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Richter ShareSource Blog

Optimizing LTPAC Revenue Cycle Management Through Smart Use of KPIs and Metrics

Posted by Ken Voll, Director of Revenue Cycle Management on Jul 14, 2020 1:19:17 PM

 

All long-term post-acute care (LTPAC) organizations must generate revenue in order to serve patients and residents and pursue sustainable growth. However, generating revenue by itself simply is not enough; your LTPAC must also collect the revenue while minimizing leakage and potential lost dollars. In this regard, revenue cycle management is key.

Revenue cycle management for LTPACs tracks client revenue from admission/registration through collection of accounts receivable balances. The cycle includes the universe of administrative and clinical functions in an LTPAC organization that contribute to the capture, management and collection of patient service revenue.

If you seek ways to boost profitability and enhance outcomes, optimizing RCM is a prime place to start. In this blog, we explain how smart use of KPIs and metrics help stakeholders elevate their scope of vision above the weeds and see the bigger picture.

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Topics: Revenue Cycle Management, long term care revenue cycle management, revenue billing cycle, long term care consulting firms, long term care consulting services, revenue cycle management consultants

Strengthening Your LTPAC Revenue Cycle Function for a Post-COVID-19 World – Five Strategies

Posted by Ken Voll, Director of Revenue Cycle Management on Jun 30, 2020 4:56:10 PM

Ask any revenue cycle professional in the long-term post-acute care (LTPAC) realm how the coronavirus (COVID-19) pandemic has impacted their organization’s revenue, and you’ll likely get exasperated looks, and very similar answers. The pandemic – unprecedented in our time – has caused financial and operational disruptions – and particularly cash flow problems – that have put many operators in dire straits.

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Topics: long term care consulting firms, long term care consulting services, healthcare revenue cycle management services, revenue cycle billing

How Implementing an Effective Denial Management Process Can Help Optimize LTPAC Revenue Cycle Management

Posted by Ken Voll, Director of Revenue Cycle Management on May 8, 2020 11:00:00 AM

How the Right Technology Can Help Your LTPAC Optimize Revenue Cycle Management

It’s no surprise that long-term post-acute care (LTPAC) organizations must generate revenue in order to pursue their mission and grow. That said, generating revenue in and of itself is not enough; your LTPAC must also collect the revenue while minimizing leakage and potential lost dollars. In this regard, revenue cycle management plays a key role.

Revenue cycle management for LTPACs tracks client revenue from admission/registration through collection of accounts receivable balances. The cycle includes the universe of administrative and clinical functions in an LTPAC organization that contribute to the capture, management and collection of patient service revenue.

If you seek ways to boost profitability and enhance outcomes, optimizing RCM is a prime place to start. In this blog, we explain how implementing an effective denial management process can deliver insight you need to rectify issues and promote efficiency.

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Topics: Revenue Cycle Management, long term care revenue cycle management, revenue billing cycle, long term care consulting firms, long term care consulting services, revenue cycle management consultants

Understanding the True Costs of Uncollected Revenue in the LTPAC Industry

Posted by Ken Voll, Director of Revenue Cycle Management on May 5, 2020 2:00:00 PM

Long-term post-acute care (LTPAC) organizations of all sizes and shapes should be singularly focused on the mission of optimizing patient care and enhancing outcomes. Yet, to pursue this, it’s vital that your organization operate efficiently—and a big part of that entails collecting all revenue owed in a consistent manner.

At Richter, we’ve seen far too many LTPACs suffer the harmful effects of uncollected revenue. As a result, they put themselves at risk for financial instability—and that, in turn, puts their mission at risk.

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Topics: long term care consulting services, skilled nursing facility consultants, SNF Consultants, long term revenue cycle management, healthcare revenue cycle management services, revenue cycle billing

Revenue Cycle Management Technology

Posted by Ken Voll, Director of Revenue Cycle Management on Apr 21, 2020 1:19:00 PM

How the Right Technology Can Help Your LTPAC Optimize Revenue Cycle Management

All long-term post-acute care (LTPAC) organizations must generate revenue in order to pursue their mission and grow. Yet, generating revenue by itself is not enough; your organization must also collect the revenue while minimizing leakage and potential lost dollars. That’s where revenue cycle management (RCM) comes into play.

RCM tracks client revenue from admission/registration through collection of accounts receivable balances. The cycle includes the universe of administrative and clinical functions in an LTPAC organization that contribute to the capture, management and collection of patient service revenue.

If you seek ways to boost profitability and enhance outcomes, optimizing RCM is a prime place to start. In this blog, we explore how applying the right technology toward strategic ends can help your LTPAC optimize revenue cycle management at every stage of the process.

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Topics: Revenue Cycle Management, long term care revenue cycle management, revenue billing cycle, long term care consulting firms, long term care consulting services

Optimizing Revenue Cycle Management Through Review

Posted by Ken Voll, Director of Revenue Cycle Management on Apr 14, 2020 1:04:30 PM

Optimizing Your LTPAC’s Revenue Cycle Management Process Through Review

All successful long-term post-acute care (LTPAC) providers must generate revenue in order to pursue their mission and grow. For LTPACs, revenues derive from achieving census goals and ultimately, providing a high level of care that enhances client outcomes.

Yet, it’s not enough to just generate revenue; your organization must also collect the revenue while minimizing leakage and potential lost dollars. That’s where revenue cycle management (RCM) comes into play.

RCM is the process to track client revenue from admission/registration through collection of accounts receivable balances. The cycle includes the universe of administrative and clinical functions in an LTPAC organization that contribute to the capture, management and collection of patient service revenue.

If you seek ways to boost profitability and enhance outcomes, optimizing RCM is a prime place to start. In this blog, we explore one strategy to do so: optimize the RCM process through review.

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Topics: Revenue Cycle Management, long term care revenue cycle management, revenue billing cycle, long term care consulting firms, long term care consulting services

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