We recently attended the HFMA Annual Conference, which took place from June 24 –27 at the Venetian-Palazzo Sands Expo Convention Center in Las Vegas. Every year, the conference brings together executives from the healthcare sector, with the aim to lead and inspire their businesses – helping them solve complex issues by interacting with peers and industry leaders, and providing them with the right tools to influence change and address different challenges. This year’s conference was no different. The event provided some great networking and collaboration opportunities to those in attendance, while offering some key industry updates and insights on upcoming trends.
Revenue cycle management in relation to patient information
One of the bigger themes at the conference was in relation to revenue cycle management, and we got to meet quite a few people in this sector and learn about what the future might hold for it. In particular, the topics discussed at the conference included claims processing, payments, revenue generation, and reporting metrics that contribute to the capture, management, and collection of patient service revenue. Additionally, we learned about leasing or financing options that patients can opt for as they look at different procedures — and this goes to show the value of leasing, or breaking down a larger sum over time, in the health care sector.
In relation to patient service revenue, a key aspect discussed was in relation to patient procedures – for those who work in insurance and hospitals, we learned there is an option to finance procedures, which is an option I didn’t even know existed. This is all about maintaining profits while facilitating affordable options for the patients who do choose to finance certain procedures.
Integrating technology into different business aspects
Moreover, when it comes to technology, patient tracking is another key theme that was discussed at the conference. One example was how patient records are gathered and put into algorithms, which then help form an automated system – ultimately indicating which patients can be moved around, making room for those who just got out of surgery, for example. This is just one example of such technological innovation – there are many more happening in the sector, varying from one business to another.
Improving organizational performance through business intelligence and analytics
Furthermore, talking to different companies across the healthcare sector shed some light on the importance of analytics and data – and the fact that data analytics tools can dramatically improve organizational performance. Learning all about the different advancements in this sector really reiterated the importance of analytics as part of the offerings we provide our customers at Union Leasing.
Managing and improving a fleet’s performance requires the integration of different levels of data across a vehicle’s lifecycle, which will then provide customers with a bigger picture of how their fleet is run. Data allows fleet managers to create a tailored fleet strategy to gain control of their overall expenses – eventually helping drive costs down.
That said, it is important to note that at Union Leasing, our analytics are less about tracking a fleet, and more about putting together a digestible, easy-to-understand snapshot for the customer that looks at certain trends and how they can minimize costs. In the end, we present the customer with the information they need to understand, at a deeper level, how they can run their fleets more efficiently.
So, it’s greatly beneficial for companies to have all of the important data they need handy, and to have an expert at hand who is able to provide them with all the meaningful insights. This takes us back to one key takeaway from the conference – that you can’t be an expert at everything; you have to partner with the right company that can help you with different aspects of your business when needed. You either know something in your field, or you don’t. This is when you partner with the experts who