Organizational psychologists have long touted the connection between a group’s success and their leader’s psychology and innate talents. You can also apply these predictors of success to your revenue cycle during this period of unprecedented change in the healthcare industry.
Current market conditions have many healthcare providers rethinking how they approach their revenue cycle management and how to build for the future.
Current Healthcare Industry Conditions
- Greater outsourcing of Revenue Cycle Management (RCM) and Information Technology functions
- Interest in consolidating to fewer, more trusted and comprehensive partner relationships
- Increasing Complexity of the Revenue Cycle
- Shift to accountability of care throughout the patient experience
- Value-based reimbursement
- Increased patient responsibility
- Payer consolidation
- Physician integration
- Availability of qualified revenue cycle staff
- ICD-10 impact
- Increasing denials causing financial challenges and pressures
Gallup’s recent assessment of 2,500 U.S. based entrepreneurs showed a direct relationship between risk taking and business success, leadership talents that include a drive towards achievement, passion, creativity, autonomy and self-efficacy, and having a proven model for economic measurements in place such as sales or profit measurements. Entrepreneurial thinking in a corporate setting is a key component of successful employee engagement, and key indicators of success are a drive to find top talent and technology. However, the impact an organization’s psychology has on the success of good team members is often overlooked.
Organizations paralyzed by fear of the unknown often stop thriving when the climate becomes complex and uncertain. Fear causes teams to be less willing to strike out on new partnerships or ventures, which can limit potential and hinder progress. What is a Revenue Cycle Leader to do?
Three Key Ways to Strengthen Your Revenue Cycle
- Assess your teams. How are they doing? Are they driving a passion for success into the organization, or has a fear of change become part of their everyday experience? If you sense fear, rally the group, set achievable short-term goals and celebrate every win.
- Invest in your talent and technology. Sound economically impossible? Seek out partner organizations such as Signature Performance to augment your efforts and strengthen your teams.
- Measure your progress. No matter which direction you go, always set clear objectives and measure your progress. You will benefit whether you grow internally or bring on a strategic partner.
There are times when growing organically is the best option, and times when a revenue cycle solutions provider like Signature Performance just makes sense. The bottom line, to Gallup’s finding, is organizations that have the proper talent significantly increased their odds of success. Entrepreneurial thinking throughout your organization will significantly increase your organizations chances of business success. Organizations who hire talented entrepreneurial thinkers and strategic partners are:
- Builders: They are three times more likely to build large growth infused businesses.
- Creators: They are four times more likely to create new opportunities.
- Achievers: They are four times more likely to exceed revenue targets.
- Go-getters: They are five times more likely to outpace sales objectives.
-according to Gallup’s research, when compared with less talented peers.
Bottom line, you can either build an entrepreneurial talent base or bring it in with a strong a vibrant partnership with a full-service revenue cycle organization like Signature Performance. Signature offers the right makeup of leadership expertise, technology and passion for strengthening your revenue cycle.