6 Successful Ways to Enhance Growth Pathways for Healthcare Revenue Cycle Staff (2024)

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6 Successful Ways to Enhance Growth Pathways for Healthcare Revenue Cycle Staff (4)

June 7, 2024
June 7, 2024

Implementing effective revenue cycle education programs is essential to the financial health of every healthcare organization. The revenue cycle begins when an appointment is made and ends when all claims and payments have been made, but healthcare revenue cycle management (RCM) is nowhere near as simple or as straightforward as it seems. Healthcare organizations need a reimbursem*nt strategy that includes effective and engaging education for RCM staff from subject matter experts.

HealthStream’s Growth Pathways offers targeted learning opportunities specifically designed for cross-training, career advancement (laddering), and onboarding new RCM staff. Growth Pathways ensures that RCM staff are equipped with the right knowledge and skills at each stage of their RCM journey.

Enhance RCM Growth Pathways

Homegrown programs for RCM education are not the most effective or efficient solution. Rapidly changing regulations and changes in how healthcare services are reimbursed make a trusted educational partner a necessity. When evaluating the RCM education your organization is providing to staff, you may want to remember 6 RCM education essentials.

  1. Skill-Building Certifications: Help your staff to pursue industry-recognized certifications relevant to RCM through Growth Pathways. These credentials will not only enhance your team’s skillsets but also demonstrate the organization’s commitment to professional development while strengthening credibility within the organization and with employees.
  2. Growth Recognition: With Growth Pathways employees can earn badges when they complete training modules and achieve key educational milestones. Badges serve as a tangible representation of progress and expertise, fostering a sense of accomplishment with the employee and demonstrating the organizational commitment to a culture of lifelong learning.
  3. Staff Collaboration Fosters Growth: Growth Pathways is not just about individual development. The program encourages knowledge sharing and collaboration among staff which promotes overall team growth and a supportive learning environment. It can also contribute to staff retention and engagement.
  4. Empowering Career Choices: Career ladders and educational opportunities are essential to improving staff retention and engagement, and ultimately reducing denials and improving bottom-line performance. Your staff will find it easy to explore additional career paths thanks to Growth Pathways. The program provides guidance and resources to help identify your team’s interests and map out a successful progression within the healthcare revenue cycle education solution.
  5. Rotation Programs: Programs that support rotation opportunities help staff experience different aspects of RCM and builds staff confidence. Rotation programs will expose them to diverse workflows, expand their knowledge base, and help them identify potential career paths within RCM. It will also lead to a deeper overall understanding of RCM and to improved teamwork, efficiency and effectiveness.
  6. Leadership Development Programs: Invest in training programs that equip RCM staff with leadership skills. Strong RCM education should empower the next generation of leaders with tools that will equip them to take on leadership roles, improve communication, and contribute strategically to the RCM department and to the organization.

HealthStream’s revenue cycle training program can support your organization’s efforts to empower your RCM team with the right knowledge to support a healthier bottom line.

Investing in these strategies reflects a commitment to both employee development and organizational success. By creating an environment where continuous learning is prioritized, healthcare organizations not only enhance the skills and satisfaction of their workforce but also improve overall efficiency, financial performance, and quality of care.

6 Successful Ways to Enhance Growth Pathways for Healthcare Revenue Cycle Staff (2024)

FAQs

6 Successful Ways to Enhance Growth Pathways for Healthcare Revenue Cycle Staff? ›

Revenue cycle starts with the appointment or hospital visit and ends when the provider or hospital gets paid fully for the services provided. The seven steps of revenue cycle include preregistration, registration, charge capture, claim submission, remittance processing, insurance follow-up and patient collections.

What are the 6 stages of the revenue cycle in healthcare? ›

Revenue cycle starts with the appointment or hospital visit and ends when the provider or hospital gets paid fully for the services provided. The seven steps of revenue cycle include preregistration, registration, charge capture, claim submission, remittance processing, insurance follow-up and patient collections.

How to improve revenue cycle in healthcare? ›

How to improve revenue cycle management
  1. Simplify patient access. Patient access is the entire new patient process. ...
  2. Understand payer rules. ...
  3. Improve payment collections processes. ...
  4. Workflow automation. ...
  5. Staff engagement and training. ...
  6. Focus on the patient experience.

