Over the last seven years, many healthcare systems (hospitals and physician groups) across the country have seen significant growth through acquisition. Gaining market share through acquisition provides an immediate competitive advantage, however, this type of inorganic growth impacts revenue cycle, financial performance and the overall consumer experience.
In recent months, CFOs, Vice Presidents of Revenue Cycle, and Executive Directors have engaged RoundTable Strategic Solutions to develop a go-forward strategy to improve the financial viability and stability of their organization while identifying opportunities to enhance/optimize patient access and the overall consumer experience. Our proven approach provides clients with solutions that leverage operational re-design, reduce manual processes using information technology and create a sustainable model for growth within today’s healthcare delivery and rapidly changing reimbursement model.
RoundTable’s Management and Revenue Cycle Consulting teams are guiding many large and complex healthcare delivery systems in the following areas:
• DRIVING A NEW CULTURE OF PERFORMANCE & GROWTH: Providing Interim Revenue Cycle Leadership at a leading Academic Medical Center in the Northeast with responsibilities overseeing the day-to-day oversight of physician and hospital operations while serving as the “agent for change and innovation.”
Inattention to revenue cycle process, workflows and IT solutions can impact hospitals and physician groups upwards of $10M plus annually.
• DEVELOPING A NEW OPERATING STRUCTURE: Conducting a comprehensive revenue cycle assessment, reviewing staffing, size, structure, processes, and re-designing P&P’s for a Multi-State Integrated Delivery Network with 300 employed and community providers.
Implemented Denial Management Program and Policies & Procedures to reduce $8M in denials and assisted with the identification of two new outsourced RCM vendors.
• MAXIMIZING REIMBURSEMENT FOR ALL MODELS: Designing and implementing enterprise-wide Revenue Integrity programs to improve charge capture, CDM maintenance, physician documentation and compliance for a leading Academic Medical Center and Integrated Delivery Network.
Research states that 69% of organizations that implemented a new revenue integrity department increased net collections and gross revenue capture.
• OPTIMIZING ACCESS AND “KEEPAGE”: Overseeing the design and centralization of key revenue cycle and patient access functions including: registration, scheduling, eligibility verification and pre-authorizations for a 10-hospital IDN with 2,000 physicians in the Southeast.
Efforts resulted in a 12% increase in patient access and 36% decrease in registration related denials.
• LEVERAGING TECHNOLOGY TO IMPROVE PERFORMANCE: Advising Revenue Cycle and IT leadership on the advanced features and functionality available within their Practice Management and EMR solutions that drives automation, improves revenue cycle performance and clinical documentation.
79% of healthcare revenue cycle management priorities are enabled by health IT solutions and optimization.
We would welcome the opportunity to share more about our relevant background, experience and engagements while learning more about your current organizational needs and challenges.