Healthcare leaders are actively on the hunt for effective ways to reduce costs and optimize their organization’s revenue cycle performance. With a plethora of revenue cycle management software products on the market, it can be overwhelming trying to find a platform that meets the unique needs of their institution and improves financial viability.
Most organizations recognize the importance of making revenue cycle improvements but implementing them effectively can be challenging - and costly. Integrations require a considerable amount of planning, coordination, operational training, and financial resources. On top of software expenses alone, ineffective integrations can present additional administrative costs to these entities by slowing down their revenue cycle operations. Poor integration strategies can cause significant increases in accounts receivable balances (sometimes as much as double their pre-migration balance), and productivity disruptions that decrease cash receipts. These resulting financial burdens can be make-or-break for healthcare organizations who are already feeling overwhelmed by rising labor costs, difficulties with staff retention, increased payer requirements, and pressures on reimbursement rates.
When it comes time to optimize revenue cycle solutions, healthcare organizations need a smooth transition process that minimizes interruptions to existing workflows, maximizes financial return, and allows them to continue providing life-changing patient care. Having an effective plan for revenue cycle optimization can help organizations get the most out of their resources and lower operating costs considerably. Here are some key considerations when developing a revenue cycle optimization project plan:
Scope: Healthcare leaders should have a clearly defined understanding of the goals of the improvement project – which performance indicators need improvement? Conducting a preliminary assessment on revenue cycle operations can provide insightful benchmarking data for planning and decision making.
Budget: With the project scope in mind, develop a comprehensive budget accounting for software upgrades, training, consulting, and incidentals. The budget should be practical and align with the organization’s financial capabilities. During the budgeting process, keep in mind that successful integration is an investment in itself; the clean-up costs from a poorly executed integration can far outweigh the initial costs of investing appropriately.
Resources: In addition to budgeting, healthcare leaders must consider what resources will be necessary and available for successful optimization. Accounting for the right technology, people, and facility resources will help minimize obstacles along the way and lower the chance of unanticipated challenges.
Change Management: Having a sturdy communication plan for how to inform those involved about any changes is also key to streamlining an implementation project. Engage personnel from every level of the organization in the optimization process. Having all the appropriate stakeholders at the table will make for a more successful conversion and better prepare personnel for daily operations.
Data Management: Healthcare organizations have invested millions of dollars into their clinical and financial data management tools. To protect this investment during a
revenue cycle optimization project, healthcare leaders must develop a plan for bridging the organization’s existing data management systems with any new systems and ensuring that they integrate effectively.
Signature Performance’s Consulting and Advisory group is composed of professionals with the technical and business expertise required to design and lead a revenue cycle optimization plan. With experience in the design, implementation, and support of complex IT infrastructures and workflows, Signature has developed solutions designed to improve revenue cycle performance and reduce administrative burden. Our consulting team utilizes a collaborative approach, working directly with stakeholders at all levels of the organization, from frontline staff to senior executives managers, to offer an enhanced transition experience.
Some of the typical results for our consulting clients include:
Lower AR days/balance
Increase in cash flow
Lower administrative waste due to proper integration tactics.
Phil Lewis, Senior Director of Sales at Signature Performance Consulting and Advisory Group has over 30 years of industry expertise in migration implementation for platforms such as Soarian Financials and more. He explains the importance of having an implementation partner in the migration and change management process:
“Our team comprises experienced industry professionals who are subject matter experts in the full capabilities of some of the most popular RCM software products on the market. We go the extra mile to understand our clients’ needs, individualize their workflows, and prepare them for the day-to-day use of these solutions that deliver the results they are looking for.”
Signature Performance is on a mission to reduce administrative burden in healthcare and help organizations, including critical access facilities, reshape the landscape of healthcare. Our team of subject-matter experts will help you leverage the latest technology to optimize your revenue cycle processes. If you are ready to take the next step towards increasing your organization’s financial stability, contact us today for more information about our solutions.