Automation and Transparency: The New Revenue Cycle Imperatives Presented by Matt Seefeld & Kevin Don
Event Date: September 8th, 2021
This program is valid for 1 CHBME credit
Faced with some of the tightest operational margins in recent history, today’s healthcare organizations need tools and workflows that speed revenue cycle processes and ensure complete, accurate capture of all monies owed—especially in an era that is marked by greater patient financial responsibility. Achieving the needed efficiencies can be daunting for financial executives who manage large billing teams across multiple locations. How do managers ensure staff are working smart—focusing on tasks that have potential to produce the most return on investment—and create an atmosphere of accountability that improves performance?
This presentation will illustrate how Falck US, the second largest providers of emergency medical services in the country, substantially improved revenue cycle performance through implementation of a data-driven approach to workflows and oversight of financial health. Kevin Don, the company’s executive director of global business services, will demonstrate how implementation of workflow automation and data analytics solutions improved transparency into the activity of his 100-plus person billing team. Within three months of implementing the workflow automation and data analytics solutions, Falck achieved their highest collection months in March and April 2021, up 24% from the previous 10 months. Since go-live, Falck has realized an increase of 14% in insurance payments, and implementation of a mobile engagement strategy yielded a 23.4% increase in collections of patient responsible balances. In addition, mobile engagement with patients has expanded the organization’s ability to identify insurance, which would have otherwise aged to bad debt.
By the end of this session, attendees will be able to:
- Define revenue cycle challenges for billing companies that result from lack of transparency and non-productive activity and the downstream impact to provider clients
- Analyze how workflow automation tools can improve productivity by prioritizing revenue cycle processes around greatest return
- Discover how analytics tools can streamline views into revenue cycle and provide a real-time snapshot of financial health
- Identify best practices and pitfalls to implementing revenue cycle automation and analytics tools.
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