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 bottom line and can dramatically influence the entire hospital, leading to an inefficient organization that must cut costs or limit services in order to survive.
While many hospitals have mastered several best practices within the revenue cycle, it can be overwhelming for independent hospital organizations to master all areas due to the lack of personnel and resources. Hospitals that have the ability 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.
TPC Signed Category Partners
Early Out Collections
Bad Debt Collections
Medical Necessity Clinical Denial
HIM Coding and Audits - Hospital & Physician
TPC Members also use HFMA MAP Keys as their key performance indicator metrics.
The Revenue Cycle
Healthcare is constantly evolving. Day-to-day advancements and changes in clinical care lead to recurrent challenges that directly affect revenue cycle operations. When CMS and payor regulations are thrown into the mix, it can be challenging for independent hospital organizations to keep up. These changes include how patients are registered, the way claims are submitted and billed, and reimbursement rates. In addition, keeping up with new technology, EMR and integrated RCM implementations, and complex conversions can cause disruption in cash flows and processes. And because conversions can take two-to-three years to fully implement, the impact on cash flow can be significant.
Below are just a few of the areas of the revenue cycle that independent hospital organizations must focus on to survive:
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, share and implement best practices, and together, identify and achieve process improvement opportunities. TPC assists its Members in developing strategic initiatives and vendor partnerships that directly impact each Member’s bottom line.
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, and then use their combined purchasing power to attain the best solutions and partnerships. Working together as a system, our Members develop a strong network of like-minded leaders to achieve goals that benefit their independent organizations.
In total, TPC Revenue Cycle Programs have realized $15.1 million in savings and performance improvement since commencement in 2016. Some key TPC Revenue Cycle Council results include:
Each Member is committed to working on these and additional initiatives to enhance their Member organization’s revenue cycle. Initiatives underway or planned for 2019 include:
Managed Care Contracting Strategies
Clinical Documentation Improvement
Customer Experience and Patient Pay Strategies
TPC and You
TPC provides the framework for independent, community-based hospitals to achieve system value through standardization, utilization, and other strategies that optimize operational, financial, and clinical performance.
TPC is the unparalleled solution for independent organizations seeking to improve their revenue cycle and achieve superior results together. 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.