Financial triage: Innovative account management for increased collections
Revenue Cycle / Supply Chain
Cadence Health, Inc
Director of Contracting and Process Improvement
DeKalb Medical Center
Adrienne and Amanda will present innovative strategies used throughout the life cycle of a patient account for maximizing collections. DeKalb Medical Center has increased overall collections by more than $11 million from fiscal year 2004 to fiscal year 2005, while volumes declined during the same time period. POS collections increased by more than 50 percent in the last year (March 2005 to March 2006), and vendor collections have also increased. Attendees will leave this session with a greater understanding of comprehensive revenue cycle management and a renewed interest in financial performance improvement.
We will begin with an overview of the life of a patient account and its flow throughout the care process (from the time the patient presents to final account resolution to $0 balance). DeKalb has made innovative changes in many processes up front, during the patient stay, and on the back end to increase overall collections on accounts such as:
- ER financial triage and collections processes
- Proactive case management and precertification processes
- Comprehensive accounts receivable strategy between business office and vendor partners
- Vendor partner responsibilities and expectations
- Account placement and reconciliation process
- Tools for the business office and vendors to assist with collections
- Reporting, contractuals management, and monitoring performance
Attendees will gain detailed knowledge of revenue cycle processes and the types of improvements that can be made within and between the clinical and financial disciplines within the hospital. The presentation will include a great deal of examples and case studies of current processes that DeKalb is using with great success.