Between new regulations, digital transformation, and staffing challenges, there are things healthcare leaders should prioritize before year-end to finish 2024 strong.
Here’s your comprehensive checklist to ensure your revenue cycle operations are prepared to tackle next year’s challenges head-on.
Evaluate Revenue Cycle Performance Metrics
In today’s competitive landscape, leaders can’t afford to let inefficiencies leak into the new year. Metrics like days in accounts receivable (AR), clean claim rates, and denial management must be analyzed. Are your teams hitting the benchmarks needed to ensure financial stability in 2025?
Identify the most common reasons for claim denials. Are there operational gaps or team training needs contributing to these errors? Addressing them now will prevent costly setbacks in the year to come.
Prepare for 2025’s Regulatory Changes
Healthcare compliance is a moving target, and 2025 will bring its own set of regulatory hurdles. Staying ahead of these changes is critical for success. Whether it’s updates to value-based care models or changes in billing and coding regulations, your team needs to be ready. Make sure your compliance team has a plan in place to address upcoming regulations. Schedule training sessions to prepare staff and audit your current processes to catch potential errors before 2025 begins.
Review Your Technology and Automation Tools
2024 saw a major surge in the adoption of digital tools like robotic process automation (RPA) and AI-driven software in healthcare. But how well is your team actually leveraging these technologies? Implementing new tools is only half the battle—optimization and integration are key to ensuring they deliver the promised value. Conduct a thorough review of your current tech stack. Are there tools your team is underutilizing? For example, are billing and coding tools fully integrated into your workflows? Do you need additional training to maximize efficiency? Optimizing these tools now will help your team function more effectively in 2025.
Revisit Revenue Cycle Staffing Needs
The labor shortage in healthcare is real, and its impact is being felt in revenue cycle teams across the country. Perform a workforce audit to identify areas of weakness. Are there key roles left unfilled, for instance roles within medical billing, billing and coding, or insurance verification? Staffing shortages pose a long-term risk to your revenue cycle’s ability to function efficiently in 2025 and ignoring staffing gaps now will cost you both in productivity and revenue next year.
Enhance the Patient Financial Experience
As patients take on more of the financial burden for their healthcare, their experience with billing and payments has never been more crucial. Review your patient billing processes. Are communications clear and accessible? A confusing or inflexible payment process can frustrate patients and delay payments. Improving this experience isn’t just good customer service—it’s vital to your bottom line.
Align Your Revenue Cycle Goals with Organizational Strategy
Heading into 2025, your revenue cycle goals must align with the broader objectives of your organization. Whether that’s improving financial performance, increasing patient satisfaction, or boosting operational efficiency, your department should be at the forefront of supporting these goals.
Meet with senior leadership to ensure your team’s KPIs align with the organization’s strategic direction. For example, is the organization expecting to grow its orthopedic volume? Will there be any acquisitions? What are the revenue goals for the organization? Then set measurable, clear goals and begin tracking them immediately in the new year.
2024 was a year of change, and 2025 will bring its own set of challenges. By evaluating your performance, preparing for regulatory changes, optimizing technology, and addressing hiring challenges and staffing needs now, you’re setting your team up for success in the year ahead.
Need help strengthening your revenue cycle operations before the new year? Contact our team to discuss how we can provide the right staffing and recruiting solutions, from temporary staff to executive search, to keep your team ahead of the curve in 2025.
