Whether the job entails leading the revenue cycle management efforts for a clinic, hospital, or an entire health system, there are many aspects and responsibilities to the role of a RCM leader. Therefore, it is essential that a revenue cycle management leader possess certain individual qualities, have a very specialized skill set, and produce specific results while in the role.
The Expanding Role Of RCM Leaders
According to Becker’s Hospital Review, the role of a “revenue cycle management leader is evolving to encompass far more than billing and collections.” In fact, in order to be successful, someone in a RCM leadership role must take on a “much broader view” of the revenue cycle, including strategy and training other employees and departments. Becker’s further assets that “RCM leaders now have a more tangible impact on the hospital or health system's financial and market success.”
Because of the expansion of the revenue cycle management role, the levels of these positions are also becoming more senior level in order to attract the best talent. Nowadays, it is quite common for hospitals and health systems to be on the search for RCM executives, like a VP of Revenue Cycle or a Chief Finance Officer.
The Qualities A CRM Leader Should Possess
Because the role of a revenue cycle management leader is so complex and moving toward a more executive level, a person in this position should possess certain personal and professional qualities, including:
- A strong desire to succeed
- The ability to problem solve quickly
- The capability to make important decisions and implement actions under pressure
- Extraordinary communication skills
- The ability to not only manage employees and departments, but the capacity to train and mentor others as well
The Skill Set Of A RCM Leader
In order to be successful in the role, a RCM executive should also possess a certain skill set and be knowledgeable about many different aspects of a health system. According to Becker’s, some of the important skills and knowledge a RCM executive must possess include:
- Subject matter expertise in the realms of medical billing, collections, regulatory standards, and insurance
- A proactive approach to dealing with insurance (including high deductible plans and managed care contracting) and the ability to anticipate the different problems that may arise with a patient’s coverage
- An understanding of the complex patient registration process and the desire to improve it
- A keen attention to detail to ensure all coding is accurate and submitted properly
- Expertise with different health care billing, technology, IT, and any other systems necessary for the RCM role
- Strong financial analysis skills
- A deep understanding of financial management
- Excellent leadership skills and the desire to train and educate others as well as enforce the new systems and protocols put into place
- Strong communication skills and the ability to work and collaborate with other hospital employees and departments.
The Results A RCM Executive Should Produce
At the end of the day, in order to be successful, a revenue cycle management leader must produce specific results for a hospital or health system. These results include, but are not limited to the following:
- Improvement of patient billing and collecting processes
- Increased revenue and/or cash flow
- Security of PHI and patient financial information
- Improved accuracy of patient coding
- Improved patient/customer satisfaction with financial services
- Reduced operating cost
- Increased productivity
- Reduction of bad debt
Find The Right Person Today!
If you are struggling to find the right person to lead your revenue cycle management efforts, Nearterm can help. Give us a call at (281) 646-1330 or take our Interactive Survey.