Revenue Cycle Assessment
At Incisive Revenue Health, we understand that the financial health of your healthcare organization is crucial to providing quality patient care. With our comprehensive revenue cycle assessment services, we help you optimize your revenue cycle management and identify areas for improvement. Our experienced team of healthcare professionals will work closely with you to evaluate your current processes, identify bottlenecks, and implement effective strategies to enhance your revenue cycle performance.
Real-World Example of Assessment
In just 4 weeks, at an academic medical center on the East Coast, we conducted a revenue cycle assessment. Our assessment involved reviewing the Epic system configuration, analyzing data and management reports, sampling patient accounts, conducting stakeholder interviews, and facilitating roadmap workshops. At the end of this process, we presented the final report and roadmap to the CFO, accompanied by our client counterparts. The report showcased an opportunity for over $25 million in cash acceleration and an annual revenue increase of $8 million by reducing denial write-offs. The CFO was highly receptive to the report, its findings, and the detailed roadmap to unlock the trapped value.
What steps lead to this outcome?
Our four essential pillars are the foundation of our successful engagements. Here are some examples of the activities we perform within each pillar for this service offering.
Value Targeting
Determine the ceiling of total net revenue improvement by calculating the difference between the organization’s actual performance and industry benchmarks for metrics like denial write-off % and bad debt write-off %. This same exercise is performed for cash acceleration using AR days.
This helps to set a boundary for best case scenario of available improvement.
Determine the floor of net revenue improvement by stacking together discrete issues impacting denials write-offs and bad debt write-offs. This same exercise is performed for aging AR.
This helps to set realistic expectations of what is achievable and prioritize the issues that will have the biggest impact on revenue and cash flow.
Conduct stakeholder interviews across clinical operations, patient financial services, and IT to provide context to identified opportunities.
Gathering diverse perspectives on the same issue helps generate solutions that will be effective and workflows adopted.
Reporting
Process Improvement
Review system configuration and revenue cycle requests sitting with IT to gain a holistic view of the unused functionality that could improve revenue cycle operations.
This ensures that the technology that is already paid for and available is being utilized to its maximum potential to deliver value.
Create issue trees that illustrate how changes in daily metrics and operational tactics lead to enterprise value in the form of net revenue improvement and accelerated cash.
This provides executive sponsors with visibility into how the recommended operational and technology changes will drive tangible value.
Utilize existing and native reports in Epic to quantify opportunities and the scope of issues.
Using these types of reports gives stakeholders confidence in the findings because they are familiar with data and its presentation.
Change Management
Facilitate and collaborate across IT, clinical operations, and patient financial services to create improvement plans that consider organizational barriers or competing priorities across departments.
This helps to ensure stakeholder alignment and that the best path to unlocking trapped value is taken.
Utilize a series of validation and collaboration sessions with key stakeholder throughout the assessment.
This ensures that there are no surprises when presenting the assessment findings and recommendations to executives at the end of the assessment.
Revenue Cycle Assessment
Partner with Incisive Revenue Health to unlock the full potential of your revenue cycle. Contact us today to schedule a consultation and take the first step toward optimizing your healthcare organization's financial performance.