Hear which areas offer performance improvement opportunities over the next few years.
What are the biggest opportunities for revenue cycle over the next few years?
“One of the most important trends we're seeing in the revenue cycle is better use of technology. As leaders, we need to leverage the technologies that we've implemented and learn to use them to maximize our return and increase cash collections. We have built several interoperabilities between payers and our software. Now if we can optimize that technology, I think that's an opportunity for us to reduce denials and increase cash collections.
“Leaders also need to take a deep dive and look at the insights from systems that we have implemented. We need to understand them and further best practices, extending where they've actually improved our workflows, where they have decreased the time it takes to evaluate and collect on an account, and where they have increased visibility into accounts so that we understand the challenges with collecting on those accounts. We need to use our insights better to get down to the root cause and understand what is increasing or decreasing our net revenue and our profitability, our cash collections. We have a lot of complex technologies, and if we haven't done the change management necessary with our teams to adopt our systems, we aren't going to maximize the use of those systems. And I think those are some of the biggest opportunities that we see: evaluating the functionality of our technologies and making sure we're using them to the best of our ability.”