Revenue Cycle Round Table: Navigating COVID-19 and the Next 12 Months
11AM PST / 12PM MST
The industry has begun to recover from the pandemic’s body blow, but like the rest of the world, the future remains uncertain, and it has never been more important for healthcare providers to maximize collections.
In this special HIMSS webinar, two revenue cycle leaders join Healthcare Finance News Managing Editor Susan Morse to discuss how their departments responded to the pandemic and how they expect to navigate the next 12 months. Additionally, a respected industry analyst joins us to share his research on revenue cycle strategy and the role technology can play to optimize the front, middle, and back-end revenue cycle. Speakers will also address the increasing importance of automation to reduce administrative costs and improve reimbursement.
Key discussion points and takeaways:
- How to manage a remote revenue cycle workforce, and what might the department look like in a post-COVID world? Which staffers do you bring back to the office and how do you do that safely?
- What are the keys to providing a solid patient financial experience with COVID-19 throwing millions of people out of work?
- Best practices for driving efficiencies and performance, such as enhancing clinical documentation improvement (CDI), reducing denials and identifying opportunities to shrink revenue gaps.
- Identify technology solutions that improve the revenue cycle front, middle and back-end.
Facts from the frontlines of revenue cycle management:
The healthcare industry may be recession proof, but it is not pandemic-proof. Thanks in large part to a sharp reduction in elective procedures, COVID-19 reduced revenue for hospitals and health systems by an estimated $500 billion in the first quarter of 2020. That equates to about a 45% decrease to operating revenue—a huge hit for any industry, but especially for healthcare, where margins typically run below three percent.