TPC’s Revenue Cycle Program Increases Cash Flow to Member Hospitals
Just as hospital physicians and nurses are counted on to care for patient lives, a hospital’s revenue cycle team is trusted with the life of that patient’s account. Weak revenue cycle operations directly impact the cash that is available to operate an organization efficiently. Without these funds, hospitals are forced to cut costs, impacting other areas of the organization.
While many hospitals have mastered several best practices within the revenue cycle, it can be an overwhelming task to master all areas. Hospitals that have the opportunity to work together with other like-minded facilities can collaborate on contracting and best practices in a multitude of revenue cycle functions. But finding the right partner to facilitate success is key –TPC’s Revenue Cycle Programs can be the answer.
The Revenue Cycle
Day-to-day changes in CMS regulations and requirements lead to daily challenges that directly affect revenue cycle operations. These changes include how patients are registered, the way claims are submitted and billed, and reimbursement rates. In addition, keeping up with new technology, new system implementations, and conversions can cause disruption in cash flows and processes. And since conversions can take two-to-three years to fully implement, the impact on cash flow can be enormous.
Below are just a few of the areas the revenue cycle department must manage:
- DRG Transfer
- Specialty Collections
- CDM Solutions
- Financial Assistance Eligibility
- Credit Card Processing
- Medical Necessity
- Access Solutions
- Bad Debt and Early-Out
- Secondary Bad Debt
- Zero Balance Review
It’s difficult, if not impossible, to keep up with all these responsibilities without assistance. That’s where TPC comes in.
TPC’s Revenue Cycle
TPC assembles independent healthcare facilities for networking and collaboration, allowing them to be a part of a larger “system”. Members are able to exchange valuable knowledge and share best practices, and together, identify process improvement opportunities and evaluate long-term performance.
TPC’s Revenue Cycle Council is made up of both revenue cycle leaders and executives from each Member organization. TPC Members identify and assess savings opportunities together, and then use their combined purchasing power to attain the best solutions, pricing, and partnerships. Vetting third-party vendors as a group eliminates the need for each Member to work individually, saving time and effort.
In total, TPC Revenue Cycle Programs have realized $6.6 million in savings and performance improvement since beginning in 2016. Some key TPC Revenue Cycle Council results include:
In addition, Members have incorporated HFMA MAP Keys as their key performance indicator metrics. By implementing this program, together they have realized a $5.3 million decrease in opportunity of denials and an $8.5 million decrease in opportunity of point of service collections.
TPC and You
TPC provides the framework for independent, community-based hospitals to achieve system value through standardization, utilization, and pricing strategies that optimize operational, financial, and clinical performance.
Weak revenue cycle operations directly impact the cash you have available to operate your organization efficiently. By joining with other TPC Member hospitals, you can tap the power of our team to free up resources that allow you to better serve your patients.
Stronger Together. Superior Results.
Click here to learn more about our individual Revenue Cycle programs.