In this episode we are joined by Joseph Keckan, Interim Executive Director Revenue Cycle Management at Cleveland Clinic, and Beth Callahan, Managing Director at Huron Consulting, to discuss what the traits are of a high-performing revenue cycle, how Cleveland Clinic puts some of these traits into practice, how to approach external automation solutions and more. This episode is sponsored by Huron Consulting.
Summary
The Traits of a High-Performing Revenue Cycle
Introduction
In this episode, Joseph Keckan, Interim Executive Director of Revenue Cycle Management at Cleveland Clinic, and Beth Callahan, Managing Director at Huron Consulting, discuss the traits of a high-performing revenue cycle. They provide insights into how Cleveland Clinic puts some of these traits into practice, how to approach external automation solutions, and more. This episode is sponsored by Huron Consulting.
The Traits of a High-Performing Revenue Cycle
A high-performing revenue cycle is focused on building the skills of its future workforce, rethinking traditional operating models, taking a different approach to technology and automation, and having the ability to get meaningful insights out of data. Leaders should be able to create an analysis paralysis where they have access to so much data that the "so what" gets lost.
Approaching Automation as an Ongoing Program
Organizations need to approach automation as an ongoing program instead of a single solution. This includes process standardization, detailed workflow design, and having an ecosystem of different technologies. Cleveland Clinic is an example of successful automation. Working with Joe and Beth on their automation journey has been fun. It all starts with having a clear vision, setting guiding principles, assembling a team, and assessing opportunities. The bulk of the work is understanding and mapping the optimal flow. Over 225 digital FTE equivalents are currently in production, and 850 revenue cycle caregivers logged in leveraging bots as part of their daily work.
The Need to Elevate Revenue Cycle Performance
2021 has been tough financially for organizations. It highlights the need to elevate revenue cycle performance even more. With technological advancements, organizations need to embrace automation to stay on top of their game. Automation is like baseball- it's a game with singles and doubles, not just home runs.
Conclusion
Improving revenue cycle performance is essential for organizations to succeed. By implementing the traits of a high-performing revenue cycle and approaching automation as an ongoing program, organizations can achieve their goals. Cleveland Clinic is a great example of how automation can positively impact revenue cycle performance, and with the right approach, other organizations can follow their success.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to podcasts@beckershealthcare.com
This episode aired on 09/23/2022 and can be listened here.
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