying to solve."
3. Focus on automation to maximize reimbursement. Hospitals and health systems need to take advantage of technology, including automation solutions, according to Scott Schrader, chief commercial officer at Access Healthcare, a provider of revenue cycle management solutions. He said Access is helping providers get greater reimbursement with fewer account touches by eliminating manual payment posting and automating the accounts receivable process.
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