Gaining Control of Your Revenue Cycle
In January 2003, the Healthcare Financial Management Association (HFMA) published an article entitled “Revenue Cycle Examined” written by current CEO and President of HFMA, Richard L Clarke. In the article, Clarke reviewed the recent initiatives supported by the HFMA’s Patient Financial Services Task Force, including their recommendation to re-define the revenue cycle. They emphasized “achieving the mission of the organization through continuous improvement, and anticipating trends in revenue cycle management.”

Better Performers: Creating a Culture of Performance Excellence
Traditional approaches to financial performance have focused on increasing revenue and reducing costs. However, in order to do either, physician groups are now focusing on developing a team culture with a coordinated approach to performance improvement. While revenue and costs are still an important foundation in achieving financial performance, creating a culture of performance excellence is the basis for building that groundwork.

Benchmarking: The Reality of Performance
“You can’t manage what you don’t measure”
Decreased reimbursement combined with rising insurance and overhead costs have created a challenging market for healthcare providers. Many are discovering traditional profit generating opportunities are dwindling or no longer exist. Chances are your practice has begun taking a closer look at many day-to-day operations in the hope of squeezing out more revenue while still maintaining quality patient care.

Before You Purchase a Business Performance Management Tool, Ask Yourself.....
How will this application be integrated with my current reporting technology?
For a Business Performance Management (BPM) system to be useful, it must be able to consolidate multiple sources of information into a centralized database. While the key indicators captured in the BPM system can be found using various reporting systems and through manual manipulation of data, often the effort involved in compiling the reports can outweigh Management’s ability to respond to critical changes in their business performance.

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