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  • Capturing All Charges: the Operational Reality
    clinical and financial teams and best prepare for the future Cathy Smith managing director of The Claro Group s Healthcare Consulting in Chicago leads Claro s Revenue Transformation Services Practice and is a member of HFMA s Washington Alaska Chapter Publication Date Thursday January 21 2016 BACK TO PAGINATION Our revenue transformation projects over several years continue to show that hospitals lose as much as 1 percent of their potential annual net revenue due to various issues associated with charge capture To put this in perspective a hospital with 500 million in annual net revenue would lose 5 million Even a loss of half of 1 percent would translate to 2 5 million much of which will never be recovered These losses are not trivial Numerous variables affect charge capture The operational reality is that regardless of payment structure healthcare organizations should strive to consistently and accurately capture the charges incurred for services provided There are many reasons why most healthcare organizations struggle to capture all charges incurred putting themselves at risk for significant losses Charge capture processes are complex and susceptible to breakdowns Accountability is decentralized across many departments with numerous individuals having a role in the process Different systems may be involved creating additional interfaces and handoffs Limited tools and metrics may be available to identify missed charging opportunities especially in high volume areas Payer guidelines and requirements are constantly changing Clinicians primarily are focused on providing excellent care and often do not have a full understanding of revenue capture and the broader revenue cycle Addressing such a variety of potential root causes requires a holistic approach Many organizations from large academic medical centers to smaller community hospitals do not have a holistic model in place and therefore are losing significant reimbursable dollars each month The Holistic Approach Historically charge capture initiatives have centered on regular reviews of the charge description master CDM While a CDM review is important a more dynamic and interdisciplinary approach to charge capture would include representatives of clinical departments payer contracting IT and revenue cycle An effective holistic charge capture approach will incorporate processes and tools Charge capture processes The complex nature of accurately capturing charges presents multiple opportunities for process breakdowns Just as the stakeholders are an interdisciplinary group the process breakdown areas typically are varied and interdisciplinary Solving these breakdowns requires detailed root cause analyses to develop a plan of action to improve performance and mitigate future revenue loss Process breakdowns can involve Missing or incomplete documentation Documentation that does not meet payer guidelines Clinical or department staff who do not record the appropriate charge for the service being provided Untimely or incomplete updates to the CDM Inconsistent or unknown organizational charging policies Inconsistent charge reconciliation processes to serve as a check and balance within each service department utilizing the HIS application and the billing scrubber Charge capture tools and reporting It is critical that organizational leaders have reporting in place to quickly and accurately assess their organization s charge capture performance and to identify opportunity areas Reporting should inform stakeholders about key measures and should be used to prevent or mitigate the following Reimbursement loss Billing and claim edit failures Late charging Claim denials and unrecoverable payment Claim audits with takebacks Organizations also can supplement optimal charge capture processes by leveraging algorithmic and monitoring tools designed to identify and prioritize the implementation of charge capture improvements The key is customizing these tools to your organization and payer requirements to minimize false positives and rework The Stakes Are High Charge capture is not an area that any organization can afford to assume is working well A holistic model and approach to charge capture is crucial for organizations to be able to safeguard payment due to them for services rendered monitor charging practices engage clinical and financial teams and best prepare for the future Cathy Smith managing director of The Claro Group s Healthcare Consulting in Chicago leads Claro s Revenue Transformation Services Practice and is a member of HFMA s Washington Alaska Chapter Publication Date Thursday January 21 2016 Please login to add your comments Advertisements HFMA Business Profiles McKesson Leveraging Predictive Analytics to Rein in Operating Costs A leader from McKesson discusses how healthcare reform is forcing hospitals and health systems to take a different approach to capacity management and patient flow HFMA RESOURCE LIBRARY 6 Patient Revenue Cycle Metrics You Should Be Tracking and How to Improve Your Results Patient financial engagement is more challenging than ever and more critical With patient responsibility as a percentage of revenue on the rise providers have seen their billing related costs and accounts receivable levels increase If increasing collection yield and reducing costs are a priority for your organization the metrics outlined in this presentation will provide the