stabilizing_financesThe healthcare industry has been completely transforming over the last several years and is seemingly not done yet. Arguably one of the most critical roles for ensuring the healthcare provider adjusts appropriately to the changes in patient responsibility is the Revenue Cycle Director. The people in this position have been burdened with adapting their internal policies, procedures, and programs to stabilize their company financially in order to guarantee they can still provide care to their patients. Not only are they forced to adapt to changes that have happened and changes that are predicted, but the timelines are very narrow and the consequences of failing to adjust can be severe.

An article by Revenue Cycle Insights highlighted the challenges that Revenue Cycle Directors faced if they weren’t proactive in preparing for the ICD-10 rollout. Even for those that were proactive, it was still recommended to have a backup plan in case cash flow was disrupted by the claims and payment delays. Longer term recommendations included accelerating cash flow and attempting to liquidate current receivables. This can be quite the feat given that self pay is now the second largest payer behind the federal government and a national average of 55% of patient responsibility is never collected. This is the scenario that Revenue Cycle Directors can utilize patient account financing options such as MyLoans to liquidate their receivables and receive payment in full, upfront. Cash flow is critical to the financial stability of the company and enables the company to more easily adjust to any other industry changes coming their way.

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