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In this Business Profile, Gary Long, R1's executive vice president and chief commercial officer and Gary Johnson, senior vice president of marketing, discuss the value in working with a forward-looking revenue cycle partner with services that span multiple healthcare settings.
Gary Johnson: R1 RCM works with hospitals, health systems, and group physician practices to achieve revenue cycle excellence. We leverage purpose-built, innovative technology with more than 160 industry-leading best practices and an experienced team of revenue cycle operators to help organizations increase payer reimbursement and net patient revenue—while streamlining and reducing their total cost to collect. We manage more than $31 billion in net patient revenue for some of the largest systems, hospitals, and group practices across the country.
In addition to driving financial results, we also focus on understanding and enhancing the patient financial experience. This is critical because there are key touch points in the revenue cycle—verifying insurance eligibility, generating pre-service estimates, reconciling copays and deductibles, among others—that will make or break patients' impressions of an organization and determine a patient's loyalty to that healthcare provider. Making sure these touch points are integrated and work in a way that is consistent, compassionate, and patient-centered is critical to meeting a healthcare organization's goals.
Johnson: In terms of financial performance, the revenue trajectory for most healthcare providers is either flat or shows minimal year-over-year growth while costs are rising at a faster rate, equating to compressed operating margins and increased financial risk.
Additionally, with the rise in health system mergers and acquisitions, many organizations are experiencing difficulties in marrying diverse electronic health records, bolt-on revenue cycle management (RCM) technologies, business processes, and cultures.
Lastly, many organizations have voiced concern and fatigue with achieving only incremental or episodic improvements to the revenue cycle through stand-alone RCM technology or consulting engagements, with frustration mounting as they see performance regress over time.
Gary Long: Healthcare organizations have been moving toward a model that lets them focus on their core competency—caring for patients. As such, they are partnering with companies whose primary business is to manage operational functions, such as IT services, food preparation, pharmacy, emergency department, and more. We are now seeing healthcare organizations view RCM in a similar way—realizing it requires a focused and completely aligned partner that will perform this complex work and is committed to delivering better performance.
R1 RCM offers different relationship structures that help healthcare organizations achieve their goals. One option is to partner with a hospital, health system, or large group physician practice to focus on a specific challenge area with "module" service solutions. Challenges include preventing and overturning denials or managing the entire front-end via patient access or other parts of the revenue cycle. We also offer relationships where we take full responsibility to manage the revenue cycle from end to end, called a co-managed relationship. In these cases, R1 is accountable for achieving mutually agreed-upon revenue cycle goals for net patient revenue and total cost to collect by working with a provider's staff. We also offer complete partnerships where we onboard a client's RCM staff. In these full-responsibility relationships, organizations can improve net patient revenue by 3 to 6 percent and reduce total cost to collect by 20 percent or more.
In addition to our service offerings, R1 recently unveiled a patient experience solution as part of our Patient Access solution set which received the HFMA Innovation Award at the organization's 2018 annual meeting. The solution was created based on valuable feedback from patients about their consumer expectations and from providers wanting to have a singular patient experience. It includes an app that lets consumers book appointments, confirm insurance details and eligibility, get pre-service estimates, and pay their copays and deductibles online. It also seamlessly integrates with a provider's scheduling system to facilitate smoother communication between providers and patients.
Long: Fundamentally, R1 is driven by helping our health system and physician practice partners achieve transformational improvement in their revenue cycles. We are accomplishing this through our ongoing committed investment in innovative technologies like robotic process automation (RPA), artificial intelligence (AI), cognitive automation, machine learning, and blockchain, while we continuously enhance our operating model's yield and the skills of our staff.
More specifically, R1 is investing heavily in AI/RPA technology for revenue cycle to further strengthen our ability to help providers get paid faster and correctly, and improve overall results. Health systems and large practices gain the benefits of superior technology, including AI/RPA, without attempting to piece together point solutions from multiple vendors. Because of our scope of operations and shared service centers, we have the bandwidth to leverage this emerging technology on a larger scale to help all our customers.
Johnson: Although hospitals and physician practices have common revenue cycle needs, there also are unique aspects to keep in mind when choosing a revenue cycle service provider. For instance, we hear from many of our hospital clients and prospects that they have more software than they know what to do with, and some of these solutions are not being utilized as they were intended. There also is duplication as a result of mergers and acquisitions, such as with chargemaster and other common RCM tools. To address these pain points, hospitals and health systems should seek a revenue cycle partner that is not merely another software vendor, but one that takes responsibility for achieving results and addressing revenue cycle needs in a holistic way.