framework you need to understand what s working and what s not in order to guide your overall patient financial engagement initiatives and optimize results HFMA Business Profiles Accretive Health Partners with Providers to Excel in a Rapidly Transforming Revenue Cycle Environment Emad Rizk MD president and CEO of Accretive Health discusses the uncertainty facing hospitals and the transitions affecting revenue cycle management HFMA RESOURCE LIBRARY 10 Ways to Reduce Patient Statement Volume and Reduce Costs No two patients are the same Each has a very personal healthcare experience and each has distinct financial needs and preferences that have an impact on how when and if they chose to pay their healthcare bill It s no longer effective to apply static billing techniques to solve the complex challenge of collecting balances from patients The need to tailor financial conversations and payment options to individual needs and preferences is critical This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach but take control of rising collection costs HFMA Business Profiles Conifer Health Solutions Helping Providers and Employers Build a Foundation for Better Health Jim Bohnsack vice president solution corporate development for Conifer Health Solutions explains how

    Original URL path: http://www.hfma.org/Content.aspx?id=46071 (2016-02-10)
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  • The Consumer Realities of Uncompensated Care
    Y Surviving in Tough Times Needed Patient Centric Revenue Model Group Practice Journal Citi Retail Services October 2013 b Finn P Pellathy T and Singhal S U S healthcare payments Remedies for an ailing system McKinsey on Payments April 2009 Publication Date Friday January 15 2016 BACK TO PAGINATION The leading source of uncompensated health care is the portion for which patients are responsible It s also the fastest growing source nearly half of all patient financial obligation gets written off as bad debt which totaled 65 billion in 2010 and is projected to rise to 200 billion by 2019 a Given that what we re actually talking about is the reality of consumer financial behavior and expectation it is worth examining this reality in the context of consumer mobile and electronic payments It also is important to recognize that increasingly all insured patients are more like self pay patients than ever before The New Meaning of Self Pay In 2009 researchers estimated that out of pocket payments for insured patients amounted to 250 billion and projected the amount would rise to 420 billion by the end of 2015 b Most insured patients now have a significant amount of out of pocket obligation For patients purchasing insurance on the government run exchanges authorized by the Affordable Care Act the amount is even higher Through the first half of 2014 for example 80 percent of the plans sold on the exchanges were in the bronze or silver categories These plans have very high deductibles often twice the national average of employer sponsored high deductible health plans HDHPs Insured patients with HDHPs are stepping into the role of direct consumer purchaser and decision maker in a landscape that is either unfamiliar for the newly insured or has changed significantly since they first began navigating it for insured patients newly covered under some form of HDHP They re trusting their providers to help them navigate these new landscapes and they re also expecting a convenient transparent consumer experience At the same time mobile and electronic payment technology has had a major impact on consumers across all industries and all forms of commerce Want to order a pizza on Twitter using an emoticon You can do that Want to start a landscaping company and send your clients electronic reminders that they can click through and pay on their phone No problem Want to circumvent traditional high cost credit card payment terminals and high risk cash collection processes for your business You can definitely do that Consumers are accustomed to this technology and increasingly they expect and demand it They re accustomed to having greater insight into their prospective purchases in a more consumer empowered online financial landscape where pricing transparency convenience and personalization play a central role in how they re approached as consumers and how they make decisions This personalization transparency and convenience is built on a backbone of IT capabilities that are still finding their way into health care but that are rapidly gaining adoption as leaders recognize the relationship between patients experiences as consumers and patient engagement and satisfaction Patients are becoming increasingly sophisticated in their expectations of costs and payments and in areas such as electronic billing payment reminders mobile payments and automated payment plans healthcare organizations need to catch up Making Sense of Propensity to Pay With the rise in patient financial responsibility it might be tempting to double down on traditional collections processes But as anyone who works in health care knows these processes have never worked all that well to begin with hence the 49 percent of patient responsibility that ends up being written off as bad debt Foundationally and historically collection processes in health care have been hamstrung by a reliance on the consumer credit score which on its own is not a reliable predictor of patients true propensity to pay If healthcare organizations don t have effective modeling and