Revenue Cycle Management: Trends & Best Practices For 2024
1:00 – 2:00 pm ET
Effective and efficient revenue cycle management (RCM) is key to both providing quality care for consumers and protecting a provider organization’s financial sustainability. Right now, RCM in the health and human services field is witnessing several new trends and challenges that are putting financial sustainability at risk, including staffing vacancies, denial rates, and the transformative impact of automation.
During this one-hour live presentation, OPEN MINDS Senior Associates Dee DeWitt and Ray Wolfe, J.D. will discuss current best practices in RCM, including embracing consumer-centric operations, managing labor shortages, and overcoming reduced cash collections. Managing these challenges will require effective partnerships, creativity, and forward-thinking on the part of chief financial officers (CFO) and organizational leadership.
Executive attendees of this session will learn about:
- Best practice revenue cycle management.
- Trends impacting revenue cycle management and financial sustainability.
- Actions CFOs can take to mitigate RCM threats to financial sustainability.
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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Dee DeWitt, Senior Associate, OPEN MINDSDee DeWitt has extensive experience as a consultant and corporate leader in the health care field. Mr. DeWitt brings over 28 years of experience in health care finance and operations, M&A, use of technology, strategic planning, and change management in health care organizations to OPEN MINDS as a Senior Associate. Previously, Mr. DeWitt was the Chief Financial Officer and Chief Operating Officer of Momentum for Health, a CARF-accredited non-profit behavioral health organization providing services to individuals with a diagnosed serious mental illness (SMI) and/or substance abuse disorder, in San Jose, California. During his tenure, Mr. DeWitt increased outpatient productivity by 25% and contributed to growing revenues from $55 million to a projected $71+ million for the fiscal year of 2023. Mr. DeWitt also oversaw Momentum ‘s pilot with Santa Clara County’s transition to Netsmart Provider Connect and led a successful grant award and implementation of a multi-year paid intern program in partnership with Santa Clara University, San Jose University, and Palo Alto University. -
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.
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