Jan 12, 2024

Revenue Cycle Management
Patient Engagement

Driving Revenue Cycle Innovation: Unlocking Potential Through Enhanced Patient Engagement

John Wagner
John Wagner
Vice President, Growth
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In the complex landscape of healthcare, Hospitals and Health Systems are facing a formidable economic challenge characterized by a combination of increased operational costs, persistent supply chain disruptions, lagging payer reimbursement rates, and the unyielding impact of inflation and market volatility.

Amidst this turbulent scenario, the role of Revenue Cycle Management (RCM) leaders will continue to become increasingly critical to growth. Traditional efforts are geared towards improving revenue throughput and capture. However, the constant pressure from payers often dilutes these gains, signaling a need for a more robust and innovative approach to financial stability and patient growth.

Strategic Expansion of the Revenue Toolkit

RCM leaders are called to look beyond traditional methods and expand their strategic toolkit to bolster the financial health of Health Systems. This expansion entails a proactive approach to patient engagement and the strategic utilization of Value-Based Care (VBC) arrangements.
By leveraging networks of employed and affiliated physicians and post-acute care resources, there’s a promising avenue to not just enhance existing revenue streams but also to innovate and create new ones.

Deploying Comprehensive Strategies for Financial Enhancement

To navigate through the financial intricacies of healthcare systems, a set of comprehensive strategies is crucial. These include:
- Elevating patient appointment volumes - Curtailing referral leakage - Aiming to secure value-based performance incentives - Giving due attention to high-value/high-need patient demographics

Despite the presence of these strategies, the potential for optimization remains vast. Data points to substantial room for improvement in several areas:

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Harnessing Patient Engagement for Transformative Growth

The key to addressing these challenges lies in the deployment of sophisticated patient engagement and navigation strategies. Tailored and targeted omni-channel outreach has the potential to significantly redirect patients into the healthcare system’s care continuum. For example, a slight increase in patient visits at a primary care practice can translate into substantial incremental revenue, even when accounting for the national average of no-shows.
This approach not only promises revenue growth but also paves the way for an integrated and patient-centric healthcare model focused on efficient referral management and prioritization of high-value patients within the VBC framework.

"Revolutionizing revenue in the current healthcare context demands a multifaceted and strategic approach. It's about creating a synergistic relationship between patient engagement, operational efficiency, and financial insight"

Guiding RCM Leaders into a New Era of Healthcare

With deep-rooted expertise and vision for innovative revenue generation, RCM leaders are navigating a new era in healthcare. Lucerna Health is at the helm of this transformative journey, offering a comprehensive suite of services that include:
- Focusing on patient acquisition and retention to drive practice growth - Elevating patient experience and managing reputation to boost marketability - Engaging priority patients to enhance access to care and improve operational efficiency - Optimizing patient navigation to maximize health outcomes, realize VBC potential, and encourage in-system utilization

Contact Lucerna Health today to embark on a journey towards a brighter future in healthcare, where strong patient/doctor relationships are at the heart of business success.
Lucerna Health: Championing Value-Based Care for enhanced health outcomes and business success.

Sources: Mercury Healthcare, McKinsey & Company, CMS Shared Savings Program Fast Facts

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