prioritization of patient accounts if they rely on credit scores or other overly simplistic metrics to populate collections work flows and build work queues they inevitably spend an excessive amount of time and money chasing balances that have a higher cost to collect and that may not be collectible in the first place A more accurate analysis factors in historical healthcare payment behavior as well as where the patient stands in terms of progress toward deductible and how the patient s coverage and thus expectations may have changed over time If providers have insight into propensity to pay and a reliable process for proactively identifying the need for financial counseling they can dramatically reduce the cost to collect while accelerating the pace of collections at the very same time they re meeting patients increasingly sophisticated expectations for transparency convenience and consumer focused financial transactions Hello January Starting in the new year more patients will owe more out of pocket than they did in 2015 The payment landscape overall is evolving more rapidly than before and it is dramatically outpacing the evolution and adoption of new payment technology and processes in health care If healthcare organizations don t take immediate steps to keep up they risk getting stuck in a cycle of spending more to collect the same amount or less even as out of pocket payments make up an ever greater percentage of the revenue they count on That s why the time to act is now before the largest and fastest growing source of bad debt further outpaces healthcare organizations ability to manage it Ric Sinclair is vice president of Product ZirMed Footnotes a Key Trends in Healthcare Patient Payments J P Morgan 2013 and Felix J Y Surviving in Tough Times Needed Patient Centric Revenue Model Group Practice Journal Citi Retail Services October 2013 b Finn P Pellathy T and Singhal S U S healthcare payments Remedies for an ailing system McKinsey on Payments April 2009 Publication Date Friday January 15 2016 Please login to add your comments Advertisements HFMA Business Profiles McKesson Leveraging

    Original URL path: http://www.hfma.org/Content.aspx?id=45946 (2016-02-10)
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  • Four Ways to Prepare for Price Transparency Dialogue with Patients
    to deliver intelligent accurate information By putting the right tools and training in place you ll be ready to keep your patients from seeking that information and care elsewhere Heather Kawamoto is vice president of product management Recondo Technology Greenwood Village Colo Publication Date Thursday January 14 2016 BACK TO PAGINATION The ability to soften bad news has always been a prerequisite for the patient access department but the beginning of 2016 makes this skill all the more urgent Countless patients are experiencing the double whammy of soaring deductibles and an increase in their financial responsibility for healthcare services Savvy patient access departments have been preparing for the onslaught of new questions and demands from patients Here is what these departments are doing now and what yours can do as well Hold a refresher course on collection conversations Now is the time to clearly communicate to patient access staff any scripting changes needed to address patients concerns about what they owe and their ability to pay their deductible and coinsurance A conversation with a patient who owes 300 is very different from one with a patient who owes 3 000 Your staff should have a clear understanding of which financial options are available to patients and of how to frame those options It s a good idea to have a similar course for communicating with price shoppers Make sure your chargemaster is up to date As the base document for calculating a patient s estimate the chargemaster must reflect the most comprehensive and current set of chargeable items to ensure alignment with the latest payer contract terms Not surprisingly updating this list is a significant project best carried out with a strong project manager at the helm Primary tasks will include making sure all elements of a charge including the unique codes and descriptions are up to date With thousands of items to update it may make sense to divvy up the project by task One group can be responsible for chargemaster updates for example while another can make sure an updated list is deployed to the appropriate systems and departments Have an accurate price estimation tool in hand This will be the most important tool to have available when discussing patient financial responsibility A patient simply cannot make an informed decision without being aware of the true cost of care And patients won t keep paying at the point of service if a provider s estimate is always off the mark They ll eventually look for another provider and given today s advances in price estimation technology the time soon will come when they can easily find one with a more accurate tool on hand Rather than serving as a stand alone solution the best price estimators work in concert with a provider s scheduling and registration system Such a tool automates the entire process of getting estimates from querying and retrieving the latest benefit information from payer websites to matching this data against the hospital s chargemaster The end result is a tool that generates a comprehensive accurate estimate of the patient s financial responsibility based on the updated chargemaster current payer contracts