The ability to deliver healthcare services and products at scale is crucial to providing equitable access to care, maximizing cost efficiencies, and optimizing revenue cycle management (RCM) resources. Scaling up requires careful planning and execution, with a focus on five fundamentals: people, process, technology, continuity, and economy of scale.
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People Considerations: Attracting, Engaging, and Retaining Talent
Central to the success and growth of any organization are its people. Healthcare organizations aiming to scale must attract, engage, and retain top talent and partner with RCM vendors focused on these same goals. A robust recruitment process ensures revenue cycle management teams are staffed with individuals who possess the necessary skills and expertise to drive growth. To maintain a motivated and committed workforce, it's crucial to focus on strategies for employee engagement and retention through the implementation of incentive programs and rewards.
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Process Optimization and Innovation: Drivers to Value Realization
Processes guide the way work is done in a healthcare organization. Establishing standardized processes that can be easily replicated is essential for scaling up. Hospitals and health systems can ensure consistency and quality in their operations by establishing robust process frameworks and through analysis that can provide areas for improvement. For example, US Radiology Specialists utilized the AGS Intelligent Authorization platform to process higher volumes of authorizations without increasing staff and reducing costs.
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Technology Investment and Innovation: Allow Disruption
Leveraging technology through artificial intelligence (AI) can help automate processes, increase efficiency, and reduce costs. Deploying robotic process automation (RPA) for repetitive tasks such as basic procedures in chart capture processes, utilizing computer-assisted coding (CAC)/computer-assisted professional coding (CAPC), and implementing analytics dashboard monitoring frees staff time for more complex work, resulting in outcomes to achieve organizational goals while driving innovation.
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Business Continuity for Risk Mitigation
Continuity ensures. By establishing a robust business continuity plan, healthcare organizations can ensure operations continue uninterrupted, even during unforeseen events. McKinsey identifies three core attributes that organizations must address for business continuity and consistency in operations, especially during times of change or disruption:
- Describe how resilient you are currently and the capability to anticipate and respond to disruption or crisis overall and across six dimensions of resilience (financial, operations, technology, organizational, reputational, and business model).
- Determine the degree and nature of resilience you need for future threats or potential change.
- Design how to build and maintain the resilience needed to shift or supplement your current approach.
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Economy of Scale Enables Business Acceleration
Understanding the economic landscape and adapting to changes are critical factors in scaling up for success for activities such as insurance authorizations and reauthorizations, patient registration and verification, and accounts receivable (A/R) follow-up. By constantly monitoring market trends and adjusting operations accordingly, organizations can stay ahead of the many moving parts of RCM, from intake to cash posting.
Mastering these five fundamentals - people, process, technology, continuity, and economy of scale - is essential for a level of delivery that drives business acceleration. By focusing on these essential areas, organizations can be nimble and agile in developing solutions for resource issues and supporting processes to achieve growth and success. Contact us to help your healthcare organization maintain operational excellence even in light of challenges.
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