Revenue Protection
Increased Revenue Protection
At Consutlants, we understand the challenges faced by healthcare organizations when it comes to maximizing revenue and ensuring financial stability. We specialize in providing comprehensive solutions and services designed to optimize revenue cycles, streamline billing processes, and protect your organization's financial health.
Real-World Example of Revenue Protection
In a Midwest academic medical center, the Incisive team supported specialty and subspecialty departments as they migrated to Epic as their billing platform. Working closely with department and business office leaders, they collaborated to align charging policies and workflows and established a new accountability structure for revenue monitoring.
Through analysis of past charging practices, they devised a gradual approach to policy changes, transitioning each department to a standardized organizational policy. The outcome was remarkable, with over 95% of appointments with charges closed within two business days.
This ensured efficient and consistent revenue management across the organization.
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
Compare similar specialties or units in different locations to estimate the potential net revenue increase from capturing missing charges. Estimate the cash acceleration opportunity by calculating the difference between the organization’s current charge entry lag and industry benchmarks.
This helps to set appropriate expectations for the best case scenario of available improvement.
If the Revenue Protection program is occurring through an EHR transition, calculate the practical worst-case scenario for revenue loss scenario based on industry benchmarks for returning to baselines through an EHR transition.
This helps illustrate the total potential revenue loss the organization is looking to avoid through the program.
Process Improvement
Conduct charging workflow walkthroughs and stakeholder interviews at similar specialties or units to find discrepancies. In tandem, review Epic system configuration to determine if it accommodates the discrepancy.
This helps determine the amount of process and technology changes needed to reach standardization, avoid revenue loss, or decrease charge lag.
Assist clinical operations and patient financial services with understanding options to align and standardize workflows.
This helps to ensure that the best possible solutions are implemented.
Assist IT with creating, testing, implementing, and training end-users on new workflows and processes.
This helps to ensure that the solutions are implemented correctly and that end-users are able to use them effectively.
Reporting
Use historical data to create specialty and unit-specific minimum and maximum thresholds for specific charges.
This information is then used alongside daily charge reconciliation reports. This helps operational charging owners identify potential charging issues more easily and quickly.
Create executive-level dashboards that show charging volumes, revenue amounts, and charge lag compared to historical amounts.
This provides senior management with visibility into the progress of the Revenue Protection program and helps them to make informed decisions.
Change Management
Facilitate and collaborate across IT, clinical operations, and patient financial services to revise charging policies and workflows.
This helps to ensure stakeholder buy-in and alignment and increases the likelihood of successful adoption.
Create an accountability structure for revenue monitoring that empowers clinical owners most familiar with the daily operations of a specialty clinic or unit.
This shortens the feedback loop to solve problems back making the person closest in time and space accountable for fixing it.
Revenue Protection
Take control of your revenue cycle and safeguard your financial future with Health Revenue Protection. Contact us today to learn more about how our services can benefit your organization. Let us help you maximize revenue, improve operational efficiency, and ensure long-term financial success.