Forty-seven percent of those responding to a recent HFMA revenue cycle survey indicate improved staff training is having a high, measurable impact on their revenue cycle performance. Results of the poll, which analyzed responses from 254 HFMA members, appeared in Strategies for Improving the Revenue Cycle: Industry, Views, a white paper developed by HFMA with an educational grant from Stockamp & Associates, Inc.

The paper provides an analysis of how healthcare executives are implementing improvements in the revenue cycle. In addition to training, key areas where hospitals are noting success include new tools/technology, comprehensive engineering, structure/organizational changes, additional staff, and payment environment.

Also key among the paper's findings:

Although financial executives and revenue cycle leaders are beginning to take advantage of the many opportunities to improve their organization's revenue cycle, they see many more opportunities within the revenue cycle that remain largely untapped.

Respondents indicate they have made moderate one-time revenue gains and income statement improvements. Where respondents see the most area for future opportunity is in annual, recurring improvements. Areas most likely to receive attention are front end processes and clinical/care areas.

According to respondents, environmental issues that are most likely to affect their organization over the next five years include unpaid care (e.g., write-offs, bad debt), policy/regulatory issues, and delayed payment for services. Issues that are of lesser concern include changes in the payer market, and recruiting and retaining quality staff.

To view the white paper in its entirety, go to http://www.hfma.org/library

COPYRIGHT 2004 Healthcare Financial Management Association
COPYRIGHT 2004 Gale Group