17 Feb Revenue Cycle Staff Productivity And Your Bottom Line
The ongoing pandemic’s ups and downs have created various challenges for revenue cycle administration executives. One of the most significant adjustments is the shift in staff management in the new virtual work model. According to Alpha Health study, 75% of health systems and large hospitals consider this shift to revenue cycle management to be permanent, even offering more virtual employment opportunities. The virtual model identified opportunities for productivity and reporting improvement. Identifying the accounts your staff is working on vs the accounts they should be focused on is vital for revenue cycle management success.
Lori Intravichit, CEO of Sunlit Cove Healthcare, said:
The biggest mistake we see in healthcare organizations is the lack of measuring and reporting of staff productivity and engagement. Improving productivity and staff focus is the key to maximizing collections and improving employee and patient satisfaction. With more insight, Revenue Cycle Administration will be able to design and refine workflow changes; that's why improving productivity and employee focus is now more critical than ever.
Understand Staff Productivity and your ROI
The labor expense is the number one driver of total costs for most hospital departments. Adding staff members before analyzing productivity has a huge cost impact, especially if not supported by the extra volume of work. You have to take a look from the top, assess the overall process, compare it with the department’s staffing levels and then identify trends & opportunities.
Measuring your A/R days and cash received is one of the key indicators of the efficiency in your revenue cycle workspace. On a more detailed level, you need to look for trends and patterns in staff efficiency, patient and payer payment habits, and make sure the staff follows all internal processes.
The goal is to identify strengths and improvement opportunities not only in the overall workflows but also in the individual staff task assignments. Then it is time to set goals based on performance.
Our team can speed up collections, identify revenue opportunities, control denied claims, and add scalability and revenue cycle automation. We look at each process, identify possibilities as opposed to one size fits all strategy. Schedule a free assessment to see how we can help your organization identify the bottlenecks and offer ideas for improvement!
We have seen time and time again, many organizations ignore or avoid meaningful productivity analytics. Failure to evaluate the productivity reports end up driving staffing level decisions and can result in bloated labor costs.
Most operating margins are slim and restricted based on increased operating costs. We will provide a free evaluation and find solutions that can be key to tracking, informing, and improving productivity and efficiency. With a “new normal” in the way we work, it is more important than ever to keep an eye on the efficiency and productivity of your staff.
Sunlit Cove Healthcare Consultants provide revenue cycle management services on a continuous or as-needed basis for a reasonable rate. No need to hire staff as volumes shift with the constantly changing environment. We work on a flat fee basis that will allow your budget not to fluctuate.
We will identify the right productivity data, oversee improvements that will reduce costs to collect and increase revenue recovery.
Schedule a free assessment today!
Sunlit Cove Healthcare Consultants
We provide management and consulting services to help healthcare businesses run efficiently. Navigating the dynamic and complex revenue cycle management is a challenge for many health plans, health care vendors, and providers. Our consulting services are available to assist with your day-to-day operations and provide expertise in growth and change management. We manage all aspects of your enterprise from the development of the revenue cycle management process to the completion of your business cycle.
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