and accurate patient benefit detail Get your website ready for pricing transparency In the context of price shopping providers with a web friendly tool will almost surely win more patients than those that continue to make the pricing experience opaque and unreliable Furthermore patients increasingly expect this information to be available online Sites such as Guroo and FAIR Health are giving patients new information on regional pricing and preparing them to seek and compare pricing from individual providers That said the first online price estimator on a provider s website doesn t have to include every bell and whistle To test the waters providers can implement a tool in multiple phases They can start by offering the basics allowing the patient to perform a procedure search by service keyword and or CPT code and then returning information on eligibility year to date benefits used and whether or not a provider is in network Between higher deductibles and greater financial responsibility for care patients are in for some serious sticker shock early this year Providers that can communicate the changes well and bring transparency to the process will have a definite advantage over those that are unable to deliver intelligent accurate information By putting the right tools and training in place you ll be ready to keep your patients from seeking that information and care elsewhere Heather Kawamoto is vice president of product management Recondo Technology Greenwood Village Colo Publication Date Thursday January 14 2016 Please login to add your comments Advertisements HFMA Business Profiles McKesson Leveraging Predictive Analytics to Rein in Operating Costs A leader from McKesson discusses how healthcare reform is forcing hospitals and health systems to take a different approach to capacity management and patient flow HFMA RESOURCE LIBRARY 6 Patient Revenue Cycle Metrics You Should Be Tracking and How to Improve Your Results Patient financial engagement is more challenging than ever and more critical With patient responsibility as a percentage of revenue on the rise providers have seen their billing related costs and accounts receivable levels increase If increasing collection yield and reducing costs are a priority for your organization the metrics outlined in this presentation will provide the framework you need to understand what s working and what s not in order to guide your overall patient financial engagement initiatives and optimize results HFMA Business Profiles Accretive Health Partners with Providers to Excel in a Rapidly Transforming Revenue Cycle Environment Emad Rizk MD president and CEO of Accretive Health discusses the uncertainty facing hospitals and the transitions affecting revenue cycle management HFMA RESOURCE LIBRARY 10 Ways to Reduce Patient Statement Volume and Reduce Costs No two patients are the same Each has a very personal healthcare experience and each has distinct financial needs and preferences that have an impact on how when and if they chose to pay their healthcare bill

    Original URL path: http://www.hfma.org/Content.aspx?id=45808 (2016-02-10)
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  • to individual needs and preferences is critical This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach but take control of rising collection costs HFMA Business Profiles Conifer Health Solutions Helping Providers and Employers Build a Foundation for Better Health Jim Bohnsack vice president solution corporate development for Conifer Health Solutions explains how the company helps healthcare providers leverage data to deliver better outcomes while optimizing reimbursement for all payment arrangements HFMA RESOURCE LIBRARY Reduce Patient Balances Sent to Collection Agencies Approaching New Problems with New Approaches This white paper written by Apex Vice President of Solutions and Services Carrie Romandine discusses the importance of patient segmentation and messaging specifically related to the patient revenue cycle Applying strategic messaging that is tailored to each patient type will not only better educate consumers on payment options specific to their billing needs but it will maximize the amount collected before sending to collections Further targeted messaging should be applied across all points of patient interaction i e point of service customer service patient statements and analyzed regularly for maximized results HFMA Business Profiles Ontario Systems Optimizing Accounts Receivable in a Rapidly Changing Environment Steve Scibetta senior director of channel sales for Ontario Systems healthcare product line shares insights into effectively managing receivables HFMA RESOURCE LIBRARY The Future of Online Patient Billing Portals This white paper written by Apex President Patrick Maurer discusses methods to increase patient adoption of online payments Providers are now seeking ways to incrementally collect more payments due from patients as well as speeding up the rate of collections This white paper shows why patient centric approaches to online payment portals are important complements to traditional provider centric approaches HFMA Business Profiles Optum Enabling Transformative Change Elena White vice president of risk quality and network solutions for Optum discusses how healthcare providers can leverage data and technology as they enable risk in their organization HFMA RESOURCE LIBRARY Payment Portals Can Improve Self Pay Collections and Support Meaningful Use Increased electronic