Miguel “Mike” Vigo, the chief revenue officer at UC San Diego Health, is responsible for overseeing revenue cycle management. Financial pressures are pushing healthcare leaders to reassess their strategies and consider how digital transformation can drive financial success. At a recent HFMA Annual Conference, Vigo and Mark Janiszewski, the chief solution officer at FinThrive, discussed the “Revenue Cycle Management Technology Adoption Model.”
According to Vigo, implementing the right revenue cycle management tools can accelerate cash flow and ensure the financial health of an organization. To achieve this, hospitals must develop a model framework for RCM that evaluates an organization’s technology capabilities and operational key performance indicators. Additionally, partnerships play a key role in enhancing revenue cycle management practices.
UC San Diego Health collaborated with FinThrive to implement a company-agnostic adoption model framework that focuses on point-of-service collections and operational KPIs. This approach allows them to identify areas of strength and areas needing improvement within the revenue cycle. The model measures metrics and data across the front, middle, and back of the revenue cycle using a combination of hard-coded data and qualitative insights.
Vigo’s strategic approach involved analyzing metrics at 30, 60, and 90 days out to inform his roadmap. This process led to a shift in priorities, with a focus on improving accounts receivable management and coding practices. By leveraging the insights provided by the tool, Vigo and his team are working towards optimizing follow-up accounts and enhancing coding accuracy.
Vigo emphasized the importance of the adoption model as a source of truth for the entire team, providing a comprehensive view of priorities and performance. By utilizing this tool, organizations can streamline their revenue cycle management processes and drive financial success. The HIMSS AI in Healthcare Forum scheduled for September 5-6 in Boston offers an opportunity to learn more about
