The transition to value-based care touches every aspect of healthcare, including revenue cycle management.
Lee Brooks, Senior Vice President of Product Marketing and Management, Craneware: We believe that the old revenue cycle must evolve into the value cycle: the full life cycle of optimizing every opportunity to achieve best outcomes for best cost. The value cycle includes traditional revenue cycle components such as pricing, charge capture, claims performance and compliance, but also addresses additional dimensions, such as quality of care, clinical outcomes and patient satisfaction. The chargemaster remains the linchpin of the value cycle, touching as it does clinical data procedure codes, supplies, pharmacy, service codes and the claim generated. By monitoring and facilitating how this clinical and operational data affects financial transactions, health systems can analyze financial, regulatory and standards of care metrics to help deliver true value cycle management. We recommend working with leadership across your hospital or system toward a value cycle approach — discovering, converting and optimizing every opportunity in the new value-driven world.
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.