Maximizing Cash With RCM—Back By Popular Demand
1:00 – 2:00 pm ET
Cash is critical for financial operating strength, and maximizing cash ensures consistent operations, especially when reimbursement rates are stagnant. Revenue cycle management (RCM) is a systematic approach for managing the revenue process from first contact with a consumer through recording of the final payment. But there are multiple challenges to address at each stage of the process. Unfortunately, there is no “one and done” approach because the payment process is dynamic—changing staff, new payer rules, and complex payment processes.
During this one-hour recorded presentation, OPEN MINDS Senior Associates Ken Carr and Raymond Wolfe, J.D. will discuss how an RCM needs to be a well-documented system of processes in which staff are continually trained and supervised, technology is used to simplify data processes and reduce human errors, and metrics are needed to monitor and manage results.
Executive attendees of this session will learn:
- Best practice revenue cycle management (RCM) processes to maximize cash
- Insights on to how effectively deploy technology to increase cash flow
- Metrics use for analyzing and managing RCM
This roundtable was originally presented on July 20, 2023.
This roundtable is part of The OPEN MINDS CFO Consortium developed to provide executives with the tools and abilities to strategically assess and position their organizations for long-term sustainability and growth. The consortium is open to all Elite members, to learn more and sign up, visit https://openminds.com/store/cfo-consortium/.
Featured Speakers
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Raymond Wolfe, J.D., Senior Associate, OPEN MINDSRaymond “Ray” Wolfe, J.D. brings over 40 years of experience in the health and human services sector to the OPEN MINDS team. His areas of expertise include managed care and value-based reimbursement models, financial analysis and management, mergers and acquisitions, CCBHC certification, integrated care, performance improvement, and strategic planning. Before joining OPEN MINDS, Mr. Wolfe served in a 22-year tenure with Pittsburgh Mercy Health System in Pittsburgh, Pennsylvania. Most recently, Mr. Wolfe served as the organization’s Chief Operating Officer (COO), where he was responsible for oversight of all system operations, strategic planning, and performance management. Under his direction, Pittsburgh Mercy achieved Certified Behavioral Health Center status, earned over $850K in value-based reimbursement contract quality bonus awards, integrated three organizations through merger/acquisition, opened a primary care service that was integrated into programming for the severe and persistent mentally ill and homeless populations, and adopted a new performance management program for managers. -
Ken Carr, Senior Associate, OPEN MINDSKen Carr brings over 20 years of finance, technology, data analysis and reporting experience in the health and human service field to OPEN MINDS. He currently is a Senior Associate with the OPEN MINDS consulting practice. In this role, he served as a subject matter expert in the OPEN MINDS consulting practice where he has led numerous engagements in strategic planning, merger and acquisition prospecting, business process improvement, financial analysis of service lines, and technology selection. Before joining the OPEN MINDS team, he served as the Chief Financial Officer of The Centers, a community mental health center in Ocala, Florida. In this position, Mr. Carr led a realignment of the organization’s financial management functions. This included revenue cycle management, EHR bill implementation and reporting, cash management enhancement, and strategic financial analysis.
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