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4 Executives' Tips to Improve Healthcare Revenue Cycle

Last week, our CEO, Tom Gimbel, joined a panel of executives from major healthcare systems across the country at Becker’s Healthcare’s 5th Annual Health IT + Revenue Cycle Conference. The panel focused on ideas to improve revenue cycle, and the conversation centered around artificial intelligence, training and development, and culture. Here were the highlights: 

 

Artificial Intelligence: 

  • To use AI properly, we have to know our patients and their conditions. We have to understand each patient is different, and what they need is different. We don’t want to propose a payment plan if a patient is able to pay. The key to using AI effectively, is working closely with front line staff to better understand patients, and then incorporate AI.  

  • The tricky thing about AI is that you never want to automate a bad process, and that’s what many of us would be doing today if we brought in artificial intelligence. We need to create good processes before we can implement AI.....and then, we need to train the employees who are using the technology.  

  • One of the challenges with AI in rev cycle is that there are so many possible permutations of repeatable behaviors, whether it’s pre-certification, authorization, etc. We’d have to determine how to master the variances before we’d be able to implement AI effectively.  


Training and Development: 

  • Too many rev cycle leaders aren’t willing to take their top processor out of production and charge them with creating the training program for incoming employees. The best ideas often come from people on the front lines. How are you ever going to have the best rev cycle group if you aren’t willing to take your best person and have them design it?  

  • Too many leaders argue the cost of training is too high, but if improved training leads to decreased DSO (days sales outstanding), the training program will pay for itself. If you find that you have turnover every nine months, improved training could help stem that and again pay for itself. The trade off is exponential.  

  • If you have a strong training program, you will be able to expand the profile for your hiring needs. You can take chances on hiring decisions, and bring someone in without the exact experience.  


Culture:   

  • To ensure you have the right people in the right roles, you have to focus on culture. You have to create a fun place to work, a place where people are appreciated and feel valued. This can be hard to do because in revenue cycle, there’s so much volume coming in, but it’s imperative.  

  • A big component of culture is training and development. Staff want to be invested in, they want to feel they have the skills to do their job, grow, and get promoted. Invest in training, whether it’s cross training between reps or training with front end employees who are taking care of patients.  


 

If you’re growing your revenue cycle team, we can help. Click here to discuss your hiring needs. 

 

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