Industry Trends: 2016 is the Year of Integration for Revenue Cycle
A growing number of healthcare administrators are working to integrate revenue cycle. Unfortunately, it’s not a simple or quick fix. A closer look at the revenue cycle reveals a complicated and inefficient circuit of administrative, technological, financial and patient-level processes that needs to be streamlined.
Healthcare Finance News recently published an article on this important topic. It states, “A complex system for revenue creates a lot of room for waste. That's why most healthcare finance managers are making 2016 the year of integration in the revenue cycle, whether it's by tightening operations or by involving patients more in the financial side of their care.”
Mark Norby, Mayo Clinic’s revenue cycle chair, has spent the past five years setting up revenue cycle as a shared service among the Clinic's main campus in Minnesota, and its two others in Florida and Arizona. As he told the article’s author, “Eventually, we'll have one integrated revenue cycle. The benefit is increased efficiency resulting in streamlining the expense base."
Improving the process for patients also is important. Karen Mihalik, executive director of revenue cycle management at the Cleveland Clinic, is focused on that component of the circuit. She explained, "Patients and their engagement are absolutely key. Our world is really focused on first and foremost patients and being able to provide them timely and integrated information."
Technology helps to bring it all together. The article pointed to this example, “Dartmouth-Hitchcock Medical Center has implemented new scheduling, registration and billing systems that wrap around their existing electronic health records software.” Its CFO, Robin Kilfeather-Mackey said, "Now that we have the academic health enterprise on a fully integrated clinical and administrative platform, in 2016 we will begin to sequence implementing this end-to-end IT solution across our health system at various affiliate locations.”
It’s a good read, and you can find the full article here. Of course, we’ll be back with more Industry Trends in healthcare. See you soon.