Revenue Cycle Management Turnaround – A Case Study
- January 1, 2019
Revenue is the lifeblood of any business and is essential for its survival. Without income, regardless of the market segment or service line, an enterprise cannot thrive. Whether a privately-held or publicly-financed (e.g., stocks/equity, bonds, etc.) entity, the inflow of revenue and efficient operations are prerequisites to the viability of any business. Stunningly, some institutions continue to under-invest or disregard the significance of revenue cycle management (RCM) and its accompanying components. In this case study, we explore the situation of a hospital system and Coker client that struggled with their RCM until the point that their financial inattention caught the C suite by the tail and threatened the fiber of the organization, forcing them to seek outside investment. Many lessons are available from a review of this interesting case study.