Transformative Remedy: not Just a Revenue Cycle management buzz word
Your business office is a hubbub of activity, and finding the time to execute new initiatives is undoubtedly an ongoing challenge.
Yet, you have the experience to know when something is ‘not right’ or when improvement is required.
Here’s how you can take those first steps toward finding and implementing a solution when faced with daunting time and resource restrictions.
Correcting an unstable, inefficient or weak revenue generating process
Creating a stronger operational foundation
- Transforming these areas of opportunity to meet the organization’s goals and objectives.
Or, more simply, find the weak link in your revenue cycle management and rebuild it from the bottom up for a solution that meets your goals.
There are several critical steps to a transformative remedy:
1. Identify the issue and department.
This is the easy part. The issue will always be: operational, financial, technological or a combination. The department will typically be: patient access, revenue integrity, patient financial services or a combination.
2. Allocate resources.
Find the right, best person(s) who will give proper attention to process that needs to be rebuilt.
3. Conduct an in-depth analysis of the issue/department to be remedied.
Being realistic about the volume of time that will be time here is key. If an assessment process is already in place, anticipate 40 to 120 hours for analysis. If not, plan 180 hours to 400 hours.
4. Define the issue as succinctly as possible.
Look at financial indicators and compare them against best practice organizations, keeping your eye out for potential areas of revenue gaps/leakages. Next, scour for internal indicators of weaknesses, including workflow, work processes, structure, staff optimization and operational efficiencies. Finally, assess the associated financial and operational gains.
5. Design your plan.
Modification to impact the generative foundation
Metric and KPI goals
Continuous improvement process
6. Execute your plan.
Schedule, and mobilize resources. This is your “go” time.
7. Evaluate at every turn during execution of the remedy, making adjustments as necessary.
Transforming business office functions should be evaluated as a singular function – and holistically – in order to view it from various perspectives. If your organization requires assistance to complete an in-depth assessment, apply the transformational remedies or both, MediRevv has proven to be an excellent resource.
So, take a little time today to assess your revenue cycle management.
Determine the areas that, intuatively, you know need attention, then take these first steps toward your own transformative remedy.