As a revenue cycle management (RCM) executive, are you confident you’re capturing every dollar you’re entitled to? You’re likely all too familiar with the challenges of maximizing reimbursements while navigating an ever-changing landscape of regulations and payer requirements. But what if there were hidden opportunities within your revenue cycle, just waiting to be uncovered?
The Tunnel Vision Trap
It’s a common scenario in healthcare organizations: your team is so focused on day-to-day operations that it becomes difficult to step back and see the bigger picture. You know your processes inside and out, but as the saying goes, “You don’t know what you don’t know.” This tunnel vision can lead to missed opportunities and unclaimed revenue.
Consider the case of one major Southeastern healthcare system featuring 3 hospitals, 13 practices, and 30 outpatient sites, plus telehealth. It boasts nationally ranked cancer and rehabilitation centers. Its RCM team was confident they had efficient processes and believed the healthcare system was maximizing its revenue potential. However, after partnering with Aspirion, they saw their Aged AR reduced by $85 million in under 6 months. They didn’t know what they didn’t know! But now, because of a partnership that began with a prescient revenue cycle assessment, they do.
Benchmarking: How Do You Measure Up?
Without proper benchmarking, it’s challenging to know if your performance is truly where it should be. Are your key performance indicators (KPIs) in line with industry standards? Are there areas where you’re excelling, and others where you’re falling behind? Aspirion’s provides you with valuable insights into how your organization compares to similar healthcare providers. This information is paramount in identifying areas of improvement and setting realistic goals for your RCM processes.
Uncovering Hidden Opportunities
A fresh set of eyes can often spot opportunities that might be overlooked by those immersed in daily operations. Aspirion’s experienced team brings a wealth of knowledge from working with diverse healthcare organizations across the country. Our assessment is designed to:
- Uncover missed revenue opportunities across denials, aged receivables, and complex claims
- Streamline your claims process for faster reimbursement
- Reduce denials and improve collection rates
More specifically, our revenue cycle assessment includes:
- Identification of Immediate Revenue Opportunities: Discover potential areas where you can boost your revenue right away. We’ll pinpoint low-hanging fruit that can make an instant impact on your bottom line.
- Claims Analysis: We examine the number of paid and unpaid claims, the types of claims you’re handling, and the revenue they’re generating compared to what they should be bringing in. Are you using high-value claims effectively, or are some going to waste?
- Staffing Study: We assess your team’s size, skills, and allocation. Do you have the right number of employees with the right specialties in the right stations?
- Performance Benchmarking: Compare your revenue cycle management metrics against industry standards, aggregated industry data, and established best practices. Identify your strengths, pinpoint areas for improvement, and gain actionable insights to optimize your financial operations.
- SWOT Analysis: We conduct a strategic planning exercise to identify your Strengths, Weaknesses, Opportunities, and Threats. This helps us understand where you excel and where there’s room for improvement.
- Customized Strategy Overview: Receive a high-level strategy tailored to your hospital’s unique challenges. We’ll provide an initial roadmap for supercharging your RCM based on your specific situation.
Customized Solutions for Your Unique Challenges
We understand that no two healthcare organizations are exactly alike. That’s why our assessment isn’t a one-size-fits-all approach. We don’t believe in throwing spaghetti at the wall to see what sticks. Instead, we take the time to understand your specific challenges, KPIs, and goals.
Our team will provide customized recommendations tailored to your organization’s unique needs. It’s not about forcing you into a predefined solution; it’s about finding the right “type of noodle” for your specific situation.
What You Stand to Gain
The potential benefits of Aspirion’s free revenue cycle assessment are substantial. By identifying inefficiencies, uncovering missed opportunities, and customized strategizing, you could see:
- Increased revenue capture
- Faster reimbursement cycles
- Reduced denials and improved collection rates
- Improved compliance with regulatory requirements
Take the First Step Toward Optimization
Don’t let potential revenue slip through the cracks. Aspirion’s free assessment is your opportunity to gain valuable insights into your RCM revenue opportunities, benchmark your performance against industry standards, and receive customized recommendations for improvement.
Remember that major Southeastern healthcare system? It didn’t just see its Aged AR slashed by $85 million in under 6 months. After partnering with Aspirion, it also saw over $8 million in total cash collections and a 278% increase in collections compared to the provider’s internal staff performance on the same inventory.
Their success story could be your future reality.
The Power of an Experienced Partner
Bringing in an experienced vendor partner like Aspirion can provide invaluable insights and expertise. Our team has worked with healthcare organizations of all sizes and types, giving us a broad perspective on best practices and innovative solutions in RCM.
By leveraging the experience and high-tech services of a partner, you can:
- Catch up to tech-savvy payers by using AI-powered denials management
- Gain insights into industry trends and emerging best practices
- Benefit from lessons learned across a wide range of healthcare organizations
- Access specialized expertise in complex areas like Motor Vehicle Accident (MVA), Veterans Affairs (VA) TRICARE, Out of State Medicaid, and Workers’ Compensation
Are you ready to uncover the hidden treasure in your revenue cycle? Contact Aspirion today to schedule your free assessment and take the first step toward optimizing your organization’s financial health.
