MGMA's Financial Conference kicked off in Nashville this week with in-depth sessions for revenue cycle and healthcare finance professionals.
[Written by Alexandra Pecci, HealthLeaders Media]
"Please make your list today." MGMA's Financial Conference kicked off in Nashville this week with this sound advice from Shawntea (Taya) Moheiser, CMPE, CMOM, owner of Omaha-based ITS Healthcare, LLC, who knew that attendees would get so many great ideas during the conference that they wouldn't possibly remember them all by the time they got home.
For instance, during their Thursday session, Moheiser and Kem Tolliver, CMPE, CPC, CMOM, president of Medical Revenue Cycle Specialists in Maryland, shared three hours' worth of in-depth details on how leaders should measure and evaluate their revenue cycles. Moheiser and Tolliver have also coauthored the forthcoming MGMA book, Revenue Cycle Management: Don’t Get Lost in The Financial Maze.
Some of their advice included:
Embracing solid formulas: Use both foundational and customized formulas to evaluate measures ranging from the basics like net revenue and days in AR, to more customized ones like net collections ratio (i.e., how much of what was collectible did you actually collect), which Tolliver calls "a really important little formula that you want to use regularly."
Moheiser also adds that "all of these formulas are meant to be built upon…you can drill in a lot further."
Assessing your staff first: A good way to start your assessment of your revenue cycle operations is through your workforce and assessing their daily operations.
For instance, leaders can conduct a "desk audit" of staff to get an "unaltered opinion of what they do on a regular basis" and get "a clear understanding of workflow and duties," says Moheiser.
"You'll be surprised that when you do these desk audits…you'll notice that [tasks] may not necessarily align with the job description," she says. Leaders will also find out things like whether employees are overburdened or completing tasks that aren't within their expertise.
These are just two of the many tangible tools that Moheiser and Tolliver offered during their session, and it's just the tip of the iceberg when it comes to the revenue cycle content at The Financial Conference.
Friday and Saturday's sessions include a full slate of revenue cycle topics, including:
Using analytics for automation and streamlining
Improving time-of-service collections
Preparing for outpatient E/M code changes
Embracing price transparency
Stay tuned this week and in the coming weeks for more MGMA Financial Conference coverage.
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