The healthcare industry and our financial leadership are currently facing the daunting task of increasing revenue while simultaneously containing costs. How do you do this?
The key is to identify and eliminate inefficiencies to achieve enterprise standardization. That should be your priority to unlock more value within the healthcare industry and revenue cycle.
This will help your organization realize significant improvements in financial performance and clinical outcomes, it will provide your organization with a better patient experience.
So, how do you unlock more value in your revenue cycle?
You ask yourself how you are able to make the most improvements and achieve the greatest outcomes with the least amount of investments in the shortest amount of time.
This will allow you to rethink how to standardize and scale faster while developing deep specialization and focusing on the revenue cycle. Once you identify this you are able to look deep into every possible solution whether that be a partnership, outsourcing, insourcing, etc.
When you do this it will become very clear that a revenue cycle partnership is an answer.
It is by far the most efficient way to achieve your objectives!
How do you evaluate revenue cycle partners?
The attributes we found to be most important were in the company culture and making sure there is alignment in the mission statements to drive everything together within each of our values.
At a fundamental level, you want to ask a potential partner, “Here is the problem we would like to solve; how exactly do you plan on going about doing that?”
This is crucial to understanding their process flow and protocol for achieving your solution.
It is critically important to have a revenue cycle partner to help you during these changing times.