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Hospital to study revenue cycle(Times and Democrat, The (Orangeburg, SC) (KRT) Via Thomson Dialog NewsEdge) Dec. 27--The Regional Medical Center is looking to engage a professional services consultant to examine its revenue cycle in an effort to better enhance operations and revenues. Marilyn Tremblay, RMC chief information officer, said the hospital has been working on a revenue enhancement project for about six months by looking at the entire revenue cycle in an effort to better streamline the system. Tremblay presented trustees with an overview of the hospital's revenue cycle from pre-service to post-discharge. The revenue cycle follows the patient from his or her initial contact with the hospital through the final resolution of the patient's bill. The process can fluctuate from six weeks to about 18 months, depending on services received and payment methods. Looking at 2007 numbers as a representative, Tremblay said the hospital had about 164,500 patients go through pre-service, with about $20.1 million and $35.1 million managed in charity and bad debt, respectively. The hospital also saw about $305.4 million in contractual allowances, which is the difference between the hospital's actual fees and how much the payor has agreed to pay. In addition, Tremblay said the hospital worked with about 387 insurance companies and had about 8,264 chargeable items. Currently, the hospital is looking at three vendors to examine the revenue cycle. These include Oregon-based Stockamp & Associates, Washington, D.C.-based The Advisory Board Company and Tennessee-based QHR Revenue Cycle Solutions. Speaking to hospital trustees last week, Tremblay said more information will be presented at future board meetings with a possible decision also to be made on the vendor. In other matters, the board of trustees recognized hospital Chief Financial Officer Lisa Goodlett for her 3 1/2 years of service in the role. Goodlett will assume the position of chief operating officer of the hospital effective Jan. 1, 2008. The position was formerly held by David Bixler. In September, Bixler assumed the chief executive officer position of a hospital in Rutherfordton, N.C. In her last effort at humor in her position as chief financial officer, Goodlett offered a financial Christmas joke. "How much does a reindeer cost?" she asked trustees. "Nothing, they are on the house." An Aiken native, Goodlett arrived from Atlanta in 2004 where she worked as the vice president of finance for Children's Healthcare of Atlanta. The hospital will conduct a national 90-day to 120-day search for a new CFO. Hospital trustee Dr. Carl Carpenter, citing his desire to occupy another role on the board in light of Goodlett's new position, said he was stepping down as finance committee board chairman, a position he has held for five years. Carpenter said he has supported the concept of board members not remaining in the same position for a long time and says he would like the new hospital CFO to start fresh with a new financial committee chairman. RMC Board Chairman James Amaker appointed Trustee Kenneth Rickenbaker to assume the finance committee chairman's role. In summary of the hospital's financial position, Carpenter said the hospital is in the black. "We are looking at opportunities to expand on what we have done," Carpenter said. In other business: --Trustees received an overview of a two-day international conference recently sponsored by the Institute of Healthcare Improvement and how the RMC stands in quality care standards and its initiatives to reduce hospital mortality, hospital-acquired infections and other hospital-related incidences. About 37 from RMC attended the conference. Indun Whetsell, quality director, said the hospital is on the right track in meeting the challenges set forth by the IHI related to evidence-based cardiac care, prevention of hospital-acquired infections, surgical care improvement, pressure ulcer prevention, implementation of a rapid response team and medicine reconciliation. "I am very pleased with what we have done," she said. "RMC is on the right track. We just have to keep moving." --The trustees were informed a full audit report for the past year will be presented at the January board meeting. Trustee Dr. Oscar Butler Jr. requested the board receive a copy of the audit before the board presentation. To see more of The Times and Democrat, or to subscribe to the newspaper, go to http://www.timesanddemocrat.com. Copyright (c) 2007, The Times and Democrat, Orangeburg, S.C. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |