One way that healthcare organizations are reducing expenses and boosting their financial performance—while continuing to meet the needs of patients and physicians—is through integrated revenue cycles (IRCs).
There is no set definition for what an IRC should be, and it tends to vary depending on the organization and its particular needs. Generally, it allows for the greater collaboration of revenue cycle operations with a single leadership team that directs the teams overseeing disparate functional areas to work toward singular strategic goals. The main objective is to reduce collection costs, enhance performance, and implement cohesive initiatives across multiple departments.
One of the most significant benefits of an IRC model is that it allows for just one main point of accountability. This can help an organization reduce its staffing needs and achieve improved transparency and continuity.
Overcoming hurdles to a successful IRC implementation
There are some common challenges associated with implementing an IRC model, and health care organizations can address them by being proactive and transparent in their planning. These concerns may stem from physicians and other medical staff members who have difficulty transitioning to a new model, along with general concerns that come with potential layoffs. There may also be challenges regarding health information technology as well as other areas of your organization that may have competing objectives.
With this in mind, it’s important for the leadership team to develop an IRC implementation plan that addresses the specific challenges faced by your organization. In fact, this process can be a very positive one, as greater awareness of revenue cycle management across all areas of your organization can help encourage meaningful changes that lead to greater levels of success in the long term. Managing your internal politics can represent the difference between success and failure in this process.
The bottom line is that eventually the implementation of an IRC model will be inevitable for nearly all health care organizations in the United States. With a sound strategy, you can give your organization the resources and buy-in it needs to reach its goals when it comes to enhancing its revenue cycle operations.
The experienced team at Howell Consulting Group helps health care organizations of all sizes incorporate IRCs into their operations. To learn more about how we can help you, contact us to set up a zero risk blanket assessment today! Request a Consultation →
