Focus on Revenue Cycle: Hospital systems are ripe for modernization

Revenue cycle is the business lifeblood of hospitals and physicians. Financial success depends on numerous factors, from how well administrators manage billing, co-pays, medical coding, patient statements, payment processing, claims submissions, denials and eventual resolution. Letting your revenue cycle grow stale will spell disaster.

During April, we'll interview revenue cycle experts to glean insights about how they succeed, challenges ahead, the ways in which leading systems are increasingly putting patients at the center of the process and what everyone should be doing today to prepare for the age of consumerism. Check back on this page every day to get the latest reports and features.

Revenue cycle is the business lifeblood of hospitals and physicians. Financial success depends on numerous factors, from how well administrators manage billing, co-pays, medical coding, patient statements, payment processing, claims submissions, denials and eventual resolution. Letting your revenue cycle grow stale will spell disaster.

During April, we'll interview revenue cycle experts to glean insights about how they succeed, challenges ahead, the ways in which leading systems are increasingly putting patients at the center of the process and what everyone should be doing today to prepare for the age of consumerism. Check back on this page every day to get the latest reports and features.

Health systems need to collect patient balances

Hackensack Meridian Health no longer writes off long-term payments as bad debt, now that the patient has become a primary payer.

Maintaining a healthy revenue cycle means tapping into the consumer mentality

Increasingly, revenue cycle health now requires meeting patients halfway or more, with convenience and access at the center.

Blockchain prototype aims to speed revenue cycle transactions

The InstaMed blockchain prototype creates a shared patient account ledger accessible by the provider, payer and consumer.

How artificial intelligence, analytics and automation are reshaping the hospital revenue cycle

The 'accelerating challenge around patient needs' calls for new technology and automation, but on a personal level.

Revenue cycle advice: Whether bills are paper or digital, get paid upfront

In an age of squeezed operating margins, consumerism must be combined with what works to get paid faster and to collect all that is owed.

How hospitals are making investments that create new revenue streams

Investing in research and development can propel health systems taking financial risk into the front lines of innovation.

More hospitals outsourcing their billing, leading to boom in billing outsourcing market

Reasons for the jump include implementation of the ICD-10 coding system, increasing healthcare costs and EHRs.

Blockchain prototype aims to speed revenue cycle transactions

The InstaMed blockchain prototype creates a shared patient account ledger accessible by the provider, payer and consumer.

Site neutral payment policies straining Maine hospitals, accelerating consolidation

Hospitals in the state are looking to leverage economies of scale in order to survive the expected losses in reimbursement.

Hospitals in financial straits due to difficult market conditions, poor cash management practices

Economies of scale and long-term cash forecasts are essential, especially for smaller hospitals that are feeling the pressure from payers.

Safety-net providers operated with an average margin of 1.6% in 2017

This is less than half their 2016 average and below the 7.8 percent average of other U.S. hospitals, according to the annual study.

Health systems increase operating margins through diversification strategies

Health systems can create a risk-adjusted portfolio of initiatives that leverages their ecosystem and competitive advantages.

Hospital revenue cycle: Ready for change but facing big challenges

Declining margins and growing demands are forcing hospitals to rethink their rev cycle for the era of value-based care and patient experience.

How better vendor management can help improve a health system's revenue cycle

Juggling vendors can add costs for a health system, so it's better to focus on communication, convenience and the patient experience.

What the revenue cycle picture could look like by the end of the year: Predictions

Artificial intelligence, real-time payments and telehealth are all factors that could affect the revenue cycle picture over the next nine months.

Revenue cycle: Metrics to master, mistakes to avoid

Experts share advice about running a successful healthcare revenue cycle.

Breaking down revenue cycle silos needs buy-in, useful KPIs that truly measure patient financial experience

Audience technology, physician champions and a meaningful dashboard are all part of the equation.

Looking to boost your revenue cycle? 7 tips to make it happen

Focusing on a better patient financial experience, broadening the vision to include the outpatient sector and AI can all boost the bottom line.

Intermountain CISO West: Cybersecurity for revenue cycle should be a KPI

The revenue cycle is an important target for cybercriminals because of the information that flows through it.

What hospitals need in the age of consumerism: guerrilla marketing

Don't tell consumers how great you are. Target their needs using tech and social media instead.

St. Luke's revenue cycle benefits by offering patients a discounted price for paying upfront

The health system is keeping up with CMS mandates for price transparency, requirements that will only grow over time, senior Finance VP says.

Providers aren't talking to patients about costs and it's affecting patient satisfaction, VisitPay study shows

A third of respondents also said growing healthcare costs impact their ability to seek care, study says.

Mid-revenue cycle management improvement market expected to grow over the coming years

Growth is being driven largely by the use of these solutions to reduce healthcare costs, decrease billing and coding errors and maintain compliance.