CHICAGO--(Business Wire)--
Revenue cycle excellence can be achieved by all hospitals and health systems,
regardless of an organization`s financial means or patient mix, according to the
Healthcare Financial Management Association`s latest PATIENT FRIENDLY BILLING
Project report, Strategies for a High-Performance Revenue Cycle. The 37-page
reportwas released today at HFMA`s Revenue Cycle Strategies Conference in
Chicago.
Based on visits to high-performing sites across the nation and interviews with
executives and revenue cycle staff, the report identifies three traits shared by
high performers: an organizational culture that elevates the importance of the
revenue cycle, mastery of areas that are important to organizational
circumstances, and the ability to accelerate improvements.
Strategies for a High-Performance Revenue Cycle features detailed research
findings, guidance for senior executives and revenue cycle leadership, and
numerous case studies demonstrating practical applications of high-performance
strategies.
"We know that hospital leaders are committed to the principles of Patient
Friendly Billing, but they need to know which revenue cycle practices matter the
most," said HFMA President and CEO Richard L. Clarke, DHA, FHFMA. "This report
highlights the practices frequently found at high-performing revenue cycle
hospitals-and how they differ from the rest of the industry."
Oaklawn Hospital, Marshall, Mich., is among the 14 hospitals that shared their
expertise with Patient Friendly Billing report leaders through onsite visits and
extensive interviews. "Over five years ago, Oaklawn began integrating its
adaptation of HFMA`s Patient Friendly Billing Initiative best practices into our
organizational goals. Over those years, it has played a significant role in
improving our organizational performance and enhancing our patient satisfaction.
We recently were recognized with HFMA`s High Performance in Revenue Cycle Award,
in part, due to this foresight," said Rob Covert, President & CEO, Oaklawn
Hospital.
Joseph Fifer, Vice President, Hospital Finance at Spectrum Health added
"Determining the value proposition for patients and the organization is a
critical factor in every decision we make. Hospitals highlighted in this report,
that deploy the practices from previous Patient Friendly Billing reports,
satisfy this standard by demonstrating tangible and better results."
More information about the project, including a 16-page executive summary of the
report, is available at the Patient Friendly Billing web site,
www.patientfriendlybilling.org.
About the Patient Friendly Billing Project
Established in 2000 and led by the Healthcare Financial Management Association
(HFMA), the Patient Friendly Billing project began as a collaborative endeavor
spearheaded by HFMA to promote clear, concise, and correct patient-friendly
financial communications. For nearly a decade, the project has provided the
nation`s hospitals and health systems with information, educational programming,
and practical tools to aid efforts in streamlining financial communications and
optimizing billing and payment functions. Most recently, the Patient Friendly
Billing project has started exploring best practices for the revenue cycle.
Previous notable reports include Reconstructing Hospital Pricing Systems (2007),
Consumerism in Health Care-Achieve a Consumer-Oriented Revenue Cycle (2006), and
Hospitals Share Insights to Improve Financial Policies for Uninsured and
Underinsured Patients (2005).
About HFMA
The Healthcare Financial Management Association (HFMA) provides the resources
healthcare organizations need to achieve sound fiscal health in order to provide
excellent patient care. With over 35,000 members, HFMA is the nation's leading
membership organization of healthcare finance executives and leaders. We provide
education, analysis, and guidance; we lead change and innovative thinking; and
we create practical tools and solutions that help our members get results.
Addressing capital access to improved patient care to technology advancement,
HFMA is an indispensable resource on healthcare finance issues. www.hfma.org
PATIENT FRIENDLY BILLING is a proprietary trademark of Healthcare Financial
Management Association.
Karen Metropulos
HFMA
(800) 252-HFMA, ext. 329
Copyright Business Wire 2009
