Encouraging the Frontline to Improve Hospital Revenue Cycle

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Encouraging the Frontline to Improve Hospital Revenue Cycle

The associate administrator of finance at Williamson Medical Center Rodney Adams believes that there is always a possibility for improving the hospital revenue cycle. He further emphasizes that every hospital has an opportunity to improve their hygiene rates, service collection, and reduce rework and training.

Adams believes this would be beneficial for not only the revenue cycle but throughout the overall financial area of the health organization.

According to the analysis conducted by healthcare consulting firm Navigant in 2018, hospitals are facing the toughest financial situation these days.

A major area of healthcare has fallen from its operating income between the fiscal year of 2015 and 2017.

The pressure on the revenue cycle is real, the rate of return, consumerism and other global trends have descended immense pressure on the revenue cycle.

The key to improving the financial situation of healthcare is to navigate tighter margins; value-based returns and provide the best service possible to patients to meet their demands.

In short, every department and its staff members ultimately play a vital role to improve the financial problems of an organization.

Every department comprises boards and managers who can do wonders by applying their knowledge and information at relevant places as well as training the hospital employees to help the financial improvement of the hospital.

All they have to do is to critically observe the performance of the staff and make relevant adjustments that will help the hospital to meet their financial goals.

Adam has mentioned two of the most important metrics i.e. The Monthly Metrics and The Daily Metrics that will not only help in improving the financials but will also provide the daily feedbacks or scoreboard, to improve the department’s everyday performance.

The Visual Management Board

Adam has mentioned in his interview about the importance of a visual management board.

These boards visualize the performance of frontline managers, their daily performances and how their performance is affecting department goals that would in turn gradually affect the goals of the organization.

In hospitals, these visual management boards help in accessing the data of patients, their feedbacks and every detail that has been collected during the registration.

This would help in acquiring the quality data because the first and initial level of the visual management board is accuracy and to be very precise with initial accuracy. This would help them to analyze the performance of the staff at the initial level.

Adam has observed that there is a visible improvement in the revenue cycle through the application of visual management boards, in fact, performance has improved the hospital’s Medicare up to 90%.

Staff is motivated to perform better to improve the financial performance and stabilizing the department metrics that would contribute to the success of the hospital.

It is indeed a new edition to monitor performance and implementing them at first might present or be a little challenge but it will definitely be worth it.

In the end, the results will be inspiring and you will observe the enthusiasm and motivation among employees, according to Adam.