How to be a successful revenue cycle manager? ›

With that in mind, here are eight ways to make your revenue cycle more efficient.
  1. Improve Appointment Scheduling. ...
  2. Automate Patient Eligibility Verification. ...
  3. Verify Payment Processes Up Front. ...
  4. Modernize Claims Processing. ...
  5. Outsource Medical Billing. ...
  6. Manage Claim Denials. ...
  7. Track & Follow Up on Claims.

What is the most important part of the revenue cycle in healthcare? ›

The most crucial part of Revenue Cycle Management is accurate and timely medical coding. Precise coding ensures that healthcare services are appropriately documented for billing, leading to proper reimbursem*nt, reduced claim denials, and a streamlined flow through the entire revenue cycle.

What is a revenue cycle in healthcare? ›

The Healthcare Financial Management Association defines revenue cycle as “all administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue.” Basically, then, the revenue cycle is everything that happens from the moment a patient account is created (at ...

What are the five key areas for revenue cycle improvement? ›

To help you get there, we've compiled a list of metrics and calculations to keep your practice on track.
  • Days in Accounts Receivable. ...
  • Accounts Receivable Over 90 Days. ...
  • Clean Claim Rate. ...
  • Denial Rate. ...
  • Net Collection Rate.

What are ways to optimize revenue? ›

How to Optimize the Areas of Your Revenue. There are four top-level strategies to work on when optimizing your revenue: acquisition, retention, expansion and pricing. As you're working to maximize the results of each area, it's important to remember that the strategies are not siloed.

What are the two important keys to successful revenue cycle management? ›

Two important keys to successful revenue cycle management are information technology and electronic claims processing.

What is the most important control in the revenue cycle? ›

Audit, Audit, Audit.

The only way to control where your revenue cycle is going is to better understand where it's been. Revenue cycle results, both good and bad, are repetitive. Effective audits leverage the good and mitigate/remedy the bad. The successful audit is the one that's undertaken.

What is the key to successful revenue management is first? ›

1. Analyze the Market. To implement a successful revenue management strategy, you must clearly understand your market, where demand comes from, and the local factors that might affect seasonal demand. You must also know your audience's needs, wants, and expectations.

What is the best way to evaluate Revenue Cycle Management performance? ›

Here are five quantifiable metrics within your revenue cycle that you should measure on a regular basis.
  • First pass resolution rate.
  • Net collection rate.
  • Denial rate.
  • Days in accounts receivable.
  • Cost to collect.

What are the 6 steps of the revenue cycle? ›

By comprehending these steps: patient pre-arrival, arrival, charge capture and entry, claim submission, remittance processing, and collections, healthcare providers can focus on capturing earned revenue while prioritizing quality and compliance.

What are the 13 steps of revenue cycle management? ›

The steps in revenue cycle management include designing a working model, aligning staff, patient registration, eligibility verification, prior authorization, managing co-payments and deductibles, charge capture and entry, medical coding, claims submission, claims processing, payment posting, claim denial management, ...

What are the 4 P's of the revenue cycle? ›

The 4P's To Revenue Growth: People, Promotion, Processes & Presence.

What are the stages of revenue? ›

Revenue is recognised in accordance with that core principle by applying a 5-step model as shown below.
  • Identify the contract.
  • Separate performance obligations.
  • Determine transaction price.
  • Allocate transaction price.
  • Recognise revenue.

What is the order of the revenue cycle? ›

Stages of the Order To Revenue Cycle
  • Order Management. ...
  • Fulfillment. ...
  • Revenue Recognition. ...
  • Reporting. ...
  • Analysis of Contributions to Revenue Recognition and Reporting. ...
  • Role in Business Growth and Financial Health. ...
  • Benefits for Customer Satisfaction and Revenue Accuracy. ...
  • Identifying Common Obstacles.
Dec 14, 2023

How many stages are there in a revenue lifecycle? ›

Define Revenue Lifecycle Stages

There are generally four stages of the customer journey: awareness, engagement, purchase, and loyalty. Each stage should be defined by its own goals, objectives, and tactics.

What are the phases of the revenue management life cycle? ›

Revenue Cycle Management Stages

Revenue cycle management in healthcare consists of five essential stages. They begin with verifying insurance and scheduling the appointment. Then they progress to the appointment, billing, payment, and post-payment analysis.

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