Healthcare Revenue Cycle Management

Healthcare Revenue Cycle

Strengthening Revenue Performance for Sustainable Success

To exceed the expectations of those you serve, your business office and revenue cycle team strive to follow leading practices. BKD’s experienced revenue cycle team can bring insight and expertise to help identify opportunities where you can strengthen and excel in revenue cycle operations. Our dedicated revenue cycle consultants have extensive experience working in leadership and advisory roles within complex health systems, small community hospitals, and physician practices, as well as large international accounting and consulting firms.
 

Revenue Cycle Assessment

A healthy healthcare revenue cycle is critical for organizational success—and in a constantly evolving industry, it’s important to stay at the forefront to enhance reimbursement. Technology conversions, Medicare and Medicaid changes, commercial payor contracting, ambulatory groupings, incentives, and risk agreements require healthcare organizations to keep pace. A revenue cycle assessment is an excellent way to help you form a strategic direction and develop short, midrange, and long-term plans.

Our Health Care Performance Advisory Services (HCPAS) team has a unique blend of industry, consulting, and system experience, enabling us to do a deep dive into your healthcare revenue cycle operations and uncover ways to help improve your performance.

Accounts Receivable Management

The accounts receivable (AR) management process is critical for healthcare organizations in an environment where providers are experiencing declining margins and increased payor scrutiny. Organizational changes such as leadership vacancies, staffing shortages, system upgrades and conversions, and poor vendor performance often lead to increased AR and poor payment velocity.

BKD Trusted Advisors™ can help design effective, sustainable solutions that may include:

  • Assessment of current state workflows and productivity metrics
  • System-neutral tools for AR monitoring and measurement
  • Implementation of an action plan to help mitigate AR backlog
  • Identification of root causes resulting in outstanding AR
  • Strategies to help monitor and measure external vendor collection performance

Denials Prevention & Management

Are insurance claim denials causing your organization significant delay or inability to receive payment? Is your ability to identify and quantify operational issues affecting financial performance? Our revenue cycle analytical tools can assist with bridging the communication gap between your clinical, operational, and financial leaders to help drive organizational performance.

Our Health Care Performance Advisory Services (HCPAS) team has a robust suite of analytical tools. Working with your existing data, we can use our system and industry expertise to help provide tailored solutions regarding:

  • Payor claim denials and rejections
  • Appeals tracking and AR at risk of takeback
  • Bad debt denial adjustments
  • Denial management team quality and productivity
  • Denial management vendor performance

BKD Denials Management Tool

Preventable insurance claim denials can cost an organization 3 percent or more of its net revenue annually. BKD’s Denials Management Tool can help you reduce preventable denials with a reporting and measurement solution that allows for root-cause issue identification and can monitor trends over time.

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Patient Access

Industry pressures driven by growth in patient consumerism, an increase in high-deductible health plans, and impending regulations on price transparency for “shoppable” healthcare services and the No Surprises Act require providers to shift their approach to patient access interactions to a customer service delivery model to remain competitive. BKD Trusted Advisors™ work with hospitals and physician practices to help develop robust patient-centered access strategies that can help drive better patient experience and organizational financial outcomes.

Pre/Post System Implementation Optimization

Organizations continue to innovate, improve, and stay up to date on the best technology available to serve their patients. This has driven a significant increase in organizations implementing new electronic health record (EHR) systems. While beneficial overall, system transitions may present considerable financial challenges. In addition to the cost to implement, organizations also have historically experienced an increase in accounts receivable (AR) and a reduction in cash on hand within the first year of implementation. BKD Trusted Advisors™ can help develop in-depth strategies that align the technology capabilities with workflows to help improve the overall revenue cycle performance.

Revenue Cycle Organizational Design & Staffing

A revenue cycle that is adequately structured and staffed can enable your organization to adapt to the consistent changes in today’s healthcare environment and improve revenue performance. Demand and capacity (staffing) analysis helps determine if the revenue cycle is staffed and aligned appropriately for current and future needs. BKD can help your organization develop an in-depth strategic road map and infrastructure design plan to support and align performance with mission.

Patient Liability

Does your organization have an in-depth patient engagement and contact strategy to improve the customer experience related to co-pays, deductibles and co-insurance?  Improving patient touchpoints from patient access through the collections process is critical for financial success. Our trusted advisors can help your organization identify best practice approaches to contacting, engaging, and collecting from patients while improving satisfaction.

Revenue Cycle Vendor Excellence

Organizations are increasingly reliant on vendors to support revenue cycle functions through supplemental staffing or technology. Organizations often struggle to assess vendor capabilities and organizational fit, determine return on investment, and continuously monitor vendor performance and quality. BKD Trusted Advisors™ work with hospitals and physician practices to support strategic selection, utilization, and measurement of vendors to help improve revenue cycle performance.

Cash Posting

Reconciliation effectiveness can make a world of difference for an organization, for better or worse. This complex and crucial portion of the revenue cycle allows for communication with payors on reimbursement trends, drives payment data for leadership insight reporting, and affects patient trust and satisfaction. BKD Trusted Advisors™ can help your organization:

  • Reduce manual data entry and increase current best practices
  • Track orphaned payments, credits, and correspondence
  • Know where the cash is (and where it isn’t)

How can we help you?

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Locations

We have 40 offices in 18 states, with BKD Trusted Advisors™ who offer solutions for clients across the country.

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