To remain successful, today’s health organizations need faster net revenue and reduced variability in their cash flow. Though providers are always working to optimize margins, most have yet to pursue one of the most promising performance enhancers of all: predictability.
It’s no longer enough to boost revenue capture and reduce costs. Providers also need less variability in their cash flow and more accurate revenue calculations — closer to the time actual services are rendered. This is important because in order to respond to the dynamics in the marketplace, providers need to quickly translate that margin performance into business growth.
Ultimately, the margin-performance challenge is about securing organizational reputation, integrity and viability. It’s up to financial leaders to deliver the results needed to fund the networks, outreach, care coordination and specialty services that will serve community needs and maintain community respect.
How to do it? We’ve seen clients make fast improvements by fine-tuning their coding and documentation practices to reduce AR days, speed reimbursements and swiftly stabilize cash flow. Modernizing and streamlining the claims process puts providers in a stronger position to engage value-based contracts.
And most of the margin potential from those value-based contracts is linked to quality metrics. Those metrics build from the data initiated at the beginning of the cycle, which is amended in the middle and then pushed forward into the analytics engine that tracks and measures performance.
The years ahead are ripe with game-changing opportunities, and a finely tuned revenue cycle can serve as the springboard to innovation. With sharp financial tools and actionable data, organizations will have the adaptability to pursue a new generation of good ideas and continue to drive their financial performance.
After working with four out of five hospitals, managing $52 billion in billings and 46.5 million patient encounters, Optum360® has the insight and experience to simplify the business of health care. Our 7,700 performance experts deliver revenue cycle leadership, innovation and operational excellence so providers can fulfill their strategic vision and focus on care and healing.
Senior Vice President, Service Center Operations
“We look underneath current procedures or payer policies and do a deep analysis to see which systems offer the most opportunity. That insight helps our clients see what impacts them on a day-to-day basis and how we can develop a more efficient process.”
Revenue cycle goals