Here are five expert revenue cycle management tips, published by Becker's Hospital Review since Sept. 27.
1. Allen Latham, vice president of revenue cycle management at TriZetto Provider Solutions, a Cognizant Company, said hospitals should focus their revenue cycles on healthcare consumers as well as healthcare "prosumers," who gather their own health data via a wearable or sensor.
2. Mark Mele, vice president of sales at Casetabs, a cloud-based surgery coordination technology provider, said hospitals seeking to improve financially should not forget the importance of reducing operating room delays and last-minute cancellations.
3. Dr. Dar Griffeth, senior vice president of revenue cycle management services at Pulse Systems, said lowering the number of days a bill is in accounts receivable is one way to reduce the cost to collect on the bill.
4. Bo Shi, assistant professor of finance at Morehead (Ky.) State University, said data analytics — using technology to examine and make conclusions from data sets — can help hospitals and health systems improve revenue cycle performance.
5. Scott Friesen, CEO of Newport Credentialing Solutions, an outsourced provider for privileging and credentialing solutions, said credentialing software — which helps manage the process of establishing a provider's qualifications, board certifications, work history and references — should be integrated with provider-payer contract data.
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