Keeping the C-Suite Engaged in Revenue Cycle
Revenue cycle is a complex and vital part of any healthcare organization. The scope and needs of any revenue cycle department are constantly shifting based on a variety of factors, many of these factors are brought forth by other areas of the organization and are not directly controlled by revenue cycle.
It is imperative that revenue cycle leadership constantly recalibrate priorities and bandwidth to meet the ever-changing demands of the organization. Often, shifting priorities and a lack of bandwidth will result in the need for additional revenue cycle investments. Sometimes these investments are temporary in nature, leveraging contract resources for a temporary injection of bandwidth. Other times, the investment required is more permanent in nature, making additions to revenue cycle infrastructure to support organizational needs for the long term. Failing to make the incremental investments in revenue cycle as your organization expands will lead to a culture of burnout and poor work-life balance amongst your revenue cycle team members. But don’t think that the damage stops there. The impacts will also be felt by your patients and your providers, negatively impacting the experience from both perspectives. Whether you seek permanent or temporary investments, securing the C-Suite as an engaged ally is essential to your success.
Below are three key strategies that will help you keep the C-Suite engaged as an ally:
Many of the C-Suite leaders lack a comprehensive understanding of the revenue cycle. Many often minimize revenue cycle to “billing” and focus on the administrative expense attributed to revenue cycle. Most executives did not rise through the ranks of revenue cycle to become C-Suite team members. It is important for you to embark on an education offensive that aims to constantly improve understanding of the comprehensive scope and complex nature of revenue cycle.
Keep the C-Suite informed as it relates to your revenue cycle strategic plan and needs. Open a dialogue regarding how operational decisions impact the revenue cycle. Develop a culture in which the C-Suite understands that with each new initiative, there is an impact to the revenue cycle team. Communicate the consequences for a lack of investment in the revenue cycle to support key initiatives. Ensure there is an understanding of why it is essential to include revenue cycle from the beginning of initiatives. The cost of cleaning up a mess after the fact is significant.
3. Be Recognized as a Valued Partner
Like-ability! This part is harder that it may seem on the surface. Navigating the political landscape can be difficult, but a failure in this endeavor will be detrimental to your ability to be a successful leader and advance your revenue cycle agenda.
With the constant feeling of being overwhelmed and a plethora of other competing priorities, it can become easy to neglect your strategy for keeping the C-Suite engaged, however, doing so will only impede your ability to execute your overall revenue cycle strategy.