Increase profit, ensure compliance, maintain accountability
Effective revenue cycle management is vital to the life of a hospital, allowing leadership to measure performance, identify trends, note areas of weakness and sustain or enhance cash flow. Hospitals that are disciplined about the basics of revenue recognition, RAC preparedness, denial management programs, and simple, transparent business office policies and procedures will meet internal and external challenges more easily and more intelligently, enabling them to continue providing lifesaving care while remaining financially sustainable.
Our revenue cycle team includes experienced advisors from diverse backgrounds, including revenue cycle managers, former hospital financial officers, and performance improvement experts. Our holistic, team-based approach to revenue cycle management provides clients the combined value of our revenue cycle expertise and the diverse perspectives of the entire firm, resulting in a comprehensive analysis that examines the revenue cycle from multiple angles.
Stroudwater’s revenue cycle services, particularly our focused departmental reviews, have been used successfully by a large number of hospitals as the framework for the development of a financial performance improvement plan, to maximize gross revenue and net reimbursement, and to ensure a compliant billing process. We facilitate the implementation of improvements to process with the goal of increasing gross and net reimbursement while mitigating compliance concerns. We provide specific direction, training, and follow-up to guarantee the successful implementation of opportunities for improvement.
Service offerings include:
- Comprehensive Chargemaster and Revenue Cycle Review
- Business Office and Patient Financial Services: Training and Development
- Development of Training Protocols for Revenue Capture
- Implementation of an Effective Revenue Control Process
- Pricing Analysis
- RAC Preparedness and Revenue Cycle Process Improvement
- Revenue Process Capture Audits
Learn more about Stroudwater’s revenue cycle services here.