Although healthcare revenue cycle leaders follow a strict month-end process, there are unique nuances to closing out the fiscal year and planning for the year ahead, especially during a pandemic in which healthcare systems have been rattled.
Here are five areas healthcare revenue cycle leaders must focus on to set their team up for a successful start to 2024.
1. Forecast and budget
At the end of the year, healthcare revenue cycle leaders must prepare for the budget cycle, which includes forecasting what volumes might look like to ensure teams are adequately staffed and have the resources to support the needs of the business. If adding staff in 2023, here are a few characteristics to consider in new associates.
2. Understand the organization’s goals
For healthcare revenue cycle leaders to accurately forecast, they must understand the needs of the business and what the organization is expecting in terms of growth in the year ahead. For example, is the organization expecting to grow its orthopedic volume? Will there be any acquisitions? What are the revenue goals for the organization? These are questions leaders must understand so the healthcare revenue cycle team can support those initiatives.
3. Audit claims
Although healthcare revenue cycle leaders audit claims monthly to ensure open accounts receivables don’t carry over into the following month, they should do a “deep clean up” at the end of the fiscal year. Especially if the team has increased automation or A.I. in certain areas, it is important to ensure everything is running well and no mistakes are missed.
Start by evaluating open accounts receivable and conduct a claims audit to determine how to accelerate cash flow. Focus on unbilled claims and try to get that as low as possible. In an ideal world, there is minimal clean up; however, no healthcare revenue cycle team is perfect.
4. Evaluate staff
Evaluate the team’s performance over the last year to assess how top performers can continue to be challenged and engaged and how the lowest performers can improve. Who could benefit from additional training? Does staff know the career paths available to them?
Many teams are short staffed due to the current talent shortage and vaccination requirements for on-site healthcare workers. Depending on the organization, consider if it may be possible for unvaccinated employees to continue to work remotely, or if candidates planning to be vaccinated could start remotely as they wait to become fully vaccinated.
Also consider associate engagement scores to determine what areas should be targeted in 2024. How could leadership better support mental health and stress levels in the year to come? High staff engagement translates into a positive patient experience, so prioritizing hiring and retaining the right personnel is key.
5. Assess available technology
Healthcare revenue cycle management solutions and software are increasingly important in today’s healthcare system, but revenue cycle managers need to make sure the system they’re using is working for their team and their team is utilizing it correctly. The end of the year is a great time to reconnect with technology vendors to get updates on the system, ask for staff trainings or hear about new products that may be on the market. If the current software isn’t conducive for the team, consider putting out Request for Proposals (RFPs) to understand other players and price points in the market.
Consider also, for team members working from home, if new or additional technology is needed. For many, the same tech setup available in the office looks very different than what they have been using remotely. Leaders may consider if it could improve productivity and/or quality of work if these employees were provided additional technology.
With these items off the list, healthcare revenue cycle teams can be better prepared to head into 2024 and ready to hit the ground running.
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