Revenue Cycle
Today’s hospital revenue cycle is strained by so many ongoing challenges that it’s often hard to know where to begin. With governmental and managed care audits on the rise, and the pressure to convert to the ICD-10 system by 2013, more organizations find their day-to-day operations, processes and systems are barely sufficient to meet today’s needs, let alone tomorrow’s regulatory standards. Factor in the need to recruit and retain the necessary talent to successfully guide and maintain the revenue cycle and making improvements in your organization’s revenue cycle performance may seem even more out of reach.
The Insight team recognizes that maximizing revenue potential is more than just a goal: a smoothly functioning revenue cycle means financial improvement and a better patient experience. Our Revenue Cycle services offer these benefits to our clients:
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Improved cash flow
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Increased net revenue realization
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Decreased cost of collection
Insight’s services include:
ASSESSMENTS
When we perform an assessment of your organization’s revenue cycle, we consider all the factors involved – from each individual facility’s environment to payer mix – then compare your performance against industry benchmarks. Among the components we review are:
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Patient access and registration
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Charge capture and posting
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Medical records coding and documentation
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Claims billing and cash collections
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Denial management
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Care coordination
Then, we quickly develop a plan that includes recommendations for improvement in specific areas, and describes the financial impact of the changes on your organization's bottom line.
IMPLEMENTATION SUPPORT OR INTERIM MANAGEMENT
We find that organizations often need assistance with day-to-day management and implementation of revenue cycle recommendations. If needed, we can help you implement the plan or provide interim leadership to guide the process.
Our implementation support/interim management service is led by the same experienced revenue cycle Insight professionals who were involved in the assessment. We work in collaboration with your organization’s revenue cycle staff for one reason: we don’t believe that implementation should take place in a vacuum – with an army of consultants “fixing” the problems then leaving the staff to take over day-to-day operations without adequate training or any sense of ownership in the solution. We find that working together empowers your existing staff by giving them the proper training, tools and knowledge to sustain improvements and continue the upward trend. Successful, sustainable revenue cycle implementation is all about collaboration.
