You may think the benefit of improved revenue cycle management (RCM) is better finance efficiency. While that's a primary goal of RCM innovation efforts, it shouldn't be the only metric by which you measure the success of your new strategies. According to the Healthcare Financial Management Association's Better Billing Project, some of the most successful industry leaders have arrived at monetary gains by focusing on other measures.
"Many high performers expressed willingness to go beyond traditional measures of return as a means for measuring effectiveness of large-scale revenue cycle initiatives. Rather than making solely a financial case for change, many organizations examine such factors as patient satisfaction or reduced turnover when making their business case…" states the report. "Such nontraditional measures are useful to better understand the origin of larger trends and identify opportunities for improvement specific to their organization."
Therefore, by focusing on areas of improvement like patient satisfaction, health care organizations can reap benefits in areas like finance management. It's critical to view the overall operations of your organization as an interconnected web of related focus areas. Improvement in one can lead to improvement in others, and revenue cycle management can be the engine that drives that innovation across departments and objectives.
If you're interested in a better way to handle billing and collections at your hospital, medical center, private practice, clinic or other health care facility, a good option is to outsource receivables management. At Professional Medical Services, our solutions for revenue cycle management reduce the burden on individual finance administrators by eliminating a backlog of outstanding claims and cases. Contact us today to learn more about how our solutions can optimize RCM at your organization.