If you want to make significant positive changes to the revenue cycle at your hospital, clinic, private practice or medical center, strong leadership is necessary. The Healthcare Financial Management Association's Patient Friendly Billing Project published a paper titled "Strategies for a High-Performance Revenue Cycle," which highlights opportunities to foster innovation and commitment to the revenue cycle at every level of operations.
Here are some of the best leadership strategies to prioritize revenue cycle efficiency at your facility:
- Garner appreciation for the revenue cycle from non-finance staff. It's easy to get a bookkeeper or accountant to see the value of improved revenue cycle efficiency but the best way to see results is to get everyone on board, down to the patient care level.
- Demonstrate value for the revenue cycle through commitment of time and resources. If you're wondering how to get non-finance staff on board with your revenue cycle goals, budgetary decisions send a clear message that improving the cycle is a priority.
- Establish systems to reward high revenue cycle performance. Members in every department can contribute to better revenue cycle management, from the judicious use of inventory to persistent collections strategies. When members of your workforce demonstrate an understanding and commitment to those goals, rewarding them can incentivize your various teams to do even more.
These leadership strategies turn revenue cycle management into a common goal that touches every area of the medical facility. One of the best ways to boost finance efficiency is to outsource receivables management. This diminishes the large volume of claims individual administrators are charged with pursuing, allowing them to focus on high-priority claims. Contact Professional Medical Services today to learn more about how our solutions support efficiency in hospital finance.