As the industry evolves, provider organizations will need to continue to adjust to attain revenue cycle excellence. A provider’s financial well-being is nearly always tied to the revenue cycle of the clinical practice. Higher-performing organizations have high levels of stakeholder engagement “up and down” the organization creating cascading scorecards that build toward common organizational goals.
From large-scale initiatives that bundle enhanced revenue cycle functions with overall organization performance, to new technology implementations, to effectively leveraging outside expertise, modernizing the revenue cycle involves more than taking a few steps and is more of a journey. Architecting a modernization process is best begun by developing and documenting process workflows and overlaying functional
A provider’s financial well-being is nearly always tied to the revenue cycle of the clinical practice. The commitment to measuring and monitoring performance is key for making process adjustments and setting appropriate goals. Technology integrated with practice management (PM) systems can accurately automate many RCM processes, which effectively increases cash flow, decreases staffing need, and
Our ongoing surveys of the healthcare environment have provided feedback from over 150 healthcare systems across the spectrum – general practices, specialist practices, acute care, behavioral health, substance abuse – and more than three-quarters identify the revenue cycle as their most pressing non-clinical challenge. Revenue cycle management is complicated and undergoing externally driven structural change
Successfully implementing an effective RCM strategy relies on developing a cohesive framework that is to be managed. For the purposes of this discussion, I’m defining the healthcare revenue cycle to include all administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue. At a high level, the many steps
CTI Healthcare blog series: A Prescription for Improving Patient and Institutional Financial Wellbeing Innovation: The “Now“ Modern Healthcare Data Architecture Part 5 of 5. The healthcare industry produces massive volumes of data every day—from claims and cost data to clinical trials, electronic medical records, and even online patient sentiments. on-the-fly. most professionals within the industry,
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CTI Healthcare blog series: A Prescription for Improving Patient and Institutional Financial Wellbeing The “Now” Healthcare Innovation Part 3 of 5. The business of healthcare is a mess. Observe the deep-rooted dual challenges of escalating costs coupled with deteriorating health – it’s an unsustainable paradox not only for the healthcare industry but for society in
CTI Healthcare blog series: A Prescription for Improving Patient and Institutional Financial Wellbeing Healthcare’s Data Revolution: It’s Complicated – Part 2 of 5. In my last blog post The Accelerating Importance of Data Analytics in Healthcare, I discussed how and why business intelligence is fast becoming a critical strategic driver for health care. In this
A Prescription for Improving Patient and Institutional Financial Wellbeing The Accelerating Importance of Data Analytics in Healthcare – Part 1 of 5. Data is the lifeblood of the next-generation health system, and innovative use of analytics will drive better outcomes and lower costs. Data analytics tools have the potential to transform health care in
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