107X—Revenue Cycle: Why It Isn’t All About the Money
Wednesday, March 30th
About the Session
Revenue cycle leaders are often so laser-focused on data, processes, and technologies that they forget to turn their focus to building relationships with vendors, clinical operators, and their own team members. When these business relationships are not cultivated, communication suffers, productivity decreases, and there is distrust of data and increased fear of change. This presentation will show how one revenue cycle division used simple technologies, strategies, governance, and partnerships to achieve the following: organizational late charge reduction from 15% per month to less than 5% per month, denial write-offs reduction from an average of 5% of gross revenue to 1% of gross revenue, vendor cost savings in FY21 of $500k (after initial savings of over $1.5 million in the previous two fiscal years), and the development of a process to review, test and implement over 120 change control requests—that had remained open for 2 years—in less than 6 months.
Move your organization away from siloed work streams and lack of process ownership to an organization of highly engaged, organized, and motivated team members who value communication, innovation, and engagement. Learn how to (a) manage your vendor relationships from start to finish; (b) create a data governance structure to ensure what is disseminated is tailored to the audience and comes only from your “source of truth”; (c) develop comprehensive change management strategies; (d) partner with clinical leadership to drive front-end and clinical revenue cycle process improvements; and (e) learn how to create an atmosphere of collaboration, transparency, trust and creativity within your revenue cycle team, whether they are onsite or remote.
- Identify key components of employee engagement.
- Evaluate opportunities that would benefit from a governance structure.