RCM accelerates cash and secures financial health
Mike Vigo, chief revenue officer at UCSD, addressed the "Revenue Cycle Management Technology Adoption Model" at HFMA.
Miguel "Mike" Vigo is chief revenue officer at UC San Diego Health.
Photo: Courtesy Olivia Schlabach/Finn Partners
Financial pressures are forcing healthcare leaders to evaluate their revenue cycle management and how digital transformation can help.
At the HFMA Annual Conference yesterday, Mike Vigo, chief revenue officer at UC San Diego Health and Mark Janiszewski, chief solution officer at FinThrive addressed the "Revenue Cycle Management Technology Adoption Model."
The right RCM accelerates cash and secures financial health, Vigo said, speaking prior to the HFMA session.
Hospitals need to identify a model framework for RCM that assesses an organizations' technology footprint and operational key performance indicators. They also need to look at partnerships.
UCSD implemented a company-agnostic adoption model framework in partnership with FinThrive. It gets to the heart of point-of-service collections and how KPIs are operating, Vigo said.
The tool shows in what areas the revenue cycle is functioning well, and what areas need improvement. The model measures metrics and data for the front, middle and back of the revenue cycle. It takes hard-coded data and qualitative conversations, and groups algorithms.
Vigo's initial plan was to look at the metrics 30, 60 and 90 days out.
"That really helped me to review my strategy roadmap," he said. "I literally took my priorities and shifted them. The number one priority was AR (accounts receivable) management. The collection rate ratios showed we're doing a fantastic job but not as timely."
Because of the results, Vigo and team are looking at how they can get even leaner to more strategically work their follow up accounts.
The second area needing attention was coding.
"This tool is a source of truth," Vigo said. "It's almost a scorecard of the entire team, so you know what is a priority."
Email the writer: SMorse@himss.org
The HIMSS AI in Healthcare Forum is scheduled to take place September 5-6 in Boston. Learn more and register.
