Revenue Cycle Management: Healthcare Industry Seeing

1. Revenue Cycle Management Healthcare Industry Seeing an Up-Tick in Outsourcing Partnerships

2. S T R O N G Revenue Cycle Management Hospitals and healthcare organizations are turning more to outsourcing partnerships for revenue cycle management. As healthcare providers realize they lack the required in-house expertise and resources, outsourcing providers have a significant opportunity to build mutually-beneficial relationships. This trend will only grow as healthcare providers are pressured to reduce operating costs and have to deal with lower reimbursement rates. Based on recent reports, it appears everyone wins when hospitals and healthcare providers outsource. The hospitals can streamline costs and boost revenues. With more efficient cost and revenue management, they can focus on providing better care to patients. And, revenue cycle management providers can grow their businesses. S T A B L E S T R A T E G I C

3. S T R O N G Revenue Cycle Management According to Modern Healthcare’s annual outsourcing survey, the top 20 healthcare outsourcing companies grew their businesses by 13.1% between 2010 and 2011. Collectively, this group of 20 outsourcers served 16,463 total healthcare clients in 2011. This figure represents an increase over the 14,556 reported in 2010. Another interesting note about this study is the size of healthcare organization using outsourcing. In the past, typically smaller hospitals enlisted outsourcing services. Today, however, larger hospitals are realizing they can stay ahead of the curve by shifting some responsibilities, like revenue cycle management, to an outsourcing provider. S T A B L E S T R A T E G I C

4. S T R O N G Revenue Cycle Management Why the Focus on Revenue Cycle Management? • Tighter reimbursement environments and constantly evolving technologies are prompting hospitals to seek outsourcing partnerships. Healthcare providers must be diligent about collecting the most money for the services they deliver. • Outsourcing providers that specialize in revenue cycle management can help hospitals get paid on managed care contracts, as well as minimize bad debt. • Revenue cycle management represents a high-growth business for healthcare outsourcing providers. • This jump in outsourcing is encouraging given many hospitals in the past have approached this model reluctantly. However, revenue cycle management, cost cutting and other financial considerations have made outsourcing a viable and accepted practice. S T A B L E S T R A T E G I C

5. S T R O N G Revenue Cycle Management Why the Focus on Revenue Cycle Management? • In addition to improving financial metrics and revenue cycle management, outsourcing providers can offer advanced technologies to hospitals. An outsourcing company can, in essence, play the role of chief technology officer for a hospital. • Each hospital can decide how best to partner with outsourcing firms for revenue cycle management. • One benefit of these partnerships is flexibility. Each partnership can be tailored to the exact requirements of the hospital. Outsourcing providers can play a consulting role or manage entire processes for a hospital. S T A B L E S T R A T E G I C

6. S T R O N G Revenue Cycle Management Revenue Cycle Management and Other Patient Financial Services by Pyramid Healthcare Solutions Early Out Services—Insurance and Self Pay.Through a team-oriented approach, Pyramid tailors solutions to generate maximum cash collections. Pyramid accepts and resolves accounts of all ages, from day one to aged receivables. Accounts Receivable Wind Down and Data Archiving. Pyramid combines highly trained staff specializing in A/R liquidation and cash acceleration with an active data archiving technology solution. Aged Accounts Receivable Clean-Up and Cash Acceleration. Pyramid offers an onsite, remote or blended delivery model to assist in cleaning up aged receivables. A/R follow-up experts analyze the aged A/R, prioritize it, and use a variety of tools to collect cash as quickly and efficiently as possible. Pyramid will also categorize reasons for non-payment, payment delays and denials. S T A B L E S T R A T E G I C

7. S T R O N G Revenue Cycle Management Revenue Cycle Management and Other Patient Financial Services by Pyramid Healthcare Solutions Business Office Outsourcing and Medical Billing Services.Using a partnering approach, Pyramid bills, follow-ups and collects hospital accounts receivable (A/R). We work with clients to establish cash flow and A/R balance goals and address the sensitive issue of what to do with the current employed staff. Operational Assessments, Action Plan Development and Implementation Assistance. Pyramid conducts an analysis and reports findings detailing the underlying reasons for any performance issues. We also include action plans and recommendations for improvement. Accounts Receivable Management Training.Pyramid provides one-on-one instruction to the new or less experienced PFS Director. A proven expert with direct experience in managing hospital revenue cycle operations provides the training. S T A B L E S T R A T E G I C

8. S T R O N G Revenue Cycle Management Revenue Cycle Management and Other Patient Financial Services by Pyramid Healthcare Solutions Interim Staffing. Pyramid offers a variety of seasoned leaders such as CFOs, CIOs, Patient Access Directors, Business Office Directors, Reimbursement Directors and others to supplement your staffing requirements. Our staff members typically have over 20 years of experience. Credit Balance Adjudication. Pyramid offers a skilled credit balance staff so a hospital’s more experienced collectors can focus on cash collections. We also help bring a facility into compliance. Specialty Services.Pyramid’s highly trained staff offers Home Infusion Collection Services including patient accounts, infusion, home health therapy and Durable Medical Equipment. We also provide Medicaid Eligibility Advocacy Services. Pyramid’s professionals know how to review, screen and process uninsured patient accounts to recover untapped reimbursement dollars. S T A B L E S T R A T E G I C

9. S T R O N G Revenue Cycle Management ABOUT THE AUTHOR: Nav Ranajee is VP of sales and marketing for Pyramid Health Solutions, a provider of complete revenue cycle services. Learn more about Revenue Cycle Management by visiting http://www.pyramidhs.com. S T A B L E S T R A T E G I C

10. THANK YOU STRONG STABLE STRATEGIC Trusted Revenue Cycle Partner Since 1985 800.927.8435 Email: info@pyramidhs.com Website: www.pyramidhs.com