The beginning of a new year is a time to start fresh and prioritize the goals you want to accomplish before year-end. Many of us set personal goals such as weight loss, getting organized, or travel aspirations. But how much thought is put into your organization’s annual revenue goals? How often do you conduct a health check to diagnose your weaknesses? Is there a roadmap to coach you through the process?

It’s time to take better care of your organization’s financial future.  Richter understands how intimidating it can be for long-term post-acute care (LTPAC) organizations to begin a revenue “fitness” journey, so we’re breaking it down into a monthly challenge that is realistic and easy to follow. By focusing on one goal at a time, your organization will build strength and momentum with each passing month - and will be hitting your annual goals in no time. 

Now that you are warmed up to the idea, let’s get started!

1. JANUARY/FEBRUARY: Focus on Your Goals (and KPI) 

At the beginning of a new year, your organization should have already established specific and measurable revenue goals. Using the prior year as your baseline, assess whether your previous goals were realistic (were you able to achieve them?) or whether you perhaps did not set big enough goals. What do you plan to do differently this year? Set clear intentions, establish the right benchmarks, and follow through with your plans.

2. MARCH: Build Your Muscle(s)

Muscle is a major factor in fitness ability, and the muscle of every healthcare facility is the employees. They are the ones who hold everything together. Develop, motivate and empower your employees to help reach your organizational goals collectively. Build them up so they feel confident and willing to adopt new processes and technologies, and to offer their ideas for improvement. Think outside the box for new learning opportunities such as offsite teambuilding activities, certification programs, or industry networking events. This will show that you not only support your team, but that you are willing to financially invest in their future.

3. APRIL: Measure Your Progress

The end of Q1 is a good time to check in on your progress and address any potential issues now, before they cause additional setbacks. To identify the source of poor performance, begin by evaluating your employees. Their training, knowledge and motivation can make all the difference in whether you will meet, exceed, or fall short of your revenue goals. If there is a need for better staff education, create a plan to identify shortcomings and build a training program focused on improving those skills. 

4. MAY: Practice Flexibility

Organizations that have learned to be flexible tend to enjoy better balance and stability. Industry rules and technologies are changing at a rapid pace, and those who cannot easily bend and evolve are more likely to break. Healthcare providers must be open to adapting workflows and processes to keep productivity high and costs to a minimum. Give your existing policies a thorough review (at least annually) and look for ways your performance can be enhanced. 

5. JUNE: Don't Overindulge 

To become more physically fit, you need to burn more calories than you take in. The same concept applies in becoming more financially fit; you need to bring in enough income to offset your expenses. A review and analysis of your budget on a monthly or quarterly basis will make it easier to anticipate costs and make informed business decisions. Dedicate more time to looking at your biggest expenses, where overspending is most likely to eat into your revenue, and rework the budget as needed to remain on track. 

6. JULY: Shed the Fat

The process of becoming more “fit” isn’t just about building up muscle. It’s also about trimming down the fat. In the world of revenue cycle management, agings are often to blame for weighing an organization down. While leadership should review aging reports monthly, it’s a good idea to take a deeper dive occasionally. Evaluate your outstanding claim balances and look for patterns with payers or denials. Prioritize and work accounts that need the most attention, and don’t be too quick to give up and write them off; seek advice from a qualified AR consultant first. 

7. AUGUST: Encourage Cross-Training

It’s no secret that the industry is still struggling to hire and retain quality employees. Make cross-training your priority this month and you won’t regret it, as employees and employers will mutually benefit from this effort. Employers will have more coverage for absences, and employees can learn new skills that could lead to career advancement or other opportunities. Additionally, when employees have a better understanding of other roles and the purpose each one serves, they are more likely to work together towards a common goal.

8. SEPTEMBER: Repetition is Key

If you really want to achieve something great, you must work at it; you can’t expect perfection right out of the gate. Your employees need time to learn, but the more frequently steps are repeated, the more efficient they will become in their roles. Verify your staff has access to the tools they need to succeed in their roles. Is there onboarding training? What ongoing support is offered? Check in on a regular basis to make sure they are repeating the right steps, and they will only grow stronger and more capable as a result. 

9. OCTOBER: Increase Definition

When resources are limited, it’s important that communication is clear, and this pertains especially to job roles and responsibilities. Job descriptions should be reviewed annually and/or updated as responsibilities change. They should include specific tasks (e.g., who is supposed to get copies of insurance cards?), as well as any required skills, experience or education necessary to succeed in the role. Descriptions should also define how employees will be evaluated and when. When everyone is clear on expectations, they will be more accountable and therefore more likely to meet their deliverables. 

10. NOVEMBER: Eat Healthy

We have all heard the old saying “you are what you eat.” Healthcare providers are fed specific rates of compensation for services they provide, which is determined by the terms and agreements they establish with managed care organizations (MCO). To keep your organization’s relationship healthy and your rates competitive, review your contracts on an annual basis (at minimum). We recommend building a matrix you can sort by contract expiration date, which will help you build in time to negotiate more favorable rates if needed.

11. DECEMBER: Moment of Reflection 

As the year comes to a close, it is important to stop, reflect and evaluate the elements that are really driving your performance. Are all the pieces of the puzzle still working as they should? Perhaps there are other partnerships or vendor contracts that are in need of attention, or technology updates that will increase efficiency and accuracy. What are you struggling with the most, and how can you turn that around to have a more productive year?

Enhance Outcomes with Richter

The revenue cycle for LTPAC organizations is complicated, and with so many moving parts it’s easy to become overwhelmed when goals seem to slip farther and farther out of reach. The team of professionals at Richter can help you identify and improve your operational inefficiencies and get you back on track to reach your goals. To learn more about our comprehensive solutions, contact us here or call us at 866.806.0799.