Optimize Your Revenue Cycle

5 steps to boost productivity

Facing pressures on margins and reimbursement rates, U.S. healthcare organizations are redoubling their efforts to optimize their revenue cycles. But many obstacles stand in their way, including:

  • Limited account status visibility
  • Little or no root cause analytics
  • Complex, underused technology mix
  • Inaccurate, unconnected reporting
  • Staffing issues (e.g., training; turnover; limited local talent; remote work dynamics)
  • Overreliance on manual processes
  • Increasing denials
  • Dependence on patient accounting systems and denial management processes to solve workflow issues – neither of which is typically well suited to this purpose

Best practice steps to success

Based on our decades of partnership with hundreds of organizations, we believe the following five steps are the best path to optimizing your revenue cycle results.

  1. Set your baselines: Take an objective look at your productivity statistics and performance. Get granular with time and motion studies. This will ensure you begin with an accurate baseline.

  2. Audit your technology: Look across all of your revenue cycle systems. Are they the right ones? Are you maximizing their value? Is there redundancy? Is your staff fully trained on the systems they need to use? Is your reporting integrated, accurate, actionable, and timely?

  3. Benchmark and set goals: With your data and technology information in hand, it’s time to set your goals. Set them in context by benchmarking your performance against organizations similar to yours. Prioritize the issues having the largest impact on your productivity.

  4. Maximize automation: Automate anything you can. Clearly document manual processes to ensure staff productivity and accountability.

  5. Measure and adjust: Leverage available analytics to evolve your goals, technology, and staffing as your needs change.

How Xtend can help

Every day, healthcare organizations turn to us to find their revenue cycle gaps and inefficiencies, solve them, and put technologies and strategies in place for long-term success. We achieve these objectives for our customers through…

  • Visibility: Prism, our proprietary workflow system, integrates with your patient accounting system to provide real-time insights into what has been worked, when, by whom, and what steps were taken. These insights expose systemic, root cause issues (e.g., coding problems and cash flow “black holes”) that we can then solve.
  • Automation: Prism’s robotic process automation optimizes velocity and accuracy. We automate anything we can, routing any manual steps to the most appropriate staff.
  • Actionable reporting: We customize your reports based on your goals.
  • Expertise: Having worked with all types of organizations, we can help you set and exceed your goals.
  • Patient focus: We will deliver a positive, simplified patient experience. From registration through billing, every touchpoint will be clear, efficient, and mission aligned.
  • Agility: Whether it’s a single project or full revenue cycle outsourcing, our tailored solutions will meet your needs.
  • Compliance: Prism and our implementation of Finvi’s FACS application hold the HITRUST Risk-based, 2-year Certification.