Vice President, Revenue Cycle
4 weeks ago
Job Details
Job Location: Washington Regional Med. Ctr. - Fayetteville, AR
Position Type: Full Time
Education Level: 4 Year Degree
Salary Range: Undisclosed
Job Shift: Day
Job Category: Business Services/Revenue Cycle Management
Description
Organization Overview, Mission, Vision and Values
Our mission is to improve the health of people in the communities we serve through compassionate, high-quality care, prevention, and wellness education. Washington Regional Medical System is a community-owned, locally governed, non-profit health care system located in Northwest Arkansas in the heart of Fayetteville, which is consistently ranked among the 10 Best Places to Live in the country. Our 425-bed medical center has been named the #1 hospital in Arkansas for three consecutive years by U.S. News & World Report. We employ 3,400+ team members and serve the region with over 45 clinic locations, the area's only Level II trauma center, and five Centers of Excellence - the Washington Regional J.B. Hunt Transport Services Neuroscience Institute; Washington Regional Walker Heart Institute; Washington Regional Women and Infants Center; Washington Regional Total Joint Center; and Washington Regional Pat Walker Center for Seniors.
Position Summary
The Vice President of Revenue Cycle (the "Vice President" or "VP") reports directly to the Chief Financial Officer ("CFO"). The Vice President actively leads the overall strategy, optimization and implementation of revenue cycle operations for Washington Regional inpatient, outpatient, ambulatory and clinic facilities. Key areas of revenue cycle responsibility include scheduling, registration, insurance verification, financial counseling, chargemaster, charge capture, HIM/Coding, clinical documentation improvement/integrity, denials management, patient financial services, oversight of financial assistance policy and procedures, and collection of patient service revenue.
The Vice President will help guide decisions related to revenue enhancement strategy, software applications, outsourcing vendors, recovery projects, and similar interventions to collect revenue associated with patient services.
Essential Position Responsibilities
* Accurately assess needs and services to develop an organizational culture focused on continuously improving performance to meet the changing needs of the community.
* Lead and manage core revenue cycle operations to promote efficiency while decreasing overall revenue cycle expense.
* Responsible for accounts receivable and denials management, including reporting/ accountability and resolution.
* Manage the revenue integrity function, ensuring accurate charge capture, coding practice, and resolution of payment variances to secure maximum reimbursement.
* Assist in the management of strategic payer relationships, including contracting, payer credentialing processes, and establishing strong payer partnerships to improve reimbursement rates and minimize denials.
* Assist in the development of effective managed care strategies.
* Analyze historical data, market trends, and payer reimbursement patterns to project future revenue and guide strategic planning and decision-making designed to enhance fiscal stability and growth.
* Engage and lead comprehensive financial analysis and reporting, providing actionable insights for revenue optimization and cost reduction strategies.
* Champion the use of data analytics to identify trends and opportunities within the revenue cycle, implementing process improvements for sustained financial performance.
* Lead revenue cycle management activities in a legally compliant manner to ensure compliance with applicable legal rules and regulations. The VP will assist in monitoring, investigating and responding to any audit or related activities.
* Oversee the development and enforcement of policies and procedures that comply with healthcare regulations, ensuring a robust compliance and risk management framework.
* Direct the enhancement and integration of revenue systems, including billing software, clearinghouses, and technologies, to optimize revenue cycle efficiency.
* Facilitate cross-functional collaboration among departments to align efforts and achieve revenue cycle goals.
* Engage and collaborate with Quality and Practice Transformation functions to achieve high quality metrics and outcomes.
* Promote a culture of continuous improvement and innovation within revenue cycle operations.
* Ensure revenue cycle operations support patient experience, throughout the entire patient financial care continuum.
* Coordinate capital budget planning projects, working closely with the executive team to ensure collaboration and integration of capital requests with the hospital's strategic plans and goals.
* Guide and mentor revenue cycle team members, fostering a collaborative environment that attracts and retains top talent.
Qualifications
* Education: Master's degree in business, healthcare administration or related field preferred.
* Minimum of seven (7) years of directly related healthcare leadership experience including data collection and analysis, leading teams and personnel to success around a common goal, experience and success in developing and implementing systematic changes and experience in implementing policy and procedures that perpetuate a customer centric environment.
* Possession of a valid Arkansas driver's license is a requirement for this job.
Professional Skills
* Strong knowledge of healthcare billing, coding and reimbursement processes.
* Expert understanding of billing Medicare/Medicaid, and other governmental entities and commercial insurance.
* Understanding of Value Based Purchasing and proactive assessment and planning.
* Understanding of risk adjustment and impact perspective.
* Understanding of Utilization Review and patient status assignment is a plus.
* Approximately seven to ten years progressively more responsible related work experience which includes five to seven years supervisory and managerial experience, in order to effectively direct and manage activities within patient and customer experience and services.
* Advanced interpersonal skills necessary in order to provide effective leadership to subordinate personnel and effectively communicate with a wide variety of hospital personnel, community residents and outside agencies personnel.
* Advanced analytical skills necessary in order to develop and implement new policies techniques and procedures, determines need for capital equipment, personnel, expense and revenue budgets, and prepare special and recurring reports or analyses.
* Professional Coders (AAPC) or American Health Information Management Association (AHIMA) is a plus.
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