Financial stability is one of the goals of every long-term care (LTC) provider, but leadership teams are exhausted from fighting what feels like a never-ending battle for a goal that seems so out of reach. Up against evolving rules and regulations, payer mandates and staffing shortages, LTC providers are continually overextended trying to fulfill the growing demands of their facility. Facing unrelenting pressure to move the needle forward, providers need to rethink their operating model to improve their financial outlook. 

Outsourcing your revenue cycle management to a qualified partner such as Richter will help transform your organization faster and more cost-effectively. As the industry’s leading LTPAC performance advisor, Richter manages the universe of revenue cycle functions that contribute to the capture, management and collection of patient service revenue. Putting our time-tested, proven techniques to use, our team of highly-trained professionals will help your organization:

Set specific and measurable goals
A lack of information and direction could be leaving vital RCM staff in the dark. To ensure everyone has a stake in the business and is working towards the same goals, providers must establish the baseline and communicate measurable RCM goals that are unique to your organization. While the cash collection rate should always be 100%, goals for days sales outstanding (DSO) will depend on your case mix. 

Define expectations and responsibilities 
The revenue cycle begins at admissions and ends when receivables are collected in full. Through every step of the process, your staff needs to understand how their actions will impact the bigger picture. Misunderstanding of roles and responsibilities at admissions or weak follow-through with denials are costly mistakes that can be avoided with training, communication, and accountability.

Track progress and increase motivation
Keeping a pulse on your financial performance allows leadership to reallocate resources and modify workflows based on the shifting needs of the organization. Frequent communication with your RCM partner should include timely reviews of KPI metrics, indicators and trends. With greater transparency between all parties, everyone feels more confident in the partnership and is motivated to stay on track.

Uncover and address the root issues
While “the numbers” are indicators of revenue cycle performance, they cannot tell the whole story. Richter takes pride in our ability to drill down to the sources that are impacting your bottom line. Whether the issue resides with eligibility, payer mandates, system set-up or staffing, a thorough review of your claims management process will help you course correct and produce cleaner claims moving forward.

Gain access to additional tools and resources
Many providers are unaware of valuable industry tools and resources that can make their lives easier and their bank accounts larger. Richter clients have the benefit of layering a wide range of solutions to optimize performance, whatever your clinical, financial, accounting or implementation challenges may be. Our solutions are further enriched through our strategic partnerships.

Achieve and maintain financial stability
Any loss of revenue inevitably impacts employees, patients, residents, and their families. RCM is key to the financial stability of the organization, but overcoming billing and collection hurdles requires experience, innovation and perseverance. With consistent efforts and the right corrective strategies, Richter’s Outsourced Revenue Cycle Management can help your organization achieve a more sustainable financial outlook.

To learn more about our comprehensive solutions contact us here or call us at 866.806.0799.