Winners of the annual award include
The Revenue Cycle Awards were established in 2012 to recognize hospitals and health systems demonstrating strong performance on revenue cycle KPIs that indicate the fiscal health of an organization. While this year's recipients faced challenges common to the entire healthcare community, at the onset of the pandemic, each participant adjusted operations to support staff and increased communication with patients to prevent the spread of COVID-19. For example, many expanded remote work for revenue cycle staff and developed workflows to meet increased demand for telehealth services. While adapting to these unforeseen challenges, leaders at these organizations were preparing for CMS price transparency regulations, which took effect in 2021, and managing ongoing improvement initiatives intended to further increase efficiency and accuracy in revenue cycle operations.
Winners were selected based on multiple KPIs, and the studied metrics were adjusted for the COVID-19 pandemic. In past years, metrics have been heavily focused on financial outcomes. For the 2020 Awards, that focus was lessened, and new metrics were included to assess the effectiveness of revenue cycle operations, such as the percentages of initial denials attributed to varying root cause categories, which provides insight into the efficiency and accuracy of staff workflows. Evaluation also included narratives provided by awards entrants describing recent revenue cycle initiatives, COVID-19 pandemic response, and more.
While all award recipients have high-performing revenue cycles in common, they represent varied segments of the healthcare landscape as defined by annual net revenue.
2020 Revenue Cycle Awards Winners:
Based in
Key achievements:
- Top decile performance on first-pass appeal success rate in most recent fiscal year: 89.08%
- Top decile year-over-year improvement on cost to collect: 29.40% decrease
- Improved business office staff accuracy and efficiency, as well as payer relations, by integrating robotic process automation and AI into claim status workflows and account follow-up prioritization
Based in
Key achievements:
- Top decile performance on percentage of dollars initially denied by payers due to insufficient clinical documentation in most recent fiscal year: 1.32%
- Top decile performance on percentage of patients pre-registered before scheduled service in most recent fiscal year: 83.18%
- Demonstrated leadership and community commitment by mitigating a local natural disaster's effects on patient access to care during summer 2020, such as by identifying revenue cycle team members who could not work remotely due to power outages and developing safety protocols to prevent COVID-19 infection while they were brought back onsite temporarily
Based in
Key achievements:
- Top decile performance on percentage of patient payments made online in most recent fiscal year: 91.15%
- Top decile year-over-year improvement on percentage of patients pre-registered before scheduled service: 90.67% improvement
- Modified patient-facing revenue cycle processes to provide a positive in-person experience (such as through curbside registration) and virtual experience (such as through remote patient monitoring) during the pandemic
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