Making the Most of the Opportunity
The launch of RevElate represents a tremendous opportunity for Patient Accounting clients to migrate to a more advanced patient accounting system that can help transform their revenue cycle. However, in the current environment – with most hospitals struggling to maintain a healthy margin and amid continued turnover among revenue cycle staff – there is little room for error. Hospitals and health systems need to make the most of this opportunity and maximize the ROI from moving to the new system.
There are three ways your organization should be preparing for RevElate now, regardless of when you are scheduled to migrate.
1. Perform optimization before beginning your RevElate migration.
Virtually every health delivery organization knows they have opportunities to better optimize their patient accounting environment – whether through system cleanup, process redesign, and/or staffing reorganization. The time to make those changes is now – before migrating to RevElate.
RevElate is a more advanced patient accounting product with new capabilities, but clients need to be positioned to make use of the new capabilities. Oracle Health is essentially taking what is built in a client’s Patient Accounting system at the time of migration and moving it to RevElate (like for like). As a result, if a hospital or health system does not perform the right optimization before beginning the migration, the same inefficiencies, data issues, and suboptimal workflows causing problems today will carry over to the new system. Doing the work ahead of time helps ensure the best possible ROI from the start – and the sooner you begin the migration, the sooner your organization can realize the benefits.
Service, human capital, technology, reporting, workflow, and governance are all important components of a revenue cycle optimization.