Group physician practices—in the office or within a hospital—should be looking for a company that can manage the revenue cycle from end to end for improved RCM performance and to focus their resources on patient care. Often group practices have a small staff that handles everything from scheduling to billing to employee onboarding, and more. However, by working with a company that expertly manages every aspect of the revenue cycle, the physician can leave the business side to an experienced partner and focus more on delivering the highest quality patient care.
Organizations should also research a company's background and long-term growth strategies. A question to ask might address whether the firm operates independently or is owned by an insurance payer or a specific health plan. Is it publicly traded? There's a level of transparency that comes with being a publicly-traded company that will benefit providers because they can clearly understand the entity's operations and long-term goals. Also, it's important to work with a partner that will grow as you grow. If you plan on pursuing further acquisitions and adding service lines that expand your operations geographically, can your partner keep pace with your evolving needs? If you plan on adding both hospitals and physician practices, do you have a partner that serves the different settings so you can navigate the nuances while addressing the commonalities?
At R1, we work diligently to simplify and standardize all aspects of the revenue cycle across different delivery models to help organizations lay the groundwork for financial success. When organizations partner with us, they are able to drive financial results and enhance the patient experience while increasing efficiency and limiting variation, ensuring they remain nimble and responsive to changing healthcare dynamics.
For more information about how R1 meets hospital and physician practice revenue cycle needs, go to www.r1rcm.com/hfma.
R1 RCM is a leading provider of technology-enabled RCM services which transform and solve revenue cycle performance challenges across hospitals, health systems and group physician practices. R1's proven and scalable operating models seamlessly complement a healthcare organization's infrastructure, quickly driving sustainable improvements to net patient revenue and cash flows while reducing operating costs and enhancing the patient experience. To learn more visit: r1rcm.com.
Publication Date: Friday, February 01, 2019
Two senior leaders at R1 talk about the advantages of working with an innovative revenue cycle partner that offers technology-enabled revenue cycle and patient experience services.
Two senior leaders at Grant Thornton talk about the advantages of robotic process automation to improve office efficiency, reduce costs, and mitigate risk.
A senior leader of VitalWare talks about the need to create a comprehensive pricing strategy for consumers and how to get started.
Two of HealthTrust’s senior leaders talk about strategies for optimizing the hospital workforce to improve productivity and reduce waste.
Patient financial engagement is more challenging than ever – and more critical. With patient responsibility as a percentage of revenue on the rise, providers have seen their billing-related costs and accounts receivable levels increase. If increasing collection yield and reducing costs are a priority for your organization, the metrics outlined in this presentation will provide the framework you need to understand what’s working and what’s not, in order to guide your overall patient financial engagement initiatives and optimize results.
No two patients are the same. Each has a very personal healthcare experience, and each has distinct financial needs and preferences that have an impact on how, when and if they chose to pay their healthcare bill. It’s no longer effective to apply static billing techniques to solve the complex challenge of collecting balances from patients. The need to tailor financial conversations and payment options to individual needs and preferences is critical. This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach, but take control of rising collection costs.
This white paper, written by Apex Vice President of Solutions and Services, Carrie Romandine, discusses the importance of patient segmentation and messaging specifically related to the patient revenue cycle. Applying strategic messaging that is tailored to each patient type will not only better educate consumers on payment options specific to their billing needs, but it will maximize the amount collected before sending to collections. Further, targeted messaging should be applied across all points of patient interaction (i.e. point of service, customer service, patient statements) and analyzed regularly for maximized results.
This white paper, written by Apex President Patrick Maurer, discusses methods to increase patient adoption of online payments. Providers are now seeking ways to incrementally collect more payments due from patients as well as speeding up the rate of collections. This white paper shows why patient-centric approaches to online payment portals are important complements to traditional provider-centric approaches.
Increased electronic engagement between healthcare providers and patients provides significant opportunities for improving revenue cycle metrics and encouraging patients to access EHRs. This article, written by Apex Founder and CEO Brian Kueppers, explores a number of strategies to create synergy between patient billing, online payment portals and electronic health record (EHR) software to realize a high ROI in speed to payment, patient satisfaction and portal adoption for meaningful use.
Faced with a rising tide of bad debt, a large Southeastern healthcare system was seeing a sharp decline in net patient revenues. The need to improve collections was dire. By integrating critical tools and processes, the health system was able to increase online payments and improve its financial position. Taking a holistic approach increased overall collection yield by 10% while costs came down because the number of statements sent to patients fell by 10%, which equated to a $1.3M annualized improvement in patient cash over a six-month period. This case study explains how.
With the ICD10 deadline quickly approaching and daily responsibilities not slowing down, final preparations for October 1 require strategic prioritization and laser focus.
Read how Gwinnett Medical Center provides clear connections to financial information, offers multiple payment options for patients, and gives onsite staff the ability to collect payments at multiple points throughout the care process.
