5 Pain Points for Revenue Cycle Executives
Written by Andrew Hancock, Managing Director, and Kent Ritter, Director, Navigant
Significant gaps in expected revenue are the ultimate “pain point” for hospital and health system executives, and revenue cycle leaders are no exception. Understandably, their focus is naturally drawn to immediate, bread-and-butter solutions like reducing avoidable write-offs and bad debt, and improving timely billing and follow-up.
A recent survey of revenue cycle leaders demonstrates growing attention to longer-term transformation beyond these basic metrics. As providers are coming to realize, they need to deal with immediate shortfalls in a way that also establishes the infrastructure — organizational as well as technological — for deep, strategic, sustainable change.
Key learning points:
- The top five pain points for revenue cycle executives — the electronic health record (EHR), patient engagement, clinical integration, managing cost and scale, and revenue rebalancing — are also opportunities for higher-level strategic change.
- The revenue cycle is in a unique position to contextualize and drive that change.
- Revenue-cycle-driven exercises like revenue rebalancing require a holistic understanding of the health system’s strengths and weaknesses and an awareness of the disparate processes that impact those areas. Better coordination of those processes translates into a smoother, more seamless patient experience, as well as improved performance.
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