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Monday Memo
Monday Memo
Monday, August 29, 2016
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Invest in Health IT for a Healthy Bottom Line

Failure to have a written Financial Policy and failure to invest in Health Information Technology are the final two of five crucial components to Revenue Cycle Management covered in a recent article on Revenue Cycle Intelligence. This is the final installment of our three-part series on Revenue Cycle Management issues.

Failure to Have a Financial Policy

Some healthcare facilities fail to have a written financial policy in place and available for employees. A financial policy can serve as a helpful tool for healthcare professionals involved in billing and should also provide guidance to patients regarding collection of copayments and unpaid balances, charity care and other financial arrangements.

Health Information Technology = Bad Debt Avoidance

Revenue cycle management requires healthcare professionals to use information technology (IT) to keep track of claims through their entire lifecycle. This is necessary to ensure payments are collected and denied claims are addressed. However, some hospitals struggle to put information technology and billing infrastructure in place in a way that successfully manages claims.

Investing in IT is an investment in bad debt avoidance. It can be challenging for an administrator to determine which technologies to use and how much to spend but organizations can and should turn to information technology consultants to help aid them in decision making.

In September, Athena Forum will publish Revenue Cycle Management, a new course with eight modules focused on training CMs to increase core knowledge of their role in revenue cycle management. Read on for a sneak peek into this exciting new course.

www.athenaforum.com

Tips from our featured course

RC Tactics to Support High Performance

Eleven Strategies to Elevate the Revenue Cycle

  1. Set high expectations for revenue cycle positions
  2. Devote organizational resources to improve training and compensation
  3. Develop and participate in intra-organizational teams around the revenue cycle
  4. Use patient experience as the cornerstone for setting revenue cycle strategy
  5. Appreciate community dynamics when prioritizing technology spending
  6. Encourage improved monitoring of revenue cycle processes through use of nontraditional metrics
  7. Develop and enforce systems of accountability around monitoring and reporting practices
  8. Support organizational alignment around clear, correct and patient-friendly messaging
  9. Establish clear and transparent financial assistance policies and procedures
  10. Demonstrate value for the revenue cycle through the commitment of time and resources
  11. Establish systems to reward high revenue cycle performance

[Sneak peek, Revenue Cycle Management, Module A, Operating Revenues]

www.athenaforum.com


Financially Engaged Patients Pay Bills

Consumers are recognizing the wide disparities in healthcare pricing, often for the same procedure in the same region and are asking questions about whether the more expensive options are actually better than more affordable ones.

Consumers want information and will use it but they have to be able to, access the information and engage with it easily. Flourishing hospitals have learned to unify all of the needed data in one experience making it far more useful, which has significantly increased customer engagement.

The bottom line is financially engaged patients pay their bills.

[Sneak peek, Revenue Cycle Management, Module A, Operating Revenues]

www.athenaforum.com

Notice from the Publisher

I want to thank our 20,000 healthcare professionals for requesting new topics on Athena Forum.

Thanks,
Thomas A. Rasmussen
CEO & Publisher
Athena Forum Institute

Monday Memo Editor

Cathy Wright, BSN, RN

Clinical Editor

Athena Forum

Contact the Editor

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