Jeff Francis, CFO of Omaha-based Nebraska Methodist Health System, has been in CFO roles since 2008. As the healthcare industry ebbs and flows, one of his greatest focuses is what’s happening in the revenue cycle.
“The biggest shifts are coming from the denials, the pushback that we’re seeing from insurance companies, from the third-party payers,” Mr. Francis said during a “Becker’s CFO and Revenue Cycle Podcast” episode. “They’re getting innovative, they’re coming up with new ways to really delay payments, or if at all possible, deny payments.”
Methodist is a roughly $1.5 billion net patient revenue system. It comprises four hospitals, more than 30 physician locations, a distribution company and a nursing and allied health college.
Mr. Francis said solutions have been focused around the middle of the revenue cycle, particularly around documentation and coding.
“We’re seeing the biggest lift there…the biggest return on investment, because we can have it more accurate, we can get it out sooner and then hopefully overcome some of those delays,” he said.
Technology has been a large part of Methodist’s approach. The system started seeing wins with AI for claim status work in 2019. This approach has helped save the need for around 24 full-time employees, allowing them to focus their attention toward improving claims.
Methodist is also focused on AI to support clinical documentation improvement, helping physicians strengthen records on the front end. Mr. Francis said he is focused on where technology dollars go, with every investment needing to demonstrate a quick and clear return.
On the front end of the revenue cycle, Mr. Francis said the initial registration challenge is the hardest problem to solve.
“I wish I had the secret sauce,” he said. “It’s just hard work. It’s a continuous effort from our leaders, reinforcing training the new hires, and doing everything that we can to do some automation around some of the prior authorization.”
On the topic of CFO evolution, Mr. Francis said the role has transitioned from old controller mode and reporting last month’s results to strategy focused.
“The windshield is bigger than the rear view mirror,” he said.
Mr. Francis offered a piece of advice for CFOs early in their career: build a network.
“I would encourage them to get a network of trusted CFOs, so that you can talk to them, ask questions that they can relate to, [and] create that advisory board for yourself, so that you can be that much stronger leader for the organization,” he said.
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