Hayes' Healthcare Blog

Are You Ready for Revenue Cycle Consolidation? A 7 Point Checklist

Posted by Sondra Akrin on November 8, 2017 at 9:00 AM

As the pressure on top and bottom lines grows, many healthcare organizations are focusing on revenue integrity as a way to improve margins. Part of this effort requires lowering overhead costs by driving efficiencies into their revenue cycle operations. These streamlining projects include consolidating business office functions to minimize duplication of effort around registration, insurance assignment and verification and customer service on both the physician and hospital sides of the organization.

An increase in merger and acquisition activity continues in the healthcare industry and this, too, can cause the need for a business office consolidation. 

Whether driven by a cost cutting initiative or merger, the consolidation initiative means merging the entire revenue cycle. Combining tasks, workflows and technology to create economies of scale can result in significant cost savings.

Centralizing business office functions can be challenging. Before you attempt to take on such an ambitious project, you must be sure your organization can carry it out successfully. You need to understand the inherent differences between the organizations or divisions you plan to consolidate. You should start with a comprehensive assessment of your people, process and technology to provide a baseline from which to proceed with the project.

This seven-point checklist will help you determine your readiness and will guide you in focusing on the areas you should be addressing as you begin your consolidation.

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Topics: healthcare mergers and acquisitions, Revenue Cycle Health

Tale of Two Systems: Making the Right IT Choice Following a Merger or Acquisition

Posted by Pete Rivera on April 27, 2016 at 9:00 AM

A recent survey reported that healthcare promises to be one of the most active sectors when it comes to mergers and acquisitions (M&A) in 2016. Almost half of the M&A professionals surveyed felt healthcare would be the third most active sector behind only the technology and biotech/pharmaceutical industries. KPMG, who conducted the survey, reported that healthcare M&A’s are being driven by geographical expansion, new service lines development, and adjustments to new reimbursement models.[1]

Many strategic challenges come with a merger or acquisition – financial, legal, cultural - but one of the most significant involves technology. Selecting between the IT systems of two combining entities can be a difficult process and to make the right decision, the organization must evaluate both systems before deciding on the best option going forward.

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Topics: healthcare mergers and acquisitions, IT strategy, systems analysis

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