A New Report from the PATIENT FRIENDLY BILLING® Project
Exclusive advance release at HFMA’s Revenue Cycle Strategies Conference on November 5. Learn more.
Executive Summary available online November 6.
About the Report
Is your organization doing everything it can to improve the revenue cycle? Given tight budgets and the pressing need to ensure payment of every dollar appropriately due, today’s revenue cycle leadership needs clear-cut guidance to focus limited resources.
Strategies for a High-Performance Revenue Cycle does just this—and a whole lot more. This latest report from the Patient Friendly Billing project examines what makes some healthcare organizations do a better job than others when it comes to such key functions as registration accuracy, denial avoidance, payment speed, and patient satisfaction with the financial services experience. The report draws on research involving a statistically significant sample of 5,000 non-government short-term acute hospitals and site visits with 14 high performers.
Readers will find ready-to-use ideas as well as numerous key strategic practices to share with their CEOs and other executive leadership, including:
- Revenue cycle leadership to-do lists for generating high performance
- Sample hiring standards, training requirements, and examples of staffing models in use at organizations with high-performing revenue cycles
- Samples of communication practices to support a positive scheduling/registration experience (One organization fielding more than 40,0000 calls a month uses such techniques to answer 80 percent of calls in 20 seconds, with a call abandonment rate of less than 5 percent)
- Easy methods to enhance the appearance and comprehension of patient bills
- Insight into ways high performers differ from others when deciding where to allocate capital for technology and target improvement efforts
- Checklists for executive leadership’s roles in supporting high performance
- Strategies for providing estimates to nearly every patient, including how one organization offers automated estimates to 75 percent of insured consumers and all self pay
- Examples of incentive and recognition practices in use at high-performing organizations as well as other tangible ways to cultivate a high-performance revenue cycle culture
- Tips for improved revenue cycle monitoring and reporting, including use of nontraditional revenue cycle metrics, such as 120 net-to-cash percentage without self pay
More About High-Performing Hospitals
The High Performance in Revenue Cycle Award was formally presented at this year’s ANI: The Healthcare Finance Conference in Seattle. Find out which hospitals were recognized.