Dive Brief:
- This year, hospitals are bracing for the threat of reduced reimbursement, especially from government payers. According to a recent survey, hospital execs see it as the top threat to their organization.
- To survive these reductions, hospitals need to give their staff extra training in retrieving revenue, as well as reduce costs, according to Robin Norman, senior vice president and CFO at Arlington,VA-based Virginia Hospital Center (VHC).
- To improve its revenue cycle integration, the VHC is moving its large employed physicians group to one billing platform.
Dive Insight:
With government revenue cuts looming, and the ICD-10 deadline swooping down in October, hospitals and doctors will be facing double trouble if their revenue cycle management process is leaking money. Add the uncertainties around the ACA policies, and there's never been a better time to see to it that the revenue cycle is locked down. Sounds like it's time to do a comprehensive review of the revenue cycle process to see if it's strategic and tight enough to prevent major losses.