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How can you ensure revenue cycle management is involved in strategic decision-making?

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Revenue cycle management (RCM) is the process of managing the financial aspects of healthcare delivery, from patient registration and insurance verification to billing and collections. RCM is crucial for the profitability and sustainability of any healthcare organization, but it is often overlooked or isolated from the strategic decision-making process. How can you ensure that RCM is involved in shaping the vision, goals, and actions of your organization? Here are some tips to foster a culture of collaboration and communication between RCM and other stakeholders.

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Imane Haouassia
Mohamed Moustafa Saber, MBA

CFA Level 1 @AUC | FP&A Section Head @Midar | MBA in Finance & Investment | +14 Years in Financial Accounting &…

1 Align RCM with organizational strategy

RCM should not be seen as a separate function, but as an integral part of the overall strategy of your organization. RCM should align with the mission, vision, values, and objectives of your organization, and support the delivery of high-quality, cost-effective, and patient-centered care. To achieve this alignment, you need to involve RCM leaders in the strategic planning process, and ensure that they have a clear understanding of the current and future challenges and opportunities facing your organization. You also need to communicate the expectations and responsibilities of RCM to other leaders and staff, and provide them with the necessary resources and support to execute their tasks.

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Imane Haouassia
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In the bustling world of startups, weaving RCM into the core strategy is crucial. It's about bringing RCM leaders into the heart of strategic planning, ensuring all the practices resonate with your startup's dreams, and nurturing teamwork across all corners of your venture. Embrace technology to keep your approaches fresh and aligned with your startup's journey. This way, RCM transforms into a vital ally, fuelling your startup's financial vitality and expansion, not just an isolated operation.

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Mohamed Moustafa Saber, MBA

CFA Level 1 @AUC | FP&A Section Head @Midar | MBA in Finance & Investment | +14 Years in Financial Accounting & Reporting | Oracle Fusion Key User
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1- Executive Representation: Include a revenue cycle management (RCM) leader in the executive team. 2- Data Integration: Ensure RCM data is integrated into the overall business intelligence systems. 3- Regular Reporting: Set up routine reporting from RCM to decision-makers, highlighting key metrics and insights. 4- Cross-Functional Meetings: Involve RCM in strategic meetings, especially when discussing finance, sales, and operations. 5- Training: Educate other departments on the importance of RCM in overall business strategy. 6- Feedback Mechanism: Create channels for RCM to provide input on strategic plans. 7- Performance Metrics: Link RCM performance metrics with company-wide strategic goals.

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2 Establish RCM performance indicators and feedback mechanisms

RCM should not only align with the organizational strategy, but also measure and report on its progress and impact. RCM should establish key performance indicators (KPIs) that reflect the strategic goals and priorities of your organization, and track and analyze them regularly. RCM should also create feedback mechanisms that allow for the exchange of information and insights between RCM and other stakeholders, such as clinical, operational, and financial leaders. Feedback mechanisms can include dashboards, reports, meetings, surveys, and audits. These tools can help RCM identify and address gaps, risks, and opportunities, and demonstrate its value and contribution to the organizational performance.

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Imane Haouassia
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One thing I've found helpful is to make RCM a core part of our strategy, we focus on setting clear goals everyone understands, keeping track of our progress with easy-to-use dashboards, and regularly getting together to share insights and ideas. We also look closely at our processes to find ways to get better, tweak our goals as we learn, make sure everyone's on the same page with training, and use tech smartly to make things run smoother. This way, we make sure our RCM efforts are really helping our business grow, which is key for what we're doing now and for our plans down the road.

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3 Engage RCM staff and empower them to innovate and improve

RCM should not only measure and report on its performance, but also engage and empower its staff to innovate and improve. RCM staff are the ones who interact with patients, payers, and providers, and have firsthand knowledge of the issues and challenges facing the revenue cycle. RCM staff should be encouraged and rewarded for sharing their ideas, suggestions, and best practices, and for taking initiative and ownership of their work. RCM staff should also be provided with ongoing training, development, and recognition opportunities, and be involved in cross-functional teams and projects. By engaging and empowering RCM staff, you can foster a culture of excellence, innovation, and continuous improvement within RCM and across your organization.

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Imane Haouassia
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Boost RCM by creating an open, innovative space. Motivate your RCM team to share ideas, offer them continuous training, and modern tools. Reward creative solutions, include them in diverse projects, and ensure they receive constant feedback and leadership backing (because recognising their efforts is key). This strategy streamlines RCM, elevates efficiency, and lifts team spirit.

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4 Build RCM relationships and partnerships with external stakeholders

RCM should not only engage and empower its staff, but also build relationships and partnerships with external stakeholders, such as payers, providers, vendors, and regulators. RCM should proactively communicate and collaborate with these stakeholders, and seek to understand their needs, expectations, and perspectives. RCM should also leverage these relationships and partnerships to negotiate favorable contracts, resolve disputes, streamline processes, and optimize outcomes. By building RCM relationships and partnerships with external stakeholders, you can enhance your reputation, credibility, and trust in the market, and create value and competitive advantage for your organization.

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5 Promote RCM awareness and education among internal stakeholders

RCM should not only build relationships and partnerships with external stakeholders, but also promote awareness and education among internal stakeholders, such as clinical, operational, and financial staff. RCM should educate these stakeholders on the importance and impact of RCM on the organizational performance, and on their roles and responsibilities in the revenue cycle. RCM should also raise awareness of the challenges and opportunities facing RCM, and solicit feedback and input from these stakeholders. RCM should also provide these stakeholders with the tools and resources to support RCM activities, such as policies, procedures, guidelines, and systems. By promoting RCM awareness and education among internal stakeholders, you can increase their engagement, accountability, and collaboration with RCM, and improve the efficiency and effectiveness of the revenue cycle.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you ensure revenue cycle management is involved in strategic decision-making?

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1 Align RCM with organizational strategy

2 Establish RCM performance indicators and feedback mechanisms

3 Engage RCM staff and empower them to innovate and improve

4 Build RCM relationships and partnerships with external stakeholders

5 Promote RCM awareness and education among internal stakeholders

6 Here’s what else to consider

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