By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    bowl of vegetable salad
    Raw Foods: benefits and harms
    November 9, 2021
    pros and cons of the keto diet
    Read This Before You Follow the Keto Diet
    May 18, 2022
    spinal cord injuries
    4 Potential Causes of Spinal Cord Injuries (and How to Seek Compensation)
    May 25, 2022
    Latest News
    Getting Back in the Game: Sports Injuries Rehabilitation Tips
    May 31, 2023
    4 Signs It’s Time to See a Therapist
    May 24, 2023
    11 Ways To Modernize Your Private Practice
    May 17, 2023
    How to Recognize the Signs of Hormonal Imbalance in Men
    May 29, 2023
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    ESPN’s Stuart Scott: Kickboxing Cancer
    March 19, 2014
    Due Diligence in Community Health Screening
    June 10, 2012
    disruptive women logo
    Culture Change Is Here: People Are Price-Shopping for Health Care
    July 1, 2014
    Latest News
    MRI Sedation Options: What You Should Know Before Screening
    May 17, 2023
    What is the Process of Creating Medicine from Nature?
    May 2, 2023
    Choosing the Right Treatment Option for Varicose Veins
    May 2, 2023
    What Are Wrong-Site Surgeries and How Do They Occur?
    April 27, 2023
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Provider Onboarding: The Foundation of Revenue Cycle Management
Share
Sign In
Notification Show More
Aa
Health Works CollectiveHealth Works Collective
Aa
Search
Have an existing account? Sign In
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > Provider Onboarding: The Foundation of Revenue Cycle Management
Business

Provider Onboarding: The Foundation of Revenue Cycle Management

Anthony Begando
Last updated: 2012/10/09 at 8:01 AM
Anthony Begando
Share
4 Min Read
SHARE

revenue cycle management, onboarding Provider Onboarding Enables Revenue Cycle Management 

Revenue Cycle Management (RCM) has been a major focus within the healthcare industry for some time. Simply stated, the activities involved in RCM drive getting paid efficiently.

Contents
Provider Onboarding Enables Revenue Cycle Management Provider Onboarding Enables Revenue Cycle Management 

revenue cycle management, onboarding Provider Onboarding Enables Revenue Cycle Management 

Revenue Cycle Management (RCM) has been a major focus within the healthcare industry for some time. Simply stated, the activities involved in RCM drive getting paid efficiently. While that sounds pretty straight forward, the complexities involved in actually getting paid are not trivial. For those on the care delivery side of the business (e.g. hospitals, clinics, physician practices), substantial efforts have been made to re-engineer, automate, outsource, or otherwise optimize patient billing and collections processes. These investments have improved cash flow, reduced denials, and in many cases, substantially improved the financial performance of the organization. Despite the significant advances, many of these organizations remain shackled with lacking or dysfunctional provider onboarding programs.  The irony in this lies in the fact that it is the onboarding process that enables a new provider joining a healthcare delivery organization to become eligible for payor reimbursement in the first place. 

“Onboarding” describes the sequence of activities involved in transitioning a newly hired or contracted healthcare provider from recruitment to becoming fully billable or reimbursable.  Typically, this includes hiring and orientation, initial credentialing, facility privileging, committee/board approvals, and payor enrollment.  Completing these activities can draw out over a 90 – 180 day timeframe for many organizations.  Larger systems and networks where providers are routinely privileged across multiple facilities may see these numbers drift well into in the 200s. 

Line

More Read

employee's wellness

How Hospitals and Other Healthcare Providers Can Boost Employee Morale

What are the Benefits of Hospitals and Clinics Using Expense Management Services?
Tips to Keep Health Workers Safe in the Workplace
9 Hospitals That Have Introduced Green Initiatives
Best Money-Saving Tips for Health Managers

On average, every work day that a newly hired or contracted provider remains in the onboarding process, they are unable to fully enter the revenue cycle and forfeit approximately $6,000 in billings.  For an organization that hires 50 new privileged providers per year, reducing their onboarding cycle time by even 20 billable days may drive upwards of $6,000,000 directly to their bottom line (50 hires X 20 days X $6,000 forfeited revenues).  

Line

Improvements to the onboarding process can take many forms.  In general, healthcare delivery organizations seek to reduce cycle time, improve revenues, lower costs, and strengthen provider engagement.  Smaller organizations can benefit by streamlining, automating, and integrating siloed components of the process to eliminate redundancy, improve communications, and reduce administrative burden.  Larger firms can establish centralized or regionalized shared service centers that manage onboarding activities across the enterprise.  In both cases, these efforts can be undertaken within a larger strategy of improving and modernizing a firm’s overall healthcare quality assurance practices.

Traditionally, RCM strategies have focused on patient billing. Given the financial impact that improving an organization’s onboarding processes can have, health leaders must consider how such an initiative integrates with their firm’s overall revenue cycle management strategy. 

 

 

 

Dotted Line

 

 

 

 

 

TAGGED: onboarding, revenue cycle management

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Anthony Begando October 9, 2012
Share this Article
Facebook Twitter Copy Link Print
Share
Previous Article 6 Ways Big Data Could Change Healthcare
Next Article The Ethical Foundations of Health Policy

Stay Connected

1.5k Followers Like
4.5k Followers Follow
2.8k Followers Pin
136k Subscribers Subscribe

Latest News

11 ways nurses can care for patients during mental health crises
11 ways nurses can care for patients during mental health crises
Mental Health June 6, 2023
test
Essential Steps for Starting Your Journey as a Fitness Instructor
Fitness June 5, 2023
mimosa pudica
Health Benefits of Mimosa Pudica: The Marvel of Nature
News June 2, 2023
medical bills
Who is Responsible for Paying the Medical Bills After an Injury?
News June 1, 2023

You Might also Like

Types of Remote Access Solutions for Hospitals
Medicare

Types of Remote Access Solutions for Hospitals

April 27, 2023
get a career in medical device sales
Medicare

What Are the Benefits of Attending Medical Sales College?

April 10, 2023
subscription based telemedicine
Hospital Administration

Subscription Management Solutions Are Crucial for Telemedicine

April 5, 2023
patient's well-being
Hospital Administration

Comfort And Safety: 7 Ways Healthcare Organizations Can Create A Better Environment For Their Patients

April 4, 2023
//

We influence million of users and is the most authentic source of information on healthcare business and technology news.

Quick Links

  • About
  • Contact
  • Privacy
Subscribe

Subscribe to our newsletter to get our newest articles instantly!

Follow US

© 2008-2023 HealthWorks Collective. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?