Article originally published in Healthcare Business Review
Addressing the Inefficiencies in Clinical Revenue Cycle
Competent revenue cycle management is integral to running a successful healthcare organization. It streamlines the billing and revenue collection for better cash flow, allowing organizations to make healthcare sustainable and beneficial to the communities they serve.
Corro Clinical is a frontrunner in offering clinically led healthcare analytics and intelligent technology to improve the financial health of a hospital or health system.
“By helping hospitals compliantly capture appropriate reimbursement for services and putting them in a financially stable position, we pave the way for the best possible care,” says Jay Ahlmer, President of Corro Clinical.
Corro Clinical understands the importance of successfully measuring and managing clinical performance and documentation in the clinical revenue cycle. Its team has the expertise to combine clinical and financial leadership to deliver a holistic view of revenue cycle management that breaks down the silos and uncovers gaps. The data-based view of the entire revenue cycle management processes empowers it to target the exact sources of revenue leakage.
“When it comes to the many departments involved in the clinical revenue cycle, Corro Clinical speaks everyone’s language. We can identify and address conflicts between financial and clinical leadership in ways that no other company can,” says Ahlmer.
Its clinically led approach, spearheaded by physician leadership, bridges the frontlines of care delivery with the backend operations of finance, coding, and billing.
IMPROVING HEALTHCARE, ONE HOSPITAL AT A TIME
One of the main challenges in the revenue cycle management space is payer behavior. Payers often devise strategies that make pursuing payment difficult for providers. It is important to analyze data to identify the breakdowns in process.
However, most healthcare organizations view data without proper context. As a result, it becomes problematic to grasp a true understanding of the drivers of underperformance. For example, viewing revenue cycle management as an effort to collect payment puts it into a financial category. This approach ignores the clinical data elements.
“We understand the market trends that impact every hospital, and the challenges can be unique. Creating an approach that addresses universal trends and that is customized for local challenges is our strength,” says Ahlmer. “We listen carefully to understand our client’s concerns, and then apply our experience, immense datasets, and proprietary programs to create a customized solution.”
Most revenue cycle management vendors search for ways to become embedded in a client’s workflow to secure recurring revenue. The transactional nature of the relationship rarely leads to performance improvement. Corro Clinical has created a unique offering focused on team empowerment through a strategic partnership that provides customized services to support clients’ strategic vision. It employs an overarching strategy to recover revenue by detecting gaps and connecting relevant transactional processes contributing to final payment. By providing tactical advice, the company ensures that the strategy and support continues to meet a client’s evolving needs.
As a result, on average, each of Corro Clinical’s clients see results within 30 days of the implementation of its program. To date, they have compliantly recovered more than $2 billion that was withheld from client hospitals for the care provided.
REVOLUTIONIZING THE RCM PROCESS
The secret sauce to Corro Clinical’s success is its strong foundation built on two revenue integrity leaders, CorroHealth and Versalus Health. The combined expertise, technologies, and capabilities equip clients with more integrated and scalable solutions across the full revenue cycle.
Corro Clinical invests in people and technologies to revolutionize the revenue cycle management process and empower hospital leaders and staff. It has run into situations with new clients where previous vendors’ innovations upended workflows, put clients at risk, resulted in lower reimbursement, and made them more dependent on outside help.
“Many hospitals depend on a high volume of case reviews and outsourced staffing models. At Corro Clinical, we create a flexible model where we work with hospitals to find the correct blend of outsourced support and internal staff empowerment to drive improved performance with hospital leaders in the driver’s seat,” says Ahlmer.
The company also recognizes that most players in the revenue cycle management space are focused on solving a particular transaction-related issue. In pursuit of opportunities, many work with providers on a particular pain point while concurrently supporting payers in perpetuating the exact problem. Corro Clinical is provider-centric, with no relationships with payers. This commitment allows the company to support provider partners without reservations and execute payer strategies without conflicts.
“We are your partner, your advocate, and an extension of your team. Let us ensure you realize the revenue you are entitled to for the important care you provide,” says Ahlmer.
At Corro Clinical, we create a flexible model where we work with hospitals to find the correct blend of outsourced support and internal staff empowerment to drive improved performance with hospital leaders in the driver’s seat