<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=209517142775807&amp;ev=PageView&amp;noscript=1"> Richter ShareSource Blog | Revenue Cycle Management

Richter ShareSource Blog

5 “You-Focused” Tips to Improve Your Organization’s RCM Process

Posted by Candace LaRochelle, Revenue Cycle Manager on Jun 20, 2018 9:01:00 AM

Revenue cycle management (RCM) is so much more than just a financial process. It is about the procedures that enable your long-term post-acute care (LTPAC) organization to maintain a positive financial picture and, in turn, allow you to focus on day-to-day operations and optimal outcomes. It sounds cliché, but that is why communication is key throughout the RCM process. Poor communication at any point can cause a complete breakdown.

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Topics: Financial Consulting, Revenue Cycle Management

Optimizing Revenue Cycle Workflow in LTPAC Environments – 3 Strategies

Posted by Gina Toigo, MBA, Revenue Cycle Manager on Mar 28, 2018 8:48:00 AM

If your long-term post-acute care (LTPAC) organization’s strategic approach to revenue cycle management doesn’t marry business performance with customer service and outcomes, you could be headed for divorce court.

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Topics: Revenue Cycle Management, Financial Consulting

Five Strategies to Boost Patient Care through Revenue Cycle Management

Posted by Gina Toigo, MBA, Revenue Cycle Manager on Nov 13, 2017 9:26:00 AM

Revenue cycle management (RCM) lies at the heart of a long-term post-acute care (LTPAC) provider’s operation.  Without the proper processes in place, cash flow slows down, bad debt increases and customer satisfaction declines. So how can your LTPAC organization optimize its RCM function? We recommend starting with the five strategies outlined below.

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Topics: Revenue Cycle Management, Financial Consulting

Understanding Ohio's Nursing Facility Medicaid Adjudication Process and What to do if you Receive a Medicaid Overpayment Review Letter

Posted by Candace Jones on Mar 21, 2017 9:34:10 AM

All skilled nursing facility (SNF) administrators should be aware of the state of Ohio Department of Medicaid (ODM) adjudication process, but many may not know that the findings of the state’s audit can – and should be – refuted.

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Topics: Revenue Cycle Management, Financial Consulting, Medicaid Consulting

Additional Development Request (ADR) Basics – Understanding How and Why They Are Used

An Additional Development Request (ADR), also known as an Additional Document Request, is issued for the purpose of reviewing documentation for specific issues as determined by the Centers for Medicare and Medicaid Services (CMS) or other governing agencies of the federal government.

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Topics: Clinical Consulting, Revenue Cycle Management, Financial Consulting

Revenue Cycle Management touchpoints for the LTPAC Administrator

In the Long Term Post-Acute Care (LTPAC) provider community, Administrators hold the ultimate accountability for the operations of their organization. Of course, their focus is always on the delivery of quality care. Many Administrators I know have a clinical background of some sort – the better for understanding and managing a holistic approach to patient care.  But at the same time, they must also focus on efficiencies and fiscal management – as a part of this, Administrators have to regularly review Accounts Receivable (AR). A simple set of touchpoints can help the Administrator keep up to date and ensure that the financial operations are doing well.

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Topics: Revenue Cycle Management

Days Sales Outstanding (DSO) Basics for Health Care Organizations

DSO is an acronym for Days Sales Outstanding.  A DSO is a measure of accounts receivable compared to sales. It is also a measure of the performance of the Revenue Cycle process for a healthcare organization.  It is considered part of the KPI or Key Performance Indicators that are reviewed on a monthly basis by management.  In long term care, administrators and managers often have enough on their plate and can’t be involved in the day to day operations of the accounts receivable side. That area is left to the business office or billing firm.  But administrators, owners and managers need to be confident that their business office is fulfilling their responsibilities and the quickest way to do this is to start with the DSO.

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Topics: Revenue Cycle Management, Financial Consulting

Bank Reconciliation Best Practices for Health Care Organizations

Posted by Jillian Lybarger- Staff Accountant on Oct 18, 2016 9:50:39 AM

The most important account to reconcile is the cash account. The amount of cash on the “books” should be consistent with the monthly bank statement balance. The Cash Flow statement should always be updated once the bank reconciliation is complete. Cash Flow problems are not fun, you never want cash to be understated or overstated when trying to prepare for the next check run. Bank Statements are prepared and issued the week after the month ends; it is good to start them as soon as received to allow ample time for research on any unknown items.

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Topics: Revenue Cycle Management, Financial Consulting, Accounting