Anywhere Hospitalâ€™s chief financial officer (CFO) for the past 20 years, Jim Smith, just retired. He had worked for the hospital for 40 years and was greatly respected by his staff. The hospital governing board has hired a new CFO, Todd White.
Jim Smith utilized the silo approach to revenue cycle management during his tenure. He relied on his key management personnel to contact upper management of other departments in the hospital to discuss issues and to resolve problems and vice versa.
Todd White, however, had implemented an integrated revenue cycle team at his former hospital three years ago and strongly believed in the power of teamwork. His previous team had gained numerous efficiencies and improved accounts receivable by millions. So when Todd started at Anywhere Hospital, he planned to implement a similar revenue cycle team.
As with any change, Toddâ€™s ideas were met with much resistance. But after speaking with many of his managers in patient accounts and finance, he realized that the employees did not know how to effectively work in teams. And why should they? The previous CFO had not asked them to do so in several years.
- Review the rubric to make sure you understand the criteria for earning your grade.
- In your textbook, Health Care Finance, read Chapter 10, â€œRevenue Cycle Management.â€
- Read the scenario presented in the Background Information section above.
- Prepare a three- to five-page paper, not including reference and title page, that addresses the following:
- What is revenue cycle management, and why it is important to the success a healthcare facility? Please list the three primary components and give a brief description of each.Â
- What are some creative ways that Todd can help Anywhere Hospital staff understand the importance of an integrated revenue cycle team?Â
- How can a manager improve teamwork among their employees?