Is your hospital, health system, or medical practice ready for what’s next in the business of healthcare? Are you? Your readiness will depend on the foundational changes you make today in how you do your job.
The 2020 Crowe Healthcare Virtual Symposium, held on Feb. 27, featured eight educational sessions led by more than a dozen subject-matter specialists. Each session offered suggestions for actions you can take today to prepare for tomorrow.
Review and critique how your organization performs risk assessments.
Review and critique how your organization performs internal audits.
Consider steps within your risk assessment and internal audit processes you could automate.
View presentation: “Healthcare Transformation: Aligning Risk Management With Performance Goals and Objectives”
Schedule regular weekly meetings with your finance and revenue cycle departments.
Include the appropriate members of your IT department at those regular weekly meetings.
Use project management software or staff to keep action items from the meetings on track.
View presentation: “Getting Revenue Cycle and Finance Teams on the Same Playbook”
Conduct a comprehensive inventory of all capital assets, like medical tech and equipment.
Create a cost profile for each of your capital assets that tracks initial and ongoing costs.
Create an encounter profile for each capital asset that tracks usage and revenue generated.
View presentation: “Moneyball for Healthcare: A Mission Toward Improving Margin”
Create an interdisciplinary committee to oversee your cash balance reconciliation processes.
Assess gaps in your cash balance reconciliation processes and ways that you can improve them.
Consider how you can use technology and automation to improve your daily cash management.
View presentation: “Top Pain Points in Daily Cash Balance Reconciliation”
Understand and agree on how your organization defines revenue cycle performance.
Identify the metrics your organization is using to measure revenue cycle performance.
Determine whether those metrics measure revenue cycle performance as defined.
View presentation: “Index Score, Benchmarking, and What It All Means for Healthcare Providers”
Determine how you use the different applications within Crowe RCA.
Determine how you move between different applications within Crowe RCA in your daily workflow.
Summarize how you report and explain net revenue results and trends to your CFO.
View presentation: “Shaping the Future of RCA”
Ensure that your business office processes are correct before trying to automate them.
Launch an upskilling initiative to teach, retrain, and reeducate staff prior to automation.
Identify and articulate the value automation will create beyond reducing labor costs.
View presentation: “Your Journey to Automation Starts With These Four ‘Must-Do’s’”
Analyze your electronic health record and patient accounting systems and their related modules and functionality.
Evaluate your data analytics and reporting team members along with roles and responsibilities.
Review your enterprise data warehouse and its software capacity, investment, and access.
View presentation: “Business Intelligence: Embedding Performance Analytics Into Every Aspect of Your Business”
The theme of this year’s virtual symposium was “Foundational Changes to Shape Our Future.” The way healthcare will be and should be done tomorrow will be powered by fundamental changes in the way healthcare is done today, and that includes how you do your job.
How many items on this list could you check off today? Next month? Next year?
The Crowe Revenue Cycle Analytics (Crowe RCA) solution was invented by Derek Bang of Crowe. The Crowe RCA solution is covered by U.S. Patent number 8,301,519.
