The revenue cycle can’t be improved if it can’t be seen. Increasing transparency is central to protecting margins, elevating quality and building productive partnerships. Finding new ways to share accurate, timely information helps pave the way for better decision making by financial executives and patients alike. And with consumer and payer demands for data increasing, the table stakes for transparency are on the rise.
It’s no longer good enough to have insights into standard revenue cycle metrics. Providers need insight into their pricing, population health, net revenue and payer data. It’s becoming essential to offer transparency to communities, consumers, provider networks and any potential value-based partners.
And as data flow increases, the task of assessing it becomes more complex.
By adding the expertise to analyze the information stream, providers can gain actionable insights about every stage of the revenue cycle. Being transparent with these insights with all stakeholders facilitates the data-driven dialogue that can increase net revenue and yield, systemwide.
By being transparent with staff, patients, partners and the broader community, a health care organization can not only improve its financial stability but also the quality of their care. This strength and stability frees the CFO to focus on joint ventures, strategic initiatives and other business innovations and allows the organization to move forward into a new future.
At Optum360® we have experience with sharing information across the patient, payer and provider spectrum. Our pricing transparency tools are used by both payers and providers, ensuring that patients can get the pricing information they need to connect to the provider they deserve — a clear step forward in simplifying the business of care.
Senior Vice President – Strategic Client Relationships
“The revenue cycle can save money and improve the patient experience and the hospital’s reputation by exchanging accurate cost and clinical information with everyone — patients, clinicians and payers.”
Revenue cycle goals