South Florida Hospital News
Monday August 19, 2019
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March 2009 - Volume 5 - Issue 9

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How can The Revenue Cycle Process be Improved?

Even though we are in a recession, healthcare continues to be a strong industry. However, healthcare has its own challenges to deal with. In such an environment, healthcare providers as well as hospitals and clinics must pay close attention to not only to patient care process, but also to the revenue cycle.

Since the revenue cycle touches several departments before it is completed, here four steps that can be considered for improvement:

First, metrics have to be defined and tracked by the leadership team in order to measure performance and hold departments accountable. Additionally, targeted and current outcomes can be analyzed to identify areas for improvement.

Second, the management structure for the entire revenue cycle should fall under the CFO to increase effectiveness, accountability and avoid decentralized efforts which lead to poor performance.

Third, because this revenue cycle is so critical for the financial stability of any healthcare facility, those who manage this cycle have to be high achievers, detail oriented and driven individuals to assure the best outcomes. Poor performing managers could take the organization into tough financial times.

Fourth and last, process improvement always plays a role in any area of an organization. In case of the revenue cycle, the processes which need close monitoring are:

  • Registration Accuracy
  • Outpatient Clinic Registrar
  • Denial Management
  • ED Registration
  • ED Collections
  • Transfer Center
  • Financial Counseling
  • Point-of-Service Collection
  • Preregistration
  • Charge Capture
Measuring, studying and putting corrective actions to these processes will lead to effective outcomes. Because optimizing payment is key for the health system's margins, the entire revenue cycle must operate at peak performance.
Carlos Sanchez, Director of Process Engineering, DEIVIN, can be reached at (305) 665-9042 or visit www.deivin.com.
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