Issue link: https://beckershealthcare.uberflip.com/i/583494
Executive Briefing: 20 Executive Briefing: Revenue Cycle Management Rajendran. "There was little time for interpretation of the data before board meetings, let alone development of strategies to implement change. It's stressful to have the board or your man- agement company call you and ask for explanations about why volume is up, but the revenue isn't reflective of it. That is why I helped develop an easy-to-use solution specifically for ASC ad- ministrators and collectors." The solution, SourceMed Analytics, helps administrators answer the hard questions. It provides ac- cess to analytics daily. Allowing administrators to address prob- lems earlier and truly empower them to make a difference in the profitability of their center. With a solution such as SourceMed Analytics administrators can focus on why net revenue is at its current level. They have the time to look at each step inside the revenue cycle process so that they can educate the board and give them the facts to make decisions to move the bottom line. If net revenue has changed, explaining why it is up or down enables the center to be proac- tive. It can determine the answers to business questions such as what cases are most profitable and whether or not to hire a surgeon in a particular specialty. Workflow – Implementing the How Knowing what is driving your center's performance with ac- tionable metrics truly makes a difference in the success of your organization. In addition to allowing business decisions to be made with facts, reducing A/R is one of the easiest ways to im- plement change and make a huge impact on cash flow. A basic but critical function is to monitor collections follow-up. Do col- lectors have systemic tools to allow them to work more claims? "As an administrator it's important to help your staff work smart- er," says Rajendran. "A workflow automation solution can make all the difference. It again goes back to usable data. Figuring out both the quantity and quality of claims follow-up can be the difference in realizing revenue or writing it off. Workflow auto- mation gives everyone in the billing office the opportunity to bring success to the revenue cycle. Imagine if your collectors could walk in each morning and have a list of all of the claims that have yet to be paid and/or have been underpaid accord- ing to the agreed upon contract. If the heavy lifting has already been done for them, they can start collecting the revenue your physicians have earned. SourceMed Analytics streamlines the process further by giving collectors a single screen to view all the data pertaining to a case." Insuring the revenue health of an ASC has become more com- plex. Utilize the right tools to simplify the process and identify the gaps in results. n "Workflow automation gives everyone in the billing office the opportunity to bring success to the revenue cycle. Imaging if your collectors could walk in each morning and have a list of all of the claims that have yet to be paid and/ or have been underpaid according to the agreed upon contract." — Terry Rajendran, SVP of SourceMed Analytics SourceMed is the leading provider of solutions for the outpatient continuum of care. ASCs can improve operational efficiencies and profits with our software and analytics, revenue cycle management, and profes- sional services. SourceMed technology solutions capture, exchange, and analyze data enabling providers to deliver a higher standard of patient care.