RCM tip of the day: Monitor the revenue cycle through one platform

Using one platform to keep track of revenue cycle management processes can lead to improved financial results, according to Eric Ritchie, COO of Grantsville, W.Va.-based Minnie Hamilton Health System.

Mr. Ritchie shared the following tip with Becker's Hospital Review.

"Thanks to our new health information technology platform, which serves all the different components of our health system, we've got visibility that we've never had before into revenue across all of our care settings. This is a huge advantage for us: We have access to all the information we need, when we need it, so we can easily keep our finger on the pulse of the organization. Without the benefit of big budgets, it's critical that we have the ability to manage every detail, so we can see where there are opportunities for improvement — this additional insight enables us to quickly identify and resolve any issues that need attention. Overall, the integrated approach of our new RCM solution led us to a near-immediate boost in financial performance: We've reduced our days in accounts receivable by about 10 days, and it is only continuing to improve."

If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series. 

 

 

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