Many hospitals typically are leaving 2 to 5 percent of net revenue on the table because of internal processes that impede full collection of payment, says Jim Lazarus, managing director of strategy and innovation at The Advisory Board Company, a consultancy.
“These are internally controllable losses,” he adds. The reason why is because hospitals have silos across their revenue cycle infrastructure. The first silo is the front-end patient access process that includes registration and patient-facing pre-service components. The second silo includes physician documentation and coding departments. The third silo is the business office, which sends the bills, collects payments and deals with insurance reimbursement. “Money is left on the table because the functions and departments don’t collaborate enough,” Lazarus explains.
Register or login for access to this item and much more
All Health Data Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access