Blog Post

How to make 2020 the year of revenue cycle excellence

January 22, 2020

    It's the start of a new decade. While some may take this opportunity to set personal resolutions, the Revenue Cycle Advancement Center would like to challenge you further—why not make 2020 the year of revenue cycle excellence?

    It's no secret that provider organizations are facing unique revenue cycle challenges. While regulatory actions on price transparency and surprise billing ask the industry to be more flexible than ever, the influx of clinical denials keep providers busy day-to-day. Despite these challenges, hospitals and health systems are also at a distinct moment of opportunity. As our most recent round of benchmarking indicated, more and more executives are turning to revenue cycle as a critical lever for growth. Technical denials have decreased, and many are beginning to see returns on their recent efforts to build a more positive patient financial experience.

    Of course, there's still work to be done. That's where we come in.

    Introducing two new tools

    As a data-driven researchers, we're launching two new tools for Revenue Cycle Advancement Center members.

    Our Complication and Comorbidity Coding Analyzer now employs refreshed data from CMS' 2018 Standard Analytical Files (Medicare claims files). We've designed the tool to help you understand how well your hospital is documenting Medicare inpatient acuity. In addition, the tool also compares your payments per base MS-DRG compared to a self-selected peer cohort. Together, this detail will provide insight into potential over- and under-coding of patient acuity at your facility.

    Access the Tool

    Second, we're proud to launch the Revenue Cycle Performance Diagnostic this month as well. Designed to help you identify key revenue cycle strengths and improvement opportunities, we’ve injected data from our latest round of 2019 benchmarking. Each area of improvement is mapped to relevant research to allow our members to hit the ground running with performance improvement.

    Access the Tool

    Your revenue cycle strategy, delivered

    Finally, our upcoming webinar, "The 2020 Playbook for Revenue Cycle Leaders," details six imperatives for today's revenue cycle leader. We'll discuss key tactics to improve your patient financial experience, employ a revenue integrity strategy, mitigate denials, and more. Join us by registering for the webinar below.

    Register for the Webinar

    What patients want along their financial journey

    Follow the patient financial journey, from pre-care through billing and collections. Learn a patient's questions and fears that arise at each step, and what tools and support your revenue cycle program must proactively provide.

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