Like many professions in healthcare, hospital and health system financial roles are evolving to keep up with the demand of a changing landscape. The focus has shifted away from crunching numbers all day to mixing in creative and strategic ways to keep a healthcare organization fiscally healthy.
"We are builders. We are innovators. We are strategists," Kemberly Blackledge, DSc, chief revenue cycle officer of Nashville (Tenn.) General Hospital, said during Becker's Revenue Cycle Management Virtual Event on June 18. "If you participate in any part of the revenue cycle, that visionary piece, you have to figure out, 'How I'm going to get from point a to point b.' Achieve this target, keep the employees engaged."
Having a roadmap that lays out programs, projects and initiatives can help provide a solid footing that helps financial leaders keep their goals aligned.
Staying up to date with healthcare rules like financial assistance, patient billing and financial counseling is also important for industry leaders.
"The need to make sure you're standardized across your enterprise and that from a regulatory point of view you're compliant is very critical given the fines and things of that sort that can come with not being compliant," Gerard Brogan, MD, senior vice president and chief revenue officer for Lake Success, N.Y.-based Northwell Health, said during the event.
For Kevin Smith, CFO of St. Louis-based SSM Health, it's all about strategy, particularly when it comes to margins, which have been a mixed bag over the last year.
While it can become easy to get stuck in a rut should things become complex, Mr. Smith urged leaders to think of ways to level up their thinking to keep the organization's mission top of mind.
"...Healthcare systems can't have a mentality of business as usual," Mr. Smith said during the event. "How do you start to think about, 'How can I be creative in a way that's going to enhance margins over time?' Strategy is always top of mind for us in order for us to be able to move forward on an upward trajectory."
To learn more about the Becker's Revenue Cycle Management Virtual Event, click here.