engagement between healthcare providers and patients provides significant opportunities for improving revenue cycle metrics and encouraging patients to access EHRs This article written by Apex Founder and CEO Brian Kueppers explores a number of strategies to create synergy between patient billing online payment portals and electronic health record EHR software to realize a high ROI in speed to payment patient satisfaction and portal adoption for meaningful use HFMA Business Profiles Somnia Bending the Healthcare Cost Curve Toward Improved Anesthesia Value Somnia President and CEO Marc Koch MD MBA explains how hospitals can drive transformative change in the perioperative experience for outstanding clinical and financial outcomes HFMA RESOURCE LIBRARY Large Health System Drives 10 UP Patient Payments and 10 DOWN Billing related Costs Faced with a rising tide of bad debt a large Southeastern healthcare system was seeing a sharp decline in net patient revenues The need to improve collections was dire By integrating critical tools and processes the health system

    Original URL path: http://www.hfma.org/Leadership_Blogs/ (2016-02-10)
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  • Revenue Cycle Strategist
    Metrics You Should Be Tracking and How to Improve Your Results Patient financial engagement is more challenging than ever and more critical With patient responsibility as a percentage of revenue on the rise providers have seen their billing related costs and accounts receivable levels increase If increasing collection yield and reducing costs are a priority for your organization the metrics outlined in this presentation will provide the framework you need to understand what s working and what s not in order to guide your overall patient financial engagement initiatives and optimize results HFMA Business Profiles Accretive Health Partners with Providers to Excel in a Rapidly Transforming Revenue Cycle Environment Emad Rizk MD president and CEO of Accretive Health discusses the uncertainty facing hospitals and the transitions affecting revenue cycle management HFMA RESOURCE LIBRARY 10 Ways to Reduce Patient Statement Volume and Reduce Costs No two patients are the same Each has a very personal healthcare experience and each has distinct financial needs and preferences that have an impact on how when and if they chose to pay their healthcare bill It s no longer effective to apply static billing techniques to solve the complex challenge of collecting balances from patients The need to tailor financial conversations and payment options to individual needs and preferences is critical This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach but take control of rising collection costs HFMA Business Profiles Conifer Health Solutions Helping Providers and Employers Build a Foundation for Better Health Jim Bohnsack vice president solution corporate development for Conifer Health Solutions explains how the company helps healthcare providers leverage data to deliver better outcomes while optimizing reimbursement for all payment arrangements HFMA RESOURCE LIBRARY Reduce Patient Balances Sent to Collection Agencies Approaching New Problems with New Approaches This white paper written by Apex Vice President of Solutions and Services Carrie Romandine discusses the importance of patient segmentation and messaging specifically related to the patient revenue cycle Applying strategic messaging that is tailored to each patient type will not only better educate consumers on payment options specific to their billing needs but it will maximize the amount collected before sending to collections Further targeted messaging should be applied across all points of patient interaction i e point of service customer service patient statements and analyzed regularly for maximized results HFMA Business Profiles Ontario Systems Optimizing Accounts Receivable in a Rapidly Changing Environment Steve Scibetta senior director of channel sales for Ontario Systems healthcare product line shares insights into effectively managing receivables HFMA RESOURCE LIBRARY The Future of Online Patient Billing Portals This white paper written by Apex President Patrick Maurer discusses methods to increase patient adoption of online payments Providers are now seeking ways to incrementally collect more payments due from patients as well as speeding up the rate of collections This white paper shows why patient centric approaches to online payment portals are important complements to traditional provider centric approaches HFMA Business

    Original URL path: http://www.hfma.org/SpecialTopic2.aspx?id=19754 (2016-02-10)
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  • Archives
