Significant gaps in expected revenue are the ultimate “pain point” for hospital and health system executives, and revenue cycle leaders are no exception. Understandably, their focus is naturally drawn to immediate, bread-and-butter solutions like reducing avoidable write-offs and bad debt, and improving timely billing and follow-up.
But revenue cycle leaders are paying increased attention to longer-term transformation beyond these basic metrics. As providers are coming to realize, they need to deal with immediate shortfalls in a way that also establishes the infrastructure — organizational as well as technological — for deep, strategic, sustainable change.
According to Guidehouse’s Andrew Hancock and Kent Ritter, engagements with clients nationwide, confirmed by a September 2019 HFMA/Guidehouse survey of 108 chief financial officers and revenue cycle executives, have revealed five “pain points” — areas of concern but also of opportunity — facing healthcare revenue cycle executives today:
Optimizing the return on electronic health record investment
Enhancing patient engagement
Improving clinical integration
Managing cost and scale, including through robotic process automation and the forging of innovative partnerships
Rebalancing health system revenue (as you would with an investment portfolio), rationally and strategically
Learn how revenue cycle leaders can overcome these pain points and improve operational performance.