RCM increases cash flow and ensures financial stability

Miguel “Mike” Vigo is the chief revenue officer at UC San Diego Health, overseeing financial operations. Vigo recently spoke at the HFMA Annual Conference alongside Mark Janiszewski, chief solution officer at FinThrive, about the importance of revenue cycle management and digital transformation in healthcare organizations.

Financial pressures are driving healthcare leaders to reevaluate their revenue cycle management strategies to improve financial health. Vigo highlighted the significance of the right RCM in accelerating cash flow and ensuring a stable financial position for hospitals.

During the conference, Vigo and Janiszewski discussed the “Revenue Cycle Management Technology Adoption Model” as a framework for organizations to assess their technology capabilities and operational performance indicators. They emphasized the value of partnerships in implementing effective RCM strategies.

UC San Diego Health partnered with FinThrive to implement a company-agnostic adoption model framework that focuses on point-of-service collections and operational efficiencies. The tool helps identify areas of strength and improvement in the revenue cycle by analyzing metrics and data across different stages of the cycle.

Vigo shared that the adoption model revealed areas for improvement in AR management and coding processes. By reviewing key performance metrics, Vigo was able to prioritize strategies and shift focus towards more efficient practices. The tool serves as a source of truth for the entire team, enabling them to make data-driven decisions and streamline operations.

As a result of the insights gained from the adoption model, Vigo and his team are working towards optimizing follow-up accounts and coding procedures to further enhance revenue cycle performance. The tool has provided valuable insights into the organization’s operational efficiency and opportunities for improvement.