    more critical With patient responsibility as a percentage of revenue on the rise providers have seen their billing related costs and accounts receivable levels increase If increasing collection yield and reducing costs are a priority for your organization the metrics outlined in this presentation will provide the framework you need to understand what s working and what s not in order to guide your overall patient financial engagement initiatives and optimize results HFMA Business Profiles Accretive Health Partners with Providers to Excel in a Rapidly Transforming Revenue Cycle Environment Emad Rizk MD president and CEO of Accretive Health discusses the uncertainty facing hospitals and the transitions affecting revenue cycle management HFMA RESOURCE LIBRARY 10 Ways to Reduce Patient Statement Volume and Reduce Costs No two patients are the same Each has a very personal healthcare experience and each has distinct financial needs and preferences that have an impact on how when and if they chose to pay their healthcare bill It s no longer effective to apply static billing techniques to solve the complex challenge of collecting balances from patients The need to tailor financial conversations and payment options to individual needs and preferences is critical This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach but take control of rising collection costs HFMA Business Profiles Conifer Health Solutions Helping Providers and Employers Build a Foundation for Better Health Jim Bohnsack vice president solution corporate development for Conifer Health Solutions explains how the company helps healthcare providers leverage data to deliver better outcomes while optimizing reimbursement for all payment arrangements HFMA RESOURCE LIBRARY Reduce Patient Balances Sent to Collection Agencies Approaching New Problems with New Approaches This white paper written by Apex Vice President of Solutions and Services Carrie Romandine discusses the importance of patient segmentation and messaging specifically related to the patient revenue cycle Applying strategic messaging that is tailored to each patient type will not only better educate consumers on payment options specific to their billing needs but it will maximize the amount collected before sending to collections Further targeted messaging should be applied across all points of patient interaction i e point of service customer service patient statements and analyzed regularly for maximized results HFMA Business Profiles Ontario Systems Optimizing Accounts Receivable in a Rapidly Changing Environment Steve Scibetta senior director of channel sales for Ontario Systems healthcare product line shares insights into effectively managing receivables HFMA RESOURCE LIBRARY The Future of Online Patient Billing Portals This white paper written by Apex President Patrick Maurer discusses methods to increase patient adoption of online payments Providers are now seeking ways to incrementally collect more payments due from patients as well as speeding up the rate of collections This white paper shows why patient centric approaches to online payment portals are important complements to traditional provider centric approaches HFMA Business Profiles Optum Enabling Transformative Change Elena White vice president of risk quality and network solutions for Optum discusses how healthcare

    Original URL path: http://www.hfma.org/Content.aspx?id=3945 (2016-02-10)
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  • About HFMA Newsletters
    Growth strategies HFMA newsletters are aimed at healthcare finance leaders with topic specific information needs The more you subscribe to the more knowledge and connections you receive If you have any questions please contact Member Services at 800 252 4362 extension 2 BACK TO PAGINATION How To Strategies for Today s Challenges HFMA s three subscription newsletters provide healthcare finance leaders with expert insight and practical strategies Subscription Benefits Include Tailored articles offering technical how to details and thought provoking insights from healthcare finance leaders and industry experts E blasts delivered to your email linking you to electronic versions html of each issue Archive of past issues Print copies of each issue delivered to your mailing address Healthcare Cost Containment The bimonthly newsletter provides provider tested tactics for strategic cost containment In one past issue subscribers learned how Bon Secours Health System reduced blood use by 65 percent and adverse events by 14 percent while garnering savings of 1 97 million Other topics include Trimming service line costs Reducing labor and supply expenses Working with physicians to reduce clinical costs Transitioning to cost accounting Revenue Cycle Strategist In 10 issues a year this popular newsletter provides finance leaders with needed advice on denials management collections coding and other revenue cycle issues Recently subscribers learned how Mission Hospital reduced denied claims from Blue Shield of California by 65 percent Other topics include Responding to Medicare audits Resolving coding issues Improving insurance eligibility rates Using Lean process improvement to improve KPIs Strategic Financial Planning This quarterly newsletter provides specifics on how to prioritize implement and finance strategic and capital decisions In a recent issue subscribers learned how Adventist Health is gaining a better handle on actual costs by transitioning to a multiple RVU costing system Other topics include Successful financing approaches Strategic reimbursement tactics The latest strategic financial and capital planning approaches Business intelligence approaches Growth strategies HFMA newsletters are aimed at healthcare finance leaders with topic specific information needs The more you subscribe to the more knowledge and connections you receive If you have any questions please contact Member Services at 800 252 4362 extension 2 Please login to add your comments Advertisements HFMA Business Profiles McKesson Leveraging Predictive Analytics to Rein in Operating Costs A leader from McKesson discusses how healthcare reform is forcing hospitals and health systems to take a different approach to capacity management and patient flow HFMA RESOURCE LIBRARY 6 Patient Revenue