Imagining the Healthcare Revenue Cycle of Tomorrow
Whenever healthcare finance professionals get together, one topic is always sure to come up: the revenue cycle. And it is hardly a surprise. Efficient, effective revenue cycle management, after all, is key to our survival. It also directly impacts our ability to contribute to the health and well-being of our communities.
During the 23 years I served as CFO of Geisinger, I was privileged to witness, and be a part of, numerous innovations that advanced our industry and improved patient care. These innovations were achieved because our leadership team believed in a better tomorrow. Among other things, that belief led us to pursue patient-friendly billing practices that promoted price transparency and improved revenue management performance. A decade ago, for example, we inverted the revenue cycle workforce by shifting staff to front-end patient engagement and error prevention processes. That effort ignited the start of 11 consecutive HFMA MAP Awards for High Performance in Revenue Cycle.
If you are looking to innovate and improve your own revenue management challenges, I encourage you to check out the wide variety of tools and resources available through HFMA. This issue of hfm, which focuses on the revenue cycle, is a great place to start. You’ll find a wealth of helpful information, including insights, tips, and suggestions offered by the 2018 MAP Award winners.
Another HFMA resource is the annual Revenue Cycle Conference. This year’s event takes place October 21-23 in Denver and will focus on the impact of consumerism and innovation. Presenters and attendees will explore the latest innovations and best practices in providing a seamless patient financial experience before, during, and after care. Featured speakers include Ezekiel Manuel, MD, one of the leading practitioners shaping the future of health care; and Deanna Frings, vice president of learning and professional development at the Beryl Institute and a recognized expert in patient/family experience, leadership development, and educational design.
Other related resources include the MAP Keys–industry-standard revenue cycle performance metrics–and a web-based application (MAP App) for tracking them. HFMA also offers “live” and “on demand” educational programming on a wide range of revenue cycle topics; the Certified Revenue Cycle Representative (CRCR) certification program; and the Revenue Cycle Strategist newsletter. There’s also an active, online Revenue Cycle Forum. More information on each is available at www.hfma.org.
I’m often asked my thoughts on the revenue cycle of tomorrow. Among other things, I imagine it will be consumer oriented, automated, and involve integrated IT and some degree of artificial intelligence. What’s your vision? One thing is for certain: HFMA is prepared to be your “go to” source for all things revenue-cycle-related.