Norton Healthcare's Payments Transformation
Consolidating IT billing systems for financial strength
- Event Date:
- Event Time: 1 p.m. Eastern
- Event Type: Virtual Signature Learning Series
In an era of mergers, acquisitions and management consolidation, hospitals must maintain financial strength and operating revenue, while navigating multiple receivable systems and processes. Although these dealings position the system for future growth, they can add unnecessary labor and resource costs and slow the revenue cycle. Not only does this diminish the anticipated benefits, but it can erode patient satisfaction and employee engagement.
During the past 12 years, Norton Healthcare has successfully weathered several hospital acquisitions and the consolidation of multiple billing systems. Today, it confidently faces an EMR conversion. Norton's reliance on a revenue cycle management (RCM) solution that provides a common, central location and uniform process for posting to various facilities and systems has allowed for a single point of reconciliation and reporting for all payments. Using RCM, Norton has been able to streamline processes-posting all remits to patient accounts within 48 hours and reallocating 67 percent of its staff to other roles that impact the bottom line. Norton can now quickly identify and resolve problems.
You Will Learn To:
- Create a single point of reconciliation and reporting across multiple systems
- Efficiently manage a high volume of co-mingled remits and post payments across multiple A/R systems
- Create a streamlined process that provides management information to quickly analyze and resolve problems
- Renee Close, Healthcare Marketing Specialist, Hyland Software
- Peggy Taylor, Cash/Refunds Manager, Norton Healthcare