There are two key trends that are top of mind for revenue cycle leaders.
The revenue cycle has never been more important, and leaders are working hard to make their organizations shine.
From prioritizing the workforce to discussing payer strategies, revenue cycle leaders from across the country are gathered at the HealthLeaders’ Revenue Cycle Exchange in Litchfield Park, Arizona, this week to learn from one another.
Let’s dig into two major trends that have already emerged.
Workforce
Reviewing the current state of their revenue cycles, many leaders saw succession planning as a priority, while others noted they were unable to allocate time for it. Workforce development, however, was noted as top focus area for leaders.
Patrick Wall, vice president of patient financial services for MedStar Health, emphasized that leading with finesse and activating the people in your corner—whether they’re physician champions or employees—is necessary to meet organizational goals.
Wall placed an emphasis on making sure the workforce is happy and engaged. While he acknowledged the high productivity of remote workers, he also noted that they can often feel unengaged in the organization.
“I think in order to retain our most valuable resources we’ve got to come up with a solution to make sure that all of our associates across the country feel connected and engaged to the mission of the organization and the communities that we serve,” Wall said.
Payers
Payers and provider-payer relationships were also a big topic of discussion, with many leaders voicing their concerns over payers' lack of cooperation with providers.
Leaders discussed different payer negotiation scenarios, sharing and comparing insights and strategies during a roundtable discussion led by Sarah Hartwig, patient access officer for Avera Health. One strategy an executive suggested was making sure to bring physicians into conversations and contract negotiations with payers.
“I love hearing everyone’s perspectives, their stories, and strategies,” Hartwig said. “By sharing, we can take things back to our respective areas and share insights to forge our own plans for steps ahead.”
The HealthLeaders Exchange is an executive community for sharing ideas, solutions, and insights. Please join the community at our LinkedIn page.
To inquire about attending a HealthLeaders Exchange event, email us at exchange@healthleadersmedia.com.
Editor's note: This story was updated on Feb. 9, 2024.
Jasmyne Ray is the revenue cycle editor at HealthLeaders.
KEY TAKEAWAYS
Leaders are looking to make more efforts with their workforce, ensuring remote workers feel engaged.
Many leaders expressed their frustration with payers and discussed strategies to improve those relationships.