How the Right Technology Can Help Your LTPAC Optimize Revenue Cycle Management
If you seek ways to boost profitability and enhance outcomes in your long-term post-acute care facility, optimizing revenue cycle management (RCM) is a prime place to start. In this blog, we explore one strategy to do so: optimize the RCM process through review.
The term change management means many things to many people and organizations. Broadly speaking (and as the name suggests), it covers an array of methodologies and processes that prepare and support change. For RCM leaders in LTPACs, successful change management is all about making sure that the process is documented and managed effectively using established methods.
You can utilize change management to improve or enhance a process, a step within a project or an initiative. Your efforts can be targeted toward small-scale improvements, or enterprise-wide change; but in all cases, you’re preparing and equipping the people on your team to understand and have a stake in the updated process. Whatever your change management goals may be, change management can position your revenue cycle function – and ultimately, your entire enterprise – ahead of the curve in a constantly evolving LTPAC landscape.
Change management doesn’t have to be complicated. Just by looking at denials or any other variables within your revenue cycle process through careful review, you’ll be able to recognize whether something is working properly, or what steps need to be revisited. You can take steps to implement both a project plan and a formal process so that you’re not just changing it for change’s sake, but rather, optimizing it over time.
It’s also important to instill a philosophy of continuous learning into your change management practices. Just putting a plan and a process in place isn’t enough to ensure that positive change occurs over time. You need to monitor and evaluate progress, benchmark it against KPIs and meaningful metrics and document everything so that intellectual capital gained through change management doesn’t reside solely in one person’s head.
Do you have questions about embracing change management within your RCM process, or other RCM challenges? Read our e-book, “Six Strategies to Optimize Your LTPAC Revenue Cycle Process” or call Richter’s revenue cycle management consultants at 866-806-0799 to schedule a free consultation.
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Ken Voll is Director of Revenue Cycle Management with Richter.