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

How to improve revenue cycle in healthcare? ›

Consider everything from the very first patient interaction to the final payment, and think about staff engagement and billing resources, too.
  1. Simplify patient access. ...
  2. Understand payer rules. ...
  3. Improve payment collections processes. ...
  4. Workflow automation. ...
  5. Staff engagement and training. ...
  6. Focus on the patient experience.

What are the six steps in the healthcare revenue cycle? ›

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 be a successful revenue cycle manager? ›

10 Strategies for Effective Revenue Cycle Management
  1. Update Patient Registration and Verification of Benefits. ...
  2. Ensure Accurate Coding Practices. ...
  3. Support Claims Processing. ...
  4. Proactive Claim Denial Management. ...
  5. Embracing Innovation. ...
  6. Prioritize Patient Satisfaction and Value-Based Care. ...
  7. Manage Accounts Receivable (A/R)

What is the biggest obstacle to good revenue cycle management? ›

Here are the top five challenges facing RCM teams in 2024, according to the report:
  • Timely patient collections: 48%
  • Managing denials: 36%
  • Hiring and training staff: 32%
  • Data analytics and reporting: 26%
  • Maintaining security and compliance: 13%
Jan 24, 2024

What is the most important activity in the revenue cycle process? ›

Accurate patient registration is the cornerstone of a successful revenue cycle. It ensures that billing and insurance claims are accurate, which in turn leads to timely payments.

What are the six critical stages of the revenue cycle? ›

The revenue cycle in healthcare consists of seven key steps: patient pre-registration, registration, eligibility verification, charge capture, claim submission, payment posting, and patient collections.

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

The 4P's To Revenue Growth: People, Promotion, Processes & Presence. The​ surest way for an organization to increase and sustain revenues is to attract, recruit and retain the best talent (People) that can conceive and create the right sales and marketing strategies (Promotion).

What is the key driver for effective revenue cycle management? ›

Revenue Drivers

The ultimate goal of RCM is reimbursem*nt, and there are several drivers to make that happen. Internally, the main drivers include provider productivity, patient volume, and set fees for services provided.

What are the top skills for revenue cycle manager? ›

Most Important Skills Required to Be a Revenue Cycle Manager as Listed by Employers and Employees
Skills Required by EmployersShare
Collaboration13.13%
Clinic10.14%
Collection Management9.76%
Communication Skills9.54%
6 more rows

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

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 the key to successful revenue management is first? ›

Analyze the market

It is essential to understand your market before implementing a revenue management strategy. Know things like where demand comes from, what demographics to target, and the various local factors affecting demand.

What are the 6 steps of the revenue cycle in order? ›

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 is the revenue cycle process in healthcare? ›

Healthcare revenue cycle management is the process of tracking and analyzing revenue received from patients during the course of their care process. The cycle begins when the first appointments are booked and concludes once the final balance of their cost of care is paid.

What are the 4 basic revenue cycles? ›

REVENUE CYCLE BUSINESS ACTIVITIES

Four basic business activities are performed in the revenue cycle: sales order entry, shipping, billing, and cash collection.

How do you optimize revenue performance? ›

Revenue optimization is a combination of pricing, demand, and marketing strategies used to maximize revenue growth. It involves taking a tactical, analytical approach to your pricing—requiring analysis of your price points, sales channels, and various other areas of your business—in order to maximize it.

What factors contribute to the complexity of the revenue cycle in health care? ›

The nature of service given by the health care organization is the one factor which affects the complexity of the revenue cycle. Another factor which leads complexity of the revenue cycle is the regulations in the health care organization which will lead to difficulty in billing and documentation.

What are the four primary methods for raising revenues to pay for health services? ›

Financing & Revenue Sources

This is when funds are gathered from people to pay for health care needs. This can be done at scale through government contributions, taxes, social insurance contributions, private insurance contributions, or philanthropic contributions.

How can I improve my revenue collection? ›

After identifying the opportunities in the market, the company should consider the possible options for revenue enhancement. The options may be to decrease costs, eliminate low margin clients, implement new marketing techniques, increase product prices, or expand to a new geographical location.

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