Five Strategies to Supercharge Your Revenue Cycle Profitability for Outpatient, Outreach, and Ambulatory Centers
While using electronic medical record technology works well for many areas of the hospital, revenue cycle profitability suffers in outpatient, outreach, and ambulatory centers when relying on EMR and enterprise RCM processes. Becker's Hospital Review hosted a complimentary live webinar titled, "Five Strategies to Supercharge Your Revenue Cycle Profitability for Outpatient, Outreach, and Ambulatory Centers," in which XIFIN experts presented hidden revenue opportunities and process improvement strategies for outpatient-related hospital claims that lead to improved multi-department profitability.
Many hospitals and health systems attempt to handle revenue cycle management activity associated with all claims via their existing electronic medical record (EMR) technology. While finance executives may see this as the most cost-effective approach, RCM team leaders supporting ambulatory, outreach/outpatient laboratory, and ancillary services, know that this approach can lead to many cumulative dollars in high volume, low value claims going uncollected. The XIFIN team estimates that each time a person must intercede to resolve an outpatient claim, it costs a minimum of $25. This eliminates most profit on low dollar claims and leads to policies of low dollar threshold write-offs. Individually, each claim's lost dollars are small, but collectively, they can comprise a healthy chunk of hospital revenue.
Many hospital outreach labs have successfully addressed these high volume low dollar challenges and turned these write-offs or bad debt into revenue and profit. Discover successful strategies that outpatient-centered services can employ to improve cash and profitability.
The on-demand recording will be available on this event page shortly.
During this webinar, participants will learn:
How hospital outpatient labs and outreach programs have increased cash collections between 20% to 40%The benefits of sharing diagnostic RCM expertise beyond the outreach lab to support health system business objectives such as patient and physician engagement initiativesHow end to end RCM automation - including denials and appeals management - can help control and even lower costs
Considerations for health system RCM leaders to determine when to outsource some or all of the process for outpatient services
Featured XIFIN Speakers
Brian L. Kemp
VP, Strategic Revenue Cycle Operations & Initiatives