Managing the healthcare revenue cycle has never really been simple, but in today’s climate of increasing cost pressures, provider competition, payer negotiations, and changing regulations, it may be harder than ever. As two recent articles in Healthcare Finance have detailed, that’s why Directors of Revenue Cycle Management are in demand at hospitals and other healthcare facilities around the country.
With a median pay rate of $97,000, RCM director positions certainly look attractive, but the jobs typically come with a fair amount of stress. As explained in the articles, the big challenges include:
- Ensuring timely reimbursement from payers
- Recruiting and retaining talented staff—often with limited time
- Ensuring strong patient communication throughout the revenue cycle
- Creating high-level plans for changes like ICD-10 and the transition to value-based payments
- Crisis management
Given this wide-ranging list and the highly individualized cultures at every facility, one executive quoted by Healthcare Finance says she often prefers to grow people internally, rather than recruit from elsewhere. Candidates who can show they’ve truly increased efficiency and improved processes in their offices will likely have a leg up.
Think you’ve got what it takes to be an RCM director? Now may be the time to raise your hand for those extra projects—but you might want to look into some yoga classes on the side.