Advanced Revenue Cycle (ARC®) Operations
Related:
Many of today’s revenue cycle operations are not flexible enough to account for the ever-changing healthcare environment and personnel changes. ROI’s are consistently much lower than what was deemed possible and any benefit achieved is often short-term in nature and not sustainable. Your revenue cycle program does not have to be the definition of insanity.
Our solutions
Your provider organization should have a revenue cycle program that drives incremental revenue and creates lasting change. And, yes, this is possible!
Baker Tilly specialists can help build a program with the nimbleness and scale you need now and tomorrow. Our revenue cycle team maintains a focus on the ever-changing revenue cycle landscape so they can build a solution that provides:
- Action oriented information and reporting capabilities
- Real-time visibility into your team’s performance
- The ability to sustain these improvements over the long run
Baker Tilly’s Advanced Revenue Cycle (ARC®) platform helps healthcare provider organizations increase annual net revenue (by removing human error and manual efforts that lead to revenue leakage) and reduce costs (by utilizing exception-based workflow and robotic process automation to drive higher productivity levels and improved outcomes).
How does ARC® improve your process?
Increase annual net revenue
Through the combination of innovative technologies and best practice process knowledge, Baker Tilly’s ARC® platform strives to dramatically improve annual net revenues by removing human error and manual efforts that lead to revenue leakage. This approach provides a new paradigm to managing and controlling revenue cycle activities.
Reduce costs
By utilizing exception based workflow and robotic process automation, Baker Tilly’s ARC® platform has shown that as much as 40% of revenue cycle full-time employee costs can be reduced while producing higher levels of productivity and improved outcomes due to the ability to run processes 24 hours a day, seven days a week and 365 days a year. This allows us to implement a process that only requires a knowledge worker when there is an exception to expected outcomes, drastically reducing the need for human intervention.
Clear visibility and actionable data
Taking advantage of granular, process level data and combining it with process analytic expertise, Baker Tilly’s ARC® platform creates a new approach to allow management teams to better understand revenue cycle performance – and where that performance is not as expected. This allows you to understand the causal factor quickly so that corrective action can be taken and for efforts to be made while problems are still small and not large drains on annual revenues.
Flexibility in processes and systems
Each situation is unique. The combination of highly configurable technologies with revenue cycle process expertise allows the Baker Tilly team to build serious solutions to serious problems, but in a manner that meets each client's unique and operating limitations.
ARC® consists of three unique service offerings that can be leveraged individually or in any combination:
Each phase has been designed to enhance or protect optimization opportunities that may have been missed in the past.
Evaluate
The planning phase
- First, we will provide a baseline assessment of your current performance to make sure you are not wasting valuable time and money on finding solutions.
- Our specialists will identify gaps in your current operations, management capabilities and processes so that effective action can be taken to achieve real results.
- Next, we will develop a plan to improve or transform your revenue cycle that drives material financial outcomes.
Transform
The implementation phase
Our revenue cycle specialists will manage and execute the transformation to ensure positive results – because let’s face it, your team already has a day job.
During the execution, we leverage the Internet of Things (IoT), robotic process automation (RPA) and cloud-based telephony tools.
- The internet of things allows interconnection to occur via computing devices embedded in everyday objects, enabling them to send and receive data in ways that historically have not been possible. This allows our specialists to implement solutions that improve and monitor outcomes at a granular level and also have an exponential impact on performance.
- By implementing RPA, specific functions of your revenue cycle can run 24-hours a day, seven days a week and 365 days a year, which significantly boosts outcomes and shrinks cycle times.
RPA is the application of technology that allows for the configuration of software or a "robot" to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems.
- While all of these solutions drive significant levels of automation, there is still a human interaction component to completing several revenue cycle tasks. With that in mind, Baker Tilly pulls advancements in cloud-based telephony tools to drive staff productivity to unforeseen levels. This allows for the implementation of solutions that can nearly double employee productivity and effectiveness.
Protect
The long-term, accountability phase
- During the protect phase, we develop a strategic roadmap to help drive long-term accountability and sustainability through our monitoring services that provide dedicated and experienced “preventative maintenance” for your revenue cycle operations
- Our ARC® monitoring platform provides your management team with the ability to screen your overall revenue cycle performance, receive information to understand the root cause of negative performance and see timely and accurate information allowing for appropriate corrective action.
- In addition, Baker Tilly will conduct an ongoing review of your operational performance to quickly identify issues, notify management of negative trends and provide guidance on how to correct for the entire time you use the solution.
Scan
The monitoring phase
- ARC® Scan is a revenue cycle operations monitoring solution that enhances business value from revenue cycle operations by tracking operational performance and providing actionable information to drive financial improvement. It is driven by our proprietary approach that incorporates an analytic driven viewpoint developed by practitioners with deep revenue cycle subject matter expertise
- We scan your revenue cycle performance over time to identify ongoing opportunities to drive improved cash flow, increase annual net revenue reimbursement and reduce cost.
- By leveraging our deep revenue cycle subject matter expertise combined with the analytical strength of our proprietary monitoring toolkit, we are able to discover insights from the data you already have, but thinking about it in ways that provide deeper findings.
Our industries
- Hospitals & Health Systems
- Senior Services
- Behavioral Health
- Health Plans
Health Plans
Wouldn’t it be refreshing to have a conversation with someone who understands your business and can implement solutions that fit the unique needs of your organization? - Life Sciences
