Revenue Cycle Optimization

Healthcare Delivery, an X-Ray View.

Healthcare is one of a few industries where services are not paid for as they are received. In most cases, the healthcare provider delivers services to a patient, but a third-party health insurance or workers’ compensation carrier is responsible for the financial reimbursement of the services provided.

A maximized flow of cash keeps a practice or organization healthy. Often times, complex organization charts, overloaded or outdated systems, and undertrained personnel lead to a cumbersome operating system, slowing down that flow of cash.

Each phase of the revenue cycle is important to the overall health of the organization — from the first phone call, to negotiated payer contracts, to charge capture and collections. Although most healthcare organizations leverage technology to manage at least part of the revenue cycle, tools can only take you so far. Very strong systems, reporting, and knowing how to manage the revenue cycle are equally critical components. Being acutely aware of every cog in the revenue cycle — such as the comparison of actual data to benchmarks or understanding staff vs. system problems — then utilizing the right leadership to effectuate the change needed, will promote success by enhancing cash flow.