With a growing gap between practice costs and payment updates, it is imperative to optimize physician revenue cycle performance. An underperforming revenue cycle can significantly impact the financial stability of the physician enterprise and ultimately result in physician, organizational, and patient dissatisfaction.
Success requires a strong management team, a high level of physician and patient engagement, robust information technology, and strong reporting tools.
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When employing physicians, health systems must engage them in revenue cycle performance by offering financial incentives for effective cash collections, providing meaningful and useful reports, and including physicians in governance functions that affect policies and procedures. In return, engaged physicians demand strong revenue cycle performance led by a well-organized team of qualified professionals, establishing the foundation for sustainable success.
But engaged physicians are just one side of the challenge. Health systems also need to focus on the patient’s responsibility, since 25% of practice revenues now come directly from consumer pockets.
How we help
Our team of practice management experts understands the unique interdependency of the revenue cycle’s components and the structure it requires for achieving optimal performance. Certain functions must be centralized, whereas other functions are best performed at the practice site level.
We provide operations experts in patient access, professional fee billing, collections, and accounts receivable management to lead our clients through an assessment and intensive improvement effort for the professional fee revenue cycle.
Joy Houk Raper
Joy serves as a senior member of the comprehensive assessment team evaluating practice operations, revenue cycle, coding and information technology utilization, and recommending best practice processes to improve financial performance for health system-owned employed physicians throughout the country. Joy is an experienced project manager who leads all coding audit and education training engagements for the Consulting division.
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Billing and Collections
Physician Revenue Cycle
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Designing a unified revenue cycle system