Rice Hospital receives award for revenue cycle improvements
WILLMAR -- Rice Memorial Hospital recently received a Revenue Cycle Performance Award from Health Business Insights, citing the hospital for excellence and ongoing improvement in its revenue cycle.
WILLMAR - Rice Memorial Hospital recently received a Revenue Cycle Performance Award from Health Business Insights, citing the hospital for excellence and ongoing improvement in its revenue cycle.
It was the second time Rice has been honored by Health Business Insights for its revenue cycle performance and the first time a health organization in the U.S. has received the award twice. Rice first earned the HBI award in 2012.
In the two years since the first award, Rice has taken significant steps to improve its performance even further. Net days in accounts receivable was reduced by 10-plus days, the most of any organization surveyed last year.
Rice also increased its point of service collections by 0.8 percent of net revenue, also the largest increase among all organizations that submitted an application. The revenue that the hospital writes off due to denied claims comprises less than half of a percent of net revenue, which was also in the top quartile of organizations surveyed.
Rice’s achievements can be traced back to several strategic improvements, including a new no-interest financing program for self-pay patients, many of whom are faced with high-deductible insurance plans and higher out-of-pocket costs. Rice also provides free cost estimates before scheduled visits, so patients know how much a procedure or hospital stay will cost ahead of time and can plan accordingly.
“Patient satisfaction and on-time payments both improve with communication,” said Jackie Hinderks, director of revenue and reimbursement for the hospital.
Recent efforts have focused on making patient statements easier to understand, providing a mobile app so patients can schedule and make payments directly from their smartphone or tablet, and transitioning some staff to work from home, which has resulted in improvements to productivity, quality, and job satisfaction.
The award from HBI is the second national award the revenue cycle team at Rice has received this year. In August, Healthcare Financial Management Association awarded Rice Memorial Hospital with the 2014 MAP Award for Performance Improvement in Revenue Cycle.
The MAP Award for Performance Improvement recognizes healthcare organizations that demonstrate measurable improvement in key performance indicators that set the standard for revenue cycle excellence in the healthcare industry.