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No Margin, No Mission: How Hospital CFOs Balance the Books
Manage episode 328772422 series 3305996
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Welcome to episode five of the RevTech Rx Podcast- Your Prescription for a healthy revenue cycle!
Today's panel includes Michael Kittoe, hospital CFO; Greg Forshey, VP of Client Success of Avelead; and Jawad Shaikh, President and CEO of Avelead, a leader in revenue cycle automation.
There are many key performance indicators, KPIs, that indicate the financial performance of healthcare organizations. The top hospital revenue KPI is days cash on hand. Days cash on hand indicates your revenue cycle efficiency. Days cash on hand acts as a safety net for hospitals to adjust to community and federal mandate changes. CFOs have a lot to juggle when addressing gaps in their revenue cycle.
Much of the work for a hospital CFO is within revenue cycle management to make sure it's running in a way that supports the financial success of the hospital:
✅ Managing claim denial rate and identifying opportunities to reduce denied claims
✅ Optimizing accounts receivable
✅ Adjusting workflows to maximum efficiency to improve revenue cycle performance
✅ Capturing charges for services rendered
✅ Reconciling claims paid
✅ Tracking department revenue
Our panel of experts for this episode:
David Kosloski- Host and Director of Marketing and Communications https://www.linkedin.com/in/dkosloski/
Jawad Shaikh- CEO of Avelead
https://www.linkedin.com/in/jwshaikh/
Michael Kittoe- Hospital CFO
https://www.linkedin.com/in/michaelkittoe/
Greg Forshey- VP of client success of Avelead
https://www.linkedin.com/in/greg-forshey/
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