Review 3 Takeaways from the 2022 HealthLeaders RevTech Exchange.
Editor's note:This article appears in the March 2023 edition of HealthLeaders magazine.
Revenue cycle leaders face a dilemma: Either automate or risk having someone else do it for them. Once on the path to automation, leaders are faced with a set of balances and decisions that can either optimize or diminish the result.
Balancing automation and technology, along with workforce and strategy, were top of mind for the executives attending the 2022 HealthLeaders RevTech Exchange in Boston.
It's no question that automation is inexorable. But how it is deployed, and how the team shifts because of it, were among the connecting points at the event, along with these three takeaways:
Don't pave your goat path
Technology can support revenue cycles in centralizing and organizing data, allowing for greater transparency and performance, but while technology and automation are necessary, it doesn't work miracles.
As Derek Dudley, AVP of revenue cycle at Wellstar Health System said, "don't pave your goat path," an ages-old axiom for not applying new technology on top of a winding, bumpy process.
The use of technology and automation can improve efficiencies in claims processing, reduce the cost to collect, improve the patient experience, and beyond. And while revenue cycle staff can better understand systemic problems and deploy efforts to correct the root causes of revenue loss through technology, you can't expect it to be the sole fix to your problems, leaders said at the Exchange.
"Technology isn't always the fix. You can't just slap tech on top of broken processes hoping to fix them," said Chris Johnson, vice president of revenue cycle management for Atrium Health.
Significant time and energy need to be spent streamlining your workflow and mending broken processes before you can bring in new technology and automation, especially if you want it to work.
Don't expect to replace all FTEs with automation
Upskilling or reskilling revenue cycle staff to fill gaps instead of just automating processes is key, leaders say. Automation is great, but leaders said they are finding that it doesn’t necessarily negate the need for that human touch.
With staffing shortages, revenue cycle leaders are looking internally to leverage the potential of their workforce to work across various roles, and that’s not something technology can always achieve.
"We thought we could use tech to replace FTEs, but it actually made the case that we need more staff to touch what automation can't," said Jennifer Johnson, divisional director of utilization management at Advent Health.
By realizing the potential of the existing workforce, organizations can increase retention while also meeting financial goals. Rather than replacing staff with automation in the front, middle, or back end, leaders find it helpful to upskill or reskill to support revenue cycle functions that still work best with a human touch.
Don't let vendors off the hook
Leaders at the event explained that they are constantly approached by vendors promising to fix their problems—before even knowing what their problems are.
Because revenue cycle leaders are constantly bombarded by new solutions and technology, they need to be sure the solution is the right fit.
Some of the leaders at larger health systems said that they now build a test period into their contracts with vendors for new technology. A few of those leaders have had vendors run new technology (at no cost to the health system) for almost a year before an official go-live in order to ensure the solution actually works for them.
Revenue cycles are robust and complex, so making sure automation and technology works efficiently across the continuum is key.
"For physicians, our biggest concern is time. If new technology is slowing us down or adding more work, we aren't going to be on board," said Trey La Charite, MD, medical director of CDI and coding, at UT Medical Center. Without ample support from those middle revenue cycle teams, automation won’t be successful no matter how innovative it is.
Ensuring organizations have time to test technology, confirming it can work across all revenue cycle teams, and making sure you see positive results—all before an official go-live—is what has guaranteed an ROI for these leaders.
The HealthLeaders Exchange is an executive community for sharing ideas, solutions, and insights. Please join the community at our LinkedIn page.
Join us February 15-17 in Carlsbad, CA, for the 2023 HealthLeaders Revenue Cycle Exchange! To inquire about attending a HealthLeaders Exchange event, email us at exchange@healthleadersmedia.com.
“For physicians, our biggest concern is time. If new technology is slowing us down or adding more work, we aren't going to be on board.”
Trey La Charite, MD, medical director of CDI and coding, at UT Medical Center.
Amanda Norris is the Director of Content for HealthLeaders.
KEY TAKEAWAYS
While investing in technology seems like a no-brainer, revenue cycle leaders should still proceed with caution.
Automation is great, but revenue cycle leaders are finding it doesn’t necessarily negate the need for that human touch.
Revenue cycles are robust and complex, so making sure automation and technology works efficiently across the continuum is key.