Executive Priorities and Revenue Cycle Challenges Facing Provider Organizations
eHealth Initiative (eHI) Foundation is conducting a study on executive priorities and revenue cycle challenges facing provider organizations. We are seeking the thought-leadership of revenue cycle executives for a report and webinar we are producing on the topic. Interviews are 15-30 minutes in length and consist of the questions below. If you are a Vice President of Revenue Cycle, Chief Financial Officer, Manager of Patient Financial Services, or an executive who handles revenue cycle, and would like to participate in our resesarch study, please contact Nekose Wills at firstname.lastname@example.org.
Rapidly increasing patient responsibility and consumerism have caught many organizations off-guard with inadequate technology, staffing, training, workflow, and processes. These shortfalls impact the cost of revenue collection, patient and employee satisfaction, and financial yield.
- What type of resources and technology are you allocating to patient engagement efforts and increased consumer needs or requests?
- Can you give me three examples of the technology or resources you have?
- What do you believe are the top areas you will need over the next 12-18 months?
Supporting Fee-for-Service plans and implementing value based care in parallel is daunting for provider organizations. Without significant investments, providers expect to see damaging impact to yield, revenue, overall costs, and patient and employee satisfaction, which in turn creates significant pressure to defend revenues and drive down costs. For example, Brookings Institute released recommendations for a blanket adoption of Medicare’s Bundled Payment Program, although there are alternatives to consider that may be better suited value-based care.
- How are value based care trends impacting your decisions about technology?
- Are you slowing down or speeding up adoption of new technology?
- Are you looking to acquire new apps or systems?
There are many environmental changes occurring, and providers can’t necessarily afford to maintain disparate technologies and processes. There are three market consolidation trends having an impact:
- Provider consolidation i.e. Hospitals have acquired providers and large provider organizations have merged
- Solution and technology consolidation i.e. Large organizations are consolidating technology in preparation for changing reimbursement models
- Vendor consolidation i.e. Large provider organizations are limiting vendors to those who can meet multiple business needs
- Which of the three consolidations do you see as having the greatest impact on your organization?
- Which have the greatest financial or regulatory impact?
- Where do you see opportunities to consolidate and/or outsource technology in the next 12-18 months?
- What types of solutions and tech do you feel must remain in-house?
The opportunity to improve the pre-service part of the patient journey is driving a great deal of innovation across the industry today among both existing players and new entrants. Pre-service can include scheduling, pre-registration, financial counseling, registration, and denial prevention all before service has been rendered. However, the new pre-service solutions may not offer a complete solution.
- What pre-service innovation is the market missing? Where would you have innovators focus their strategies?
- What administrative areas are your Board of Directors and CEO most interested in seeing progress in?
- What areas do you believe your patients are most interested in seeing progress?
- What areas of your administrative systems would you like to address this year? What is most in need of repair or updating?
- What specific investments are you planning to make over the next 12-18 months? Where do you feel the greatest resources are need?