Navigant's Erick McKesson via HFMA
The promise of inter-organizational networks, in which organizations competing with each other in the same industry share critical business intelligence, has attracted considerable attention since the advent of big data. In tightening markets, despite facing enormous pressure to preserve their organizations’ sustainability by rooting out process deficiencies that result in lost revenue, hospital revenue cycle managers have tended to resist sharing details about their revenue cycle practices.
A core group of leaders from 50 hospitals across 15 states dispensed with conventional thinking to improve revenue capture following their electronic health record (EHR) implementations. They're sharing specific fixes and mending information gaps to address the charge capture missteps, reporting errors, and other protocol problems that have been shown to cost healthcare institutions up to five percent of gross revenue. The capacity and potential of a next-generation EHR system are powerful value propositions for healthcare organizations, offering the promise of adaptability to increasingly complex payment scenarios. However, the distinct requirements of next-generation EHRs for charge reporting and coding also understandably introduce new financial risks.
Learn more about the overview of an inter-organizational charge auditing program, as well as moving from remediation to prevention.