Optimizing cash flow in the 'new' mid-revenue cycle
As hospitals and other healthcare providers struggle to adapt to new reimbursement models, the “mid-revenue cycle” is becoming increasingly important for driving financial stability and improvements in quality performance.
In general terms, the mid-revenue cycle is defined as the phase in the process between patient access and the care provider’s business office.
More specifically, it’s “the moment the physician puts pen to paper or literally finger to key to document the care that’s been delivered and the disease state of the patient, all the way to the completion of coding and the handoff of a case to the billing team in the business office,” said Jim Lazarus, managing director of strategy and innovation for The Advisory Board Company.
Lazarus intends to explore the functions of the mid-revenue cycle that ensure success for healthcare organizations.
“The revenue cycle is an area where every organization struggles right now, whether it’s fully recording and either getting credit for or getting reimbursed for the care we are delivering to our patients as well as the disease states that they came in for and needed to be treated,” Lazarus said. “There is a tremendous amount of energy and investment being made across the industry right now in this middle of the revenue cycle.”
For good reason, because a lot can go wrong in the middle —especially, Lazarus said, amid the ongoing transition to value-based care and payments.
“Incomplete or poor documentation or mid-cycle performance in our current environment leads to lost revenue,” he explained. “You leave dollars on the table literally every day, every organization, because of challenges in our mid-cycle.”
The session will cover how to actively manage physician impact on revenue, how to unify the mid-revenue cycle to boost financial operations, and how to improve revenue cycle performance by tightening up coding, clinical documentation, and compliance.
“Optimizing Revenue and Quality: The ‘New’ Mid-Revenue Cycle” will be held Tuesday, April 14, from 2:30 to 3:30 p.m. in Room S105 of McCormick Place.