Cycle Metrics You Should Be Tracking and How to Improve Your Results Patient financial engagement is more challenging than ever and more critical With patient responsibility as a percentage of revenue on the rise providers have seen their billing related costs and accounts receivable levels increase If increasing collection yield and reducing costs are a priority for your organization the metrics outlined in this presentation will provide the framework you need to understand what s working and what s not in order to guide your overall patient financial engagement initiatives and optimize results HFMA Business Profiles Accretive Health Partners with Providers to Excel in a Rapidly Transforming Revenue Cycle Environment Emad Rizk MD president and CEO of Accretive Health discusses the uncertainty facing hospitals and the transitions affecting revenue cycle management HFMA RESOURCE LIBRARY 10 Ways to Reduce Patient Statement Volume and Reduce Costs No two patients are the same Each has a very personal healthcare experience and each has distinct financial needs and preferences that have an impact on how when and if they chose to pay their healthcare bill It s no longer effective to apply static billing techniques to solve the complex challenge of collecting balances from patients The need to tailor financial conversations and payment options to individual needs and preferences is critical This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach but take control of rising collection costs HFMA Business Profiles Conifer Health Solutions Helping Providers and Employers Build a Foundation for Better Health Jim Bohnsack vice president solution corporate development for Conifer Health Solutions explains how the company helps healthcare providers leverage data to deliver better outcomes while optimizing reimbursement for all payment arrangements HFMA RESOURCE LIBRARY Reduce Patient Balances Sent to Collection Agencies Approaching New Problems with New Approaches This white paper written by Apex Vice President of Solutions and Services Carrie Romandine discusses the importance of patient segmentation and messaging specifically related to the patient revenue cycle Applying strategic messaging that is tailored to each patient type will not only better educate consumers on payment options specific to their billing needs but it will maximize the amount collected before sending to collections Further targeted messaging should be applied across all points of patient interaction i e point of service customer service patient statements and analyzed regularly for maximized results HFMA Business Profiles Ontario Systems Optimizing Accounts Receivable in a Rapidly Changing Environment Steve Scibetta senior director of channel sales for Ontario Systems healthcare product line shares insights into effectively managing receivables HFMA RESOURCE LIBRARY The Future of Online Patient Billing Portals This white paper written by Apex President Patrick Maurer discusses methods to increase patient adoption of online payments Providers are now seeking ways to incrementally collect more payments due from patients as well as speeding up the rate of collections This white paper shows why patient centric approaches to online payment portals are important complements to traditional provider centric approaches HFMA Business Profiles Optum Enabling Transformative Change Elena White vice president of risk quality and network solutions for Optum discusses how healthcare providers can leverage data and technology as they enable risk in their organization HFMA RESOURCE LIBRARY Payment Portals Can Improve Self Pay Collections and Support Meaningful Use Increased electronic engagement between healthcare providers and patients provides significant opportunities for improving revenue cycle metrics and encouraging patients to access EHRs This article written by Apex Founder and CEO Brian Kueppers explores a number of strategies to create synergy between patient billing online payment portals and

    Original URL path: http://www.hfma.org/Content.aspx?id=3707 (2016-02-10)
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  • Author Info
    although company names do appear in author bios Author Copies Authors receive complimentary copies of the issue in which their article appears HFMA members whose articles are published receive one point toward earning the HFMA Founders Merit Award BACK TO PAGINATION Revenue Cycle Strategist is published monthly by the Healthcare Financial Management Association Revenue Cycle Strategist accepts original manuscripts for publication consideration Unsolicited queries and manuscripts are welcome Audience The primary audience for Revenue Cycle Strategist is senior and mid level healthcare revenue cycle leaders including CFOs vice presidents of finance controllers revenue cycle directors patient financial services managers and business office managers Most of our readers are based in hospitals and health systems Type of Articles Articles for Revenue Cycle Strategist should be clear and concise Articles should focus on action specific practical steps readers can take to improve revenue cycle performance in their organizations Articles should explain why the issue is important and how to improve performance Tools and exhibits are encouraged Article length is 500 1 500 words Queries Authors should send a one to two paragraph summary of their proposed article idea to Betty Hintch senior editor Topics High priority topics are those that deal