Revenue cycle and financial executives should take note of General George Patton's quote.
"Lead me, follow me, or get out of my way.
" It may be a wise idea for healthcare business executives to prepare for the future by looking at the past.
Great leaders are willing to take chances and do things differently.
General Patton had a reputation for toughness and perseverance.
He was a change agent in his own right.
He believed that "If everyone is thinking alike, then somebody isn't thinking.
" Would it be fair to say that traditional thinking, isn't thinking at all or does traditional thinking embody the message Albert Einstein was attempting to send when he said; "The definition of insanity is doing the same thing over and over again and expecting different results?"? The implementation of healthcare reform has become more complex than reform experts projected.
Preparing for the complexity to meet the demands of healthcare legislation poses new challenges for healthcare executives.
New reimbursement models require adjustments in workflows to ensure key metrics are met, and revenue is delivered to offset a rise of operating costs.
As hospital financial executives prepare to meet reform challenges, they are attempting to identify operating performance improvements and cost reductions, including but not limit to addressing the complexity of collecting revenue from private pay patients.
How will executives meet the challenges of the new world of healthcare business? With revenue cycle complexity rising faster than operational workflows can improve performance, hospital business executives must leverage new strategies.
Seeking innovation through transformational thinking is more important than ever.
CFOs and business executives must become change agents and adjust their traditional thought processes in order to meet the demands of today's new business environment.
One of the first areas to consider for creating revenue cycle operational adjustment is to focus on the inefficiencies of collecting patient payments.
Typically, current methods for improving payment collection is to outsource patient collection and payment functions to an early out vendor.
Eliminating inbound and outbound patient communications and collection letter delivery helps to reduce the time-consuming and distracting functions for revenue cycle leaders.
The typical strategy of outsourcing self-pay eliminates a small portion of the distraction patient access and financial services executives have to deal with.
The best practices' strategy is to eliminate the entire process of customer service call center services and payment's collection, therefore, eliminating the management of functions that touch the self-pay financial class.
There are other strategies to consider to improve performance and reduce costs.
Consideration must be given to payment processing portals, scheduling and pre-registration outsourcing services, payment bill estimation and advanced POS collection approaches.
"Lead me, follow me, or get out of my way.
" It may be a wise idea for healthcare business executives to prepare for the future by looking at the past.
Great leaders are willing to take chances and do things differently.
General Patton had a reputation for toughness and perseverance.
He was a change agent in his own right.
He believed that "If everyone is thinking alike, then somebody isn't thinking.
" Would it be fair to say that traditional thinking, isn't thinking at all or does traditional thinking embody the message Albert Einstein was attempting to send when he said; "The definition of insanity is doing the same thing over and over again and expecting different results?"? The implementation of healthcare reform has become more complex than reform experts projected.
Preparing for the complexity to meet the demands of healthcare legislation poses new challenges for healthcare executives.
New reimbursement models require adjustments in workflows to ensure key metrics are met, and revenue is delivered to offset a rise of operating costs.
As hospital financial executives prepare to meet reform challenges, they are attempting to identify operating performance improvements and cost reductions, including but not limit to addressing the complexity of collecting revenue from private pay patients.
How will executives meet the challenges of the new world of healthcare business? With revenue cycle complexity rising faster than operational workflows can improve performance, hospital business executives must leverage new strategies.
Seeking innovation through transformational thinking is more important than ever.
CFOs and business executives must become change agents and adjust their traditional thought processes in order to meet the demands of today's new business environment.
One of the first areas to consider for creating revenue cycle operational adjustment is to focus on the inefficiencies of collecting patient payments.
Typically, current methods for improving payment collection is to outsource patient collection and payment functions to an early out vendor.
Eliminating inbound and outbound patient communications and collection letter delivery helps to reduce the time-consuming and distracting functions for revenue cycle leaders.
The typical strategy of outsourcing self-pay eliminates a small portion of the distraction patient access and financial services executives have to deal with.
The best practices' strategy is to eliminate the entire process of customer service call center services and payment's collection, therefore, eliminating the management of functions that touch the self-pay financial class.
There are other strategies to consider to improve performance and reduce costs.
Consideration must be given to payment processing portals, scheduling and pre-registration outsourcing services, payment bill estimation and advanced POS collection approaches.
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