Monday, July 17, 2017

What Is Revenue Cycle Management? Hospitals Seem to Fail to Capitalize on Its Benefits

Hospitals could bring in more revenue if they choose to focus on revenue cycle performance over costs. In fact, some hospitals are even showing a concerning flat performance in revenue cycle management.

According to best practices firm Advisory Board, various health systems and hospitals are missing out on a huge opportunity to increase revenue due to lagging revenue cycle performance. In fact, an average hospital with 350 beds has overlooked an opportunity to earn as much as $22 million in revenue capture, according to the firm’s analysis.

What seems to be the problem? According to National Partner for Consulting at Advisory Board James Green, a number of critical benchmarks have been continuously sliding or have remained stagnant since 2011. Because of this, Green believes that there is now a need for “strategic overhaul.” That also means meeting the four key challenges that face revenue cycle performance today. Read more from this blog:

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