with the revenue cycle including billing and collections coding denials management Medicare managed care contract management cost containment information technology and compliance Pitfalls These are the types of manuscripts that don t fit our needs Scholarly works more suitable for an academic journal Articles that are overly general or lack action steps Articles that appear to promote a specific product or service Vendors are welcome to submit articles but should be sure that the articles present a systematic approach to understanding and improving business processes rather than solely describe the virtues of for example a particular type of technology Company and product names should not appear in manuscripts although company names do appear in author bios Author Copies Authors receive complimentary copies of the issue in which their article appears HFMA members whose articles are published receive one point toward earning the HFMA Founders Merit Award Please login to add your comments Advertisements HFMA Business Profiles McKesson Leveraging Predictive Analytics to Rein in Operating Costs A leader from McKesson discusses how healthcare reform is forcing hospitals and health systems to take a different approach to capacity management and patient flow HFMA RESOURCE LIBRARY 6 Patient Revenue Cycle Metrics You Should Be Tracking and How to Improve Your Results Patient financial engagement is more challenging than ever and more critical With patient responsibility as a percentage of revenue on the rise providers have seen their billing related costs and accounts receivable levels increase If increasing collection yield and reducing costs are a priority for your organization the metrics outlined in this presentation will provide the framework you need to understand what s working and what s not in order to guide your overall patient financial engagement initiatives and optimize results HFMA Business Profiles Accretive Health Partners with Providers to Excel in a Rapidly Transforming Revenue Cycle Environment Emad Rizk MD president and CEO of Accretive Health discusses the uncertainty facing hospitals and the transitions affecting revenue cycle management HFMA RESOURCE LIBRARY 10 Ways to Reduce Patient Statement Volume and Reduce Costs No two patients are the same Each has a very personal healthcare experience and each has distinct financial needs and preferences that have an impact on how when and if they chose to pay their healthcare bill It s no longer effective to apply static billing techniques to solve the complex challenge of collecting balances from patients The need to tailor financial conversations and payment options to individual needs and preferences is critical This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach but take control of rising collection costs HFMA Business Profiles Conifer Health Solutions Helping Providers and Employers Build a Foundation for Better Health Jim Bohnsack vice president solution corporate development for Conifer Health Solutions explains how the company helps healthcare providers leverage data to deliver better outcomes while optimizing reimbursement for all payment arrangements HFMA RESOURCE LIBRARY Reduce Patient Balances Sent to Collection Agencies Approaching New Problems with New Approaches This white paper written by Apex Vice President of Solutions and Services Carrie Romandine discusses the importance of patient segmentation and messaging specifically related to the patient revenue cycle Applying strategic messaging that is tailored to each patient type will not only better educate consumers on payment options specific to their billing needs but it will maximize the amount collected before sending to collections Further targeted messaging should be applied across all points of patient interaction i e point of service customer service patient statements and analyzed regularly for maximized results HFMA Business Profiles Ontario Systems Optimizing Accounts Receivable in a Rapidly Changing Environment Steve Scibetta senior director of channel sales for Ontario Systems healthcare product line shares insights into effectively managing receivables HFMA RESOURCE LIBRARY The Future of Online Patient Billing Portals This white paper written by Apex President Patrick Maurer discusses methods to increase patient adoption of online payments Providers are now seeking ways to incrementally collect more payments due from patients as well as speeding up the rate of collections This white paper shows why patient centric approaches to online payment portals are important complements to traditional provider centric approaches HFMA Business Profiles Optum Enabling Transformative Change Elena White vice president of risk quality and network solutions for Optum discusses how healthcare providers can leverage data and technology as they enable risk in their organization HFMA RESOURCE LIBRARY Payment Portals Can Improve Self Pay Collections and Support Meaningful Use Increased electronic engagement between healthcare providers and patients provides significant opportunities for improving revenue cycle metrics and encouraging patients to access EHRs This article written by Apex Founder and CEO Brian Kueppers explores a number of strategies to create synergy between patient billing online payment portals and electronic health record EHR software to realize a high ROI

    Original URL path: http://www.hfma.org/Content.aspx?id=4252 (2016-02-10)
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