Read how Orlando Health was able to perform deeper dives into claims data to help the health system see claim rejections more quickly–even on the front end–and reduce A/R days.
To maintain fiscal fitness and boost patient satisfaction and loyalty, healthcare providers need visibility into when and how much they will be paid–by whom–and the ability to better navigate obstacles to payment. They need payment clarity. This whitepaper illuminates this concept that is winning fans at forward-thinking hospitals.
Financial services staff are always looking for ways to improve the verification, billing and collections processes, and Munson Healthcare is no different. Read about how they streamlined the billing process to produce cleaner bills on the front end and helped financial services staff collect more than $1 million in additional upfront annual revenue in one year.
Effective revenue cycle management can be a challenge for any hospital, but for smaller providers it is even tougher. Read how Wallace Thomson identified unreimbursed procedures, streamlined claims management, and improved its ability to determine charity eligibility.
Before launching an energy-efficiency initiative, it’s important to build a solid business case and understand the funding options and potential incentives that are available. Healthcare leaders should consider taking the steps outlined in the whitepaper to ease the process of gaining approval, piloting, implementing, and supporting sustainability projects. You will find that investing in sustainability and energy efficiency helps hospitals add cash to their bottom line. Discover how hospitals and health systems have various options for funding energy-efficient and renewable-energy initiatives, depending on their current financial structure and strategy.
Health care is a dynamic mergers and acquisitions market with numerous hospitals and health systems contemplating or pursuing formal arrangements with other entities. These relationships often pose a strategic benefit, such as enhancing competencies across the continuum, facilitating economies of scale, or giving the participants a competitive advantage in a crowded market. Underpinning any profitable acquisition is a robust capital planning strategy that ensures an organization reserves sufficient funds and efficiently onboards partners that advance the enterprise mission and values.
The success of healthcare mergers, acquisitions, and other affiliations is predicated in part on available capital, and the need for and sources of funding are considerations present throughout the partnering process, from choosing a partner to evaluating an arrangement’s capital needs to selecting an integration model to finding the right money source to finance the deal. This whitepaper offers several strategies that health system leaders have used to assess and manage capital needs for their growing networks.
Announcements from several commercial payers and the Centers for Medicare and Medicaid Services (CMS) early in 2015 around increased efforts to form value-based contracts with providers seemed to point to an impending rise in risk-based contracting. Rather than wait for disruption from the outside in, health care providers are now making inroads on collaborating with payers on various risk-based contracting models to increase the value of health care from within.
Yuma Regional Medical Center (YRMC) is a not-for-profit hospital serving a population of roughly 200,000 in Yuma and the surrounding communities. Before becoming a ZirMed client, Yuma was attempting to manually monitor hundreds of thousands of charges which led to significant charge capture leakage. Learn how Yuma & ZirMed worked together to address underlying collections issues at the front end, thus increasing Yuma’s overall bottom line.
Kindred Hospital Rehabilitation Services works with partners to audit the market and the facility’s role in that market to identify opportunities for improvement. This approach leads to successes; Kindred’s clinical rehab and management expertise complements our partners’ strengths. Every facility and challenge is unique, and requires a full objective analysis.
As the critical link between patient care and reimbursement, health information enables more complete and accurate revenue capture. This 5-Minute White Paper Briefing shares how to achieve cost-effective revenue integrity by your optimizing HIM systems.
Speedier cash flow starts with better CDI and coding. This 5-Minute White Paper Briefing explains how providers can improve vital measures of technical and business performance to accelerate cash flow.
Qualified coders are getting harder to come by, and even the most seasoned professional can struggle with the complexity of ICD-10. This 5-Minute White Paper Briefing explains how partnerships can help improve coding and other key RCM operations potentially at a cost savings.
The point of managing your revenue cycle isn’t just to improve revenue and cash flow. It’s to do those things effectively by consistently following best practices— while spending as little time, money, and energy on them as possible.
How Lucile Packard Children’s Hospital Stanford increased payments received within 45 days by 20% and reduced paper submission claims by 70% by using ZirMed solutions.
The reasons claims are denied are so varied that managing denials can feel like chasing a thousand different tails. This situation is not surprising given that a hypothetical denial rate of just 5 percent translates to tens of thousands of denied claims per year for large hospitals—where real‐world denial rates often range from 12 to 22 percent. Read about how predictive modeling can detect meaningful correlations across claims denials data.
Emergency Mobile Health Care (EMHC) was founded to be and remains an exclusively locally owned and operated emergency medical service organization; today EMHC serves a population of more than a million people in and around Memphis, answering 75,000 calls each year.
Since the Physician Quality Reporting Initiative (PQRI) introduction, CMS has paid more than $100 million in bonus payments to participants. However, these bonuses ended in 2015; providers who successfully meet the reporting requirements in 2016 will avoid the 2% negative payment adjustment in 2018, so now is the time to act! Included in this whitepaper are implications of increasing patient responsibility, collections best practices, and collections and internal control solutions.
Getting paid what your physician deserves—that’s the goal of every biller. Yet even for the best billers, achieving that success can be elusive when denials stand in the way of success, presenting challenges at every turn. Denials aren’t going away, but you can learn techniques to manage and even prevent them.Join practice management expert Elizabeth W. Woodcock, MBA, FACMPE, CPC, to: Discover methods to translate denial data into business intelligence to improve your bottom line, determine staff productivity benchmarks for billers, and recognize common mistakes in denial management.
Physician practices must improve organizational efficiency to compete in this era of reduced reimbursement and escalating administrative costs.
Many healthcare organizations are pursuing next-generation health information systems solutions. Learn more about Navigant's work with University of Michigan Health System.
The proper implementation of healthcare information technology systems is crucial to an organization’s financial health.
As value-based payment models evolve, providers are challenged to maintain superior clinical outcomes while controlling costs.
Read more about factors contributing to the changes in the post-acute marketplace and what it means for manufacturers, physicians, clinicians, patients, and post-acute facilities as they anticipate the transition to the second curve.
HSG helped the physicians and executives of St. Claire Regional in Morehead, Kentucky, define their shared vision for how the group would evolve over the next decade. As well as, develop the strategic and operational priorities which refocused and accelerated the group’s evolution.
The client was a nine-hospital health system with 14 clinics serving communities in a multi-state market with very limited access to care, poor economic conditions, high unemployment, and a heavy Medicare/Medicaid/uninsured payer mix. In most of these communities, the system was the sole source of care. Though the clinics were of substantial size (they employed 98 physicians) and comprised of multiple specialists, the physicians functioned as individuals and the practices lacked any real group culture.
Clinical integration can be expensive, but it doesn’t have to be, as this four-step road map for developing a CIN proves. Does it have to cost millions to initiate a clinical integration strategy? Contrary to popular belief, we have clients who have generated substantial shared savings and a significant ROI over time, without massive investments. Yes, some financial capital is required for resources the CIN providers can’t bring to the table themselves. But the size of that investment can be miniscule relative to the value it produces: improved outcomes and documentation for payers.
Today’s concerns about physician compensation are the result of the changing healthcare environment. The transition to value is slow, but finally becoming a reality. Proactive hospitals want to ensure that provider incentives are properly aligned with ever-increasing value-based demands. This report focuses on the three big questions HSG receives about adding value to physician compensation; Why are organizations redesigning their provider compensation plans? What elements and parameters must be part of successful compensation plans? How are organizations implementing compensation changes?
Revenue Cycle Management has become an even more complex issue with declining reimbursements, implementation of Electronic Health Records, evolving local carrier determinations (LCD), and payer credentialing [The emphasis on healthcare fraud, abuse and compliance has increased the importance of accuracy of data reporting and claims filing). The efficiency of a medical practice’s billing operations has critical impact on the financial performance. In many cases, patient billings are the primary revenue source that pays staff salaries, provider compensation and overhead operating cost. Inefficiencies or inaccurate billing will contribute to operating losses.
This publication identifies and outlines the necessary characteristics of a fully-functioning clinically integrated network (CIN). What it doesn’t do is detail how hospitals and providers can participate in the value-based care environment during the development process. One common misconception is that the CIN can’t do anything significant until it has obtained the FTC’s “clinically integrated” stamp of approval. While the network must satisfy the FTC’s definition of clinical integration before single signature contracting for FFS rates and contracts can legally start, hospitals and providers can enjoy three key benefits during the development process.
Nearly half of all Medicare beneficiaries treated in the hospital will need post-acute care services after discharge. For these patients, a stay in an inpatient rehabilitation facility, skilled nursing facility or other post-acute care setting comes between hospital and home.
With the proper process, tools, and feedback mechanisms in place, budgeting can be a valuable exercise for organizations while helping hold organizational leaders accountable. Having a proper monthly variance review process is one of the most critical factors in creating a more efficient and accurate budget. Monthly variance reporting puts parameters around what is to be expected during the upcoming budget entry process.
Managing the cost of patient care is the top strategic priority of most hospital CFOs today. As healthcare shifts to more data-driven decision making, having clear visibility into key volume, cost and profitability measures across clinical service lines is becoming increasingly important for both long-range and tactical planning activities. In turn, the cost accounting function in healthcare provider organizations is becoming an increasingly important and strategic function. This whitepaper includes five strategies for efficient and accurate cost accounting and service line analytics and keys to overcoming the associated challenges.