In December 2012, RelayHealth sponsored a webinar with Healthcare Finance News, Accelerating Service-to-Payment Velocity which helped attendees learn to identify the most impactful opportunities for accelerating payment from payers using new insights into claims data. One of the most interesting pieces of information from the webinar was a live polling question that asked attendees:
Is your organization effectively integrating insights from benchmarking within your revenue cycle management processes?
Velocity. While the term makes you think of fast cars and ascending planes, it’s essential to your revenue cycle, too. But how do you accelerate payment from two sources of cash – payers and patients? How can you improve your organization’s overall financial health? How can you help reduce strain on your critical resources? And finally, how can you help improve patient experience and engagement?
Recently, RelayHealth presented a webinar to the Healthcare Financial Management Association (HFMA) membership entitled, Patient Revenue Cycle Best Practice Benchmarks. The webinar was extremely well attended which leads one to wonder why this topic was so hot.
Strategic management throughout the revenue cycle process can help hospitals to achieve their overall cash collections goals. Hospitals that provide pre-service financial counseling to patients that includes point-of-service (POS) collections supported by a proactive process for post-service collections see greater success in collections throughout the revenue cycle. Also key to improving the process is leveraging technology to accelerate reimbursements from primary and secondary payers, including Medicare.
If you could build a better business office for your hospital, what would it be like?
Beginning today and for the next three Tuesdays, we’re sharing a 4-part blog series to assist you in optimizing your revenue cycle. Each blog post will also link to an executive brief that will provide you with a variety of ideas for optimizing cash flow and proactively managing your financial performance and reimbursement. The series will cover the following topics:
On the heels of ANI2012, RelayHealth is sponsoring a live webinar with HFMA on benchmarking strategies. In this live session, Jason Williams, VP of Business Analytics, RelayHealth, will discuss strategies to help hospital and health systems identify macro revenue cycle trends, develop insight for improved payment velocity, and discover root cause to drive financial improvement.
Comparative Analytics: The use of standardized data to give organizations an objective and timely performance measurement, against their peers as well as their past.
With the demands of healthcare reform, new payment models, and quality metric requirements, benchmarking performance is becoming a critical factor in the success of healthcare organizations. I recently sat down with Jason Williams, RelayHealth’s VP of Business Analytics to talk about healthcare analytics, performance benchmarking, and the move towards comparative analytics.
Continued discussion with Jason Williams, VP, Business Analytics on comparative analytics.