Over a century ago, Henry Ford transformed the manufacturing industry with his innovative approach to mass production. Today, his principles can serve as a guiding light for RCM leaders seeking to navigate the complexities of the modern healthcare landscape. By drawing inspiration from the timeless, pioneering spirit of Henry Ford and his revolutionary manufacturing techniques, healthcare organizations can unlock new opportunities for growth and success.
Ford’s factories were designed to produce quality products with minimal touches, a concept that resonates deeply with RCM professionals striving to optimize workflows and reduce inefficiencies. By equipping teams with the right tools and automation, healthcare organizations can streamline processes from pre-registration to payment collection, minimizing unnecessary touches and improving overall efficiency.
For example, 80 to 90% of claims in AR do not require follow up today, yet many times representatives are touching those claims unnecessarily. Automation can ensure only the claims that need attention today make it into work queues.
Did you know administrative waste accounts for 28% of the wasted spend in the US healthcare system according to a report from AMGA? Ford believed in constantly revising systems and methods to eliminate waste and maximize efficiency. In the realm of RCM, this principle translates to ensuring that every action has a purpose and every touch on a claim yields a tangible outcome. By leveraging technology and data analytics, healthcare organizations can identify and eliminate wasteful practices, ultimately driving down costs and improving financial outcomes.
Standardization was a cornerstone of Ford’s manufacturing philosophy, enabling consistent quality and efficiency across operations. In RCM, standardizing processes through technology-driven solutions can help eliminate guesswork and improve productivity. With granular insights into workforce performance and claim adjudication, organizations can identify areas for improvement and drive actionable results.
When evaluating revenue cycle processes, leaders need to look at the entire process holistically from financial clearance to coding to billing and collections and find solutions to automate manual processes along the way.
Ford understood the value of investing in his workforce and implementing incentive-based programs to recognize and retain top performers. In RCM, organizations can emulate this principle by offering competitive compensation packages and implementing incentive programs to motivate and reward employees. Keep in mind incentives do not have to be financial, other options include gift cards, time off, company swag, pizza parties and more.
By leveraging technology to increase visibility into workforce performance, organizations can create a culture of excellence and drive a sense of friendly competition and employee satisfaction along the way.
Ford’s relentless pursuit of productivity and profitability drove him to embrace advanced technology and innovation. In RCM, organizations can maximize margins by investing in technology solutions that streamline processes, optimize staff time, and improve financial outcomes.
With intelligent analytics and workflow automation, such as Effective Intelligence solutions offered by MedEvolve, healthcare organizations can optimize the entire revenue cycle from financial clearance to coding to billing and collections for significant margin improvement. Effective Intelligence solutions upgrade existing PM and EHR systems with work drivers and insights that allow organizations to unlock new levels of efficiency and effectiveness and create added capacity for staff to do more.
Forward thinking healthcare organizations can revolutionize their approach to revenue cycle management by looking back at Henry Ford’s principles which still stand true today: embracing automation, reducing waste, standardizing processes, and incentivizing employees to maximize margin. By embracing these concepts, organizations can uncover new opportunities for growth, success, and sustainability in the dynamic healthcare landscape of the 21st century.
Matt Seefeld, Executive Vice President & Chief Commercial Officer at MedEvolve, brings over 24 years of management consulting experience in the healthcare industry. He has extensive expertise in the assessment, design and implementation of process improvement programs and technology development across the entire revenue cycle. Matt began his career with Stockamp & Associates, Inc. and worked for both PricewaterhouseCoopers LLP and Deloitte Consulting LLP in their healthcare and life sciences practice lines. In 2007, he developed a business intelligence solution and founded Interpoint Partners, LLC, where he served as Chairman and Chief Executive Officer. In 2011, he sold his business to Streamline Health Solutions where he then served as Chief Strategist of Revenue Cycle followed by Senior Vice President of Solutions Strategy until 2014. Matt ran global sales for NantHealth and provided consulting services for healthcare technology and service businesses nationwide, prior to joining MedEvolve full-time.
Review and assess your practice’s financial status in 5 min or less and know exact where you are losing money and why. Measure the work effort of every revenue cycle employee, incentivize and retain your top performers, and help employees that need improvement.
You can prevent most common denials, rejections and write-offs during the scheduling and pre-registration process in advance of the appointment. Configure checkpoints and use central task management to quickly clear patients and keep your front office staffing needs at a minimum.
Aligning the power of the MedEvolve Coding solutions with your internal resources personalizes and trains the autonomous coding model, increasing the speed that auto-codes are generated. The portal workflow also drives operational efficiency, resulting in repeatable and scalable performance.
As team members log in to the web-based application and record each “touch” of a claim, outcome, and next task, key data points are recorded like who completed the task and when, outcome, task notes, internal / external messages sent, collection success and other data points that feed into our real-time analytics.
Reduce RCM labor dependence with financial clearance, coding, insurance A/R, & patient A/R automation modules with real-time analytics.
Increase productivity and simplify front & back office processes while keeping your staff focused with our flagship PM system.
Healthcare organizations are already facing razor thin margins, and administrative waste could be the linchpin for future sustainability. Billions of dollars are at stake. I’m always surprised when I talk
Healthcare revenue cycles are primed for the benefits of automation & AI, but many are missing a critical link: human-generated data.
AI can help reduce waste & improve efficiency in the revenue cycle by analyzing human touches & making recommendations for waste reduction.
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