The Healthcare Financial Management Association's Patient Friendly Billing Project will release a new report, Strategies for a High-Performance Revenue Cycle, which outlines strategies healthcare organizations can use to improve their revenue cycles, according to an HFMA release.
The summary highlights six key areas used to measure a hospital's performance in the study: people, processes, technology, metrics, communication and culture. The study found that high performing hospitals spend more time selecting new hires and providing education and training for staff. Patient focus groups and meeting with payors were also among the strategies listed.
The report also found that all high performers used point-of-service collections, with 29 percent requiring mandatory up-front payments and 79 percent providing discounts for up-front collections. High performers also provided estimates for services upon request.
High performers also supported the revenue cycle from the top down, not just the top of the finance department. Innovation, celebrating successes and demanding high performance were also among common high performer strategies found in the report.
The full report will be available on Nov. 16.
Read the Executive Summary of HFMA's Strategies for a High-Performance Revenue Cycle (pdf).
According to the Executive Summary of the report, the study evaluated the performance habits of 5,000 acute-care hospitals, including high performing facilities. Researchers found several common elements among the high performers:
- High performers have an organizational culture that elevates the importance of the revenue cycle.
- High performers master areas important to their particular circumstances. They don't necessarily focus on the same revenue cycle areas as others for improvement, but they target those elements most crucial to their success.
- High performers accelerate improvements. High performers aren't just good at setting goals; they are good at how they take action and execute strategies to achieve these goals.
The summary highlights six key areas used to measure a hospital's performance in the study: people, processes, technology, metrics, communication and culture. The study found that high performing hospitals spend more time selecting new hires and providing education and training for staff. Patient focus groups and meeting with payors were also among the strategies listed.
The report also found that all high performers used point-of-service collections, with 29 percent requiring mandatory up-front payments and 79 percent providing discounts for up-front collections. High performers also provided estimates for services upon request.
High performers also supported the revenue cycle from the top down, not just the top of the finance department. Innovation, celebrating successes and demanding high performance were also among common high performer strategies found in the report.
The full report will be available on Nov. 16.
Read the Executive Summary of HFMA's Strategies for a High-Performance Revenue Cycle (pdf).