As payment structures in the health care industry change, more facilities have decided to increase their investment in financial workforces. Whether it's the addition of new executive roles or the expansion of departments dedicated to billing and collections, many medical centers have looked for ways to make their finance teams more powerful.
CFO Patrick Garvey of Connecticut Children's Hospital in Hartford said the size of his financial departments is a key consideration to ensuring that they do their jobs effectively.
"If you think about a true finance department like an accounting operation we're probably on the smaller size," Garvey said. "When you start to encompass the revenue cycle and some of the other aspects of finance we get a bit bigger, clearly. My accounting operation is about 10-12 people, with the budgeting side and accounts payable, payroll, as well as general accountants and management staff."
Some of the key roles he pointed out were corporate controllers, contracting directors and budget directors. To boost revenue cycle efficiency, these positions are critical to staff with knowledgeable and adaptable leaders with keen eyes for new trends and internal developments. When key personnel have too many responsibilities, it can be difficult to make certain that each aspect of budgeting and revenue cycle management are addressed.
If your hospital needs to mobilize its finance team to be more effective, one of the best courses of action is to outsource receivables management. This reduces the burden of claims collection on individual administrators and allows them to focus on high priority cases and tasks. Contact Professional Medical Services today to learn more about how our solutions can optimize efficiency at your hospital, clinic, medical center or private practice.