Change is not a luxury; it’s a necessity. Margin pressures, labor shortages, and increased complexity have mandated that revenue cycle leaders respond with innovation, addressing their most vexing challenges. But, when investment decisions require agreement and approval from multiple executives, getting everyone on board will take time and effort.
This blog offers four tips for the revenue cycle leader on moving decision-makers closer to seeing how technology—particularly automation and AI—can significantly impact productivity and revenue.
Tip 1: Speak their language
Each executive will have questions. Anticipate them and prepare answers in terms they’ll appreciate. The roles in your org may differ, but here are examples to consider:
- The CTO wants to know how long it will take and how difficult it is to implement. Disruptions to day-to-day operations will give them pause. Data security, privacy, and compliance will be essential concerns. Give the CTO an integration summary, timeline, and HIPAA compliance details that show how data is stored and transported. Their job is to mitigate risks, so give them a thorough assessment.
- The CDO will appreciate how mining revenue cycle data can support a better patient experience. The mission of using data and technology to improve care quality and access is central to this role. AI is most likely finding use in the clinic, show how automations and AI are improving prior authorizations, reducing denials, and getting patients the care they need faster and with fewer hassles.
- The CFO cares about ROI. But beyond showing ROI calculations, show how it scales over time. Also, how long will it take to achieve a positive ROI? Furthermore, what will be the long term positive impact on the business? Will other departments also see benefits? It’s impossible to know the future, but give them the data they need to build their models: reduced processing overhead (costs), fewer AR days (time to collect), worker hours saved (productivity), and increased net margin (revenue). With the CFO, data speaks louder than words.
- The CEO wants to know how these solutions align with system-wide strategic goals. Point to attributes that resonate: Getting patients the care they need with fewer hurdles to jump through, using technology to improve the bottom line, and solving problems with data. Health systems are facing enormous pressure to do more with less, and AI can focus workers on higher-value tasks by eliminating rote work through automation.
Tip 2: Point to the success of others
Case studies and testimonials are a tried and true way of showing real-world examples of success. Telling the story of organizations like yours that successfully implemented automations in the revenue cycle speaks volumes to the viability of a solution. Include data-driven metrics to illustrate the tangible benefits and proven outcomes.
Tip 3: Learn Together
Be a source of inspiration for innovation. Share workshops, research, industry reports, and insights from thought leaders. These are opportunities to collaborate, learn, and grow together as an organization. With each share, include a short bulleted summary tailored to each executive and invite them to ask questions. Demonstrate that you’re an agent of change and a source of timely, pertinent information about what’s moving the industry forward.
Tip 4: Do a Pilot
A proof of concept is concrete evidence of a solution’s efficacy and can point to a sustainable ROI. Big investment decisions that start small and demonstrate incremental benefits that scale are more likely to be viewed favorably. Select a specific area or process where automation can immediately impact, like prior authorization or denial management. Monitor and measure the results carefully, present the findings, and let them evaluate the data in a way that suits them.
Your organization may have different executive roles than those mentioned above, but the point is to take time to understand what matters to those you need on your team.
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This may sound like a lot of work, but the time and effort you invest upfront will build awareness of the technology you need to transform the revenue cycle and give stakeholders the data they need to evaluate. It will also raise your profile in the organization and set you up for long-term success. Lean on your vendor to provide content and point you to resources to help you. The time to start this journey is now.
