Revenue Cycle Solutions Summit is a pre-HIMSS18 event in Las Vegas on March 5.
It would seem a foregone conclusion that from top to bottom, front to back, patients are at the center of hospital operations, especially the revenue cycle. After all, it's the money patients (and their insurance companies) pay for care that fuels a hospital's financial health. Yet the revenue cycle processes seem to focus so much on the numbers, it forgets the faces behind them.
This is especially problematic with the rise of consumerism and high-deductible health plans. Patients expect more from their care experience and their interaction with revenue cycle personnel can very well determine how much you collect and how fast.
The Revenue Cycle Solutions Summit, to be held as part of HIMSS18 in Las Vegas on March 5, will gather experts to help lay the groundwork for optimizing your revenue cycle and closing gaps that allow precious dollars to slip away while enabling a more patient-centered approach to ultimately yield greater satisfaction and higher collection rates, including new and existing technologies that will help achieve revenue goals.
The jam-packed event will be emceed by Leigh Williams, administrator for business systems for the University of Virginia Health System.
Other speakers include Cleveland Clinic PreAccess Director Heidi Peris, St. Luke's Health Senior Director of Revenue Cycle and Patient Experience Michael Rawdan, Goshen Health CFO Amy Floria and Trinity health Senior Manager of Integration and Interoperability Melissa Friebis, just to name a few.
The day kicks off with keynote speaker Gerilynn Sevenikar, Vice President of Patient Financial Services for Sharp HealthCare System, who will share her perspective on "Mapping a Vision to the New Consumer Landscape" and how Sharp transitioned to a more patient-centric revenue cycle that is better adapted to consumer expectations.
Later in the morning, Goshen CFO Floria and Shield Healthcare Group Revenue Cycle Manager Joann Barnes-Lague will reveal how they both used new technologies to create a positive culture while delivering price transparency and estimates to patients, making for happier staff, improved patient satisfaction and a boost in POS collections.
Afternoon sessions will explore how to talk to patients about cost, the changing role of the patient as they take on more of their own healthcare costs, the positive impact of standardizing best practices in patient financial communications, and how machine learning can streamline care, and cut financial waste and inefficiencies.
It's all essential learning, considering that a recent study from the Advisory Board showed that the average 350-bed hospital misses $22 million in revenue capture opportunities, that "median performing organizations" are in a rut when it comes to net days in accounts receivable, and the overall cost to collect has become worse.
With the ever-evolving healthcare landscape, regulations, shrinking government reimbursement and other challenges, hospitals must increasingly become their own champions. And ensuring not just survival but ensured growth and success start with a secure financial foundation.