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What are the best ways to communicate with revenue cycle teams?

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Communication is a vital skill for corporate accountants, especially when it comes to interacting with revenue cycle teams. Revenue cycle teams are responsible for managing the process of generating, collecting, and reporting revenue from customers. They deal with complex and dynamic issues such as billing, coding, compliance, contracts, and audits. To ensure accuracy, efficiency, and compliance, corporate accountants need to communicate effectively with revenue cycle teams and understand their challenges and goals. In this article, we will explore some of the best ways to communicate with revenue cycle teams and how to foster a collaborative and productive relationship.

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Odunola Ewetola, ACA

A Chartered Accountant who is an advocate of “Let us do the right thing” because the right thing is actually the best…
Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential

1 Understand their perspective

One of the first steps to communicate well with revenue cycle teams is to understand their perspective and priorities. Revenue cycle teams have to balance multiple demands and expectations from internal and external stakeholders, such as management, auditors, regulators, insurers, and customers. They also have to deal with frequent changes in rules, policies, and systems that affect their workflows and reporting. Therefore, they may have different concerns and needs than corporate accountants, who focus more on the financial statements and analysis. To communicate effectively, corporate accountants should empathize with the revenue cycle teams and acknowledge their challenges and achievements.

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Odunola Ewetola, ACA

A Chartered Accountant who is an advocate of “Let us do the right thing” because the right thing is actually the best thing to do and we can also save ourselves from both current and future problems.
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One of the best ways one can communicate with the revenue cycle teams is by having a proper understanding of their processes which would in turn assist in making an objective decision.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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Be specific about what you need from the team, whether it's information, clarification, or action. Avoid ambiguity and ensure your message is easily understood.

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Vivian Nwagwughiagwu Nriama, FPWM, ACA (in view).

HND Accounting Graduate[Upper Division] || Finance Associate|| Accountant-Oil and Gas || Tax Consultant || Advocate for Carbon/Green house gas Accounting and environmental sustainability.
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One major reason for communication is so that all parties involved in the communication process can be on the same page. Effective ways to communicate with revenue cycle team are: 1. Be clear and concise Let the revenue team understand your point when you relay the goals and objectives to be achieved in the work process. 2. Provide detailed documentation on processes, guidelines, and expectations. This ensures that team members have a reference point and reduces confusion. 3. Training sessions should be conducted at intervals to keep the revenue cycle team abreast of the current trend in revenue recognition and its treatment. It helps the team stay informed thereby avoiding lapses or delay in delivery.

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2 Use clear and consistent language

Another key aspect of communication is to use clear and consistent language that avoids ambiguity and confusion. Corporate accountants and revenue cycle teams may use different terms and acronyms to refer to the same or similar concepts, such as revenue recognition, net patient service revenue, or contractual allowances. To avoid misunderstandings, corporate accountants should define and explain any technical terms or acronyms that they use and ask the revenue cycle teams to do the same. They should also use the same format and standards for reporting and documenting revenue-related information, such as dates, currencies, units, and decimals.

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3 Provide timely and constructive feedback

Feedback is an essential part of communication that helps both parties improve their performance and quality. Corporate accountants should provide timely and constructive feedback to the revenue cycle teams on their revenue-related processes and reports, such as billing accuracy, coding compliance, revenue recognition, and revenue variance analysis. They should also solicit feedback from the revenue cycle teams on their own processes and reports, such as financial statement preparation, revenue reconciliation, and revenue forecasting. Feedback should be specific, objective, and actionable, and should highlight both the strengths and the areas for improvement.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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State your purpose clearly: Briefly explain the reason for your communication, outlining the information you need or the issue you want to address. Use simple language: Avoid technical jargon and medical terminology that may not be understood by everyone on the team.

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4 Collaborate on solutions

Communication is not only about exchanging information, but also about collaborating on solutions. Corporate accountants and revenue cycle teams should work together to identify and resolve any issues or discrepancies that affect the revenue cycle and the financial statements. They should also share best practices and ideas on how to optimize and streamline the revenue-related processes and systems. For example, they could collaborate on developing and implementing policies and procedures for revenue recognition, billing, coding, collections, and adjustments. They could also leverage technology and automation to reduce errors and increase efficiency.

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5 Establish regular and open communication channels

Finally, communication is an ongoing and dynamic process that requires regular and open communication channels. Corporate accountants and revenue cycle teams should establish and maintain frequent and consistent communication through various modes and platforms, such as emails, phone calls, meetings, webinars, and dashboards. They should also communicate proactively and transparently, and inform each other of any changes, updates, or issues that affect the revenue cycle and the financial statements. They should also create a culture of trust and respect, and appreciate each other's contributions and efforts.

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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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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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Revenue cycle teams often juggle multiple tasks, so prioritize brevity and ensure your message is delivered in a time-conscious manner.

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What are the best ways to communicate with revenue cycle teams?

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1 Understand their perspective

2 Use clear and consistent language

3 Provide timely and constructive feedback

4 Collaborate on solutions

5 Establish regular and open communication channels

6 Here’s what else to consider

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