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REVENUE CYCLE MANAGEMENT SERVICES

Revenue Cycle Management Servicves with Spectrum Health Partners

On a daily basis, healthcare entities face a significant number of operational challenges that can lead to cash flow shortfalls and declining profit margins. A weakness in the Revenue Cycle System of any organization can lead to negative operating results. Cash is King! The quicker an entity can bill for services rendered and collect on outstanding net patient revenue, the better positioned the organization is to pay all forms of expenses/capital improvements timely.

Consistent with the emphasis of our consulting practice on operational finance, we understand at a fundamental level the mechanics of how revenue specific processes ideally work, and our firm has experienced firsthand most of the potential shortfalls which can arise from system, procedural, or staffing deficiencies. We are equipped to assess the range of patient specific processes and their respective linkages which build out your organizational revenue platform.

An improvement in the Revenue Cycle for a healthcare entities business is typically a great step to improving cash flow and improving profit margins. Spectrum Health Partners (SHP) has designed a tool, the Revenue Cycle Performance Improvement Tool (RCPIT), which quickly identifies problematic components of the revenue cycle based on financial data analysis and a review of current processes in relation to the best/optimal practices. The approach, centered on a proven methodology for identifying incremental cash flow and improved net patient revenue, is designed to be cost effective.

SCOPE OF SERVICES

SHP’s approach to RCPITis simple and straightforward:

  • Establish a SHP secure HIPAA compliant Citrix Sharefile for the client.
  • Submit a detailed data information request to the client. Information is placed on the HIPAA compliant Citrix Sharefile.
  • Once data is secured, performan off-site data analysis.
  • Conduct an on-site visit to the client to interview managers responsible for the areas to be reviewed in order to evaluate current processes and compare to best/optimal processes.
  • Create a benchmark analysis and begin to draft improvement objectives.
  • Together with the improvement objectives, develop a draft benefit forecast.
  • Complete and review draft report with client; collaboratively agree on appropriate benchmarks and targets.

As the final step in the RCPIT process, SHP will prepare and present an executive summary. The Executive Summary is designed to provide your organization with a detailed road map for process improvement that can lead to additional cash flow and net revenue improvement that will include the following deliverables:

  • Summary gap analysis in relation to best practices and appropriate benchmarks for each area evaluated. This summary analysis will show the value add through the RCPIT engagement.
  • High level projection of potential benefits relative to increases in net revenue and cash flow. In additon, if the entity is contemplating adding a service line(s), we can quantify the effect on cash flow.
  • Prioritized list of the most appropriate solutions to improve the financial position of the organization.
  • Scheduled follow-up within 3-6 months to ensure that the client is maximizing the benefits identified in the RCPIT Analysis.

Would you like more information?

For more information on how Spectrum Health Partners can assist your company with Lender Services, please contact…

Will Moore, CPA, CIRA, FHFMA
Partner
Cell Phone: (512) 750-0955
Email: wmoore@spectrumhpllc.com
Spectrum Health Partners

341 Cool Springs Blvd
Suite 305
Franklin, TN 37067
Office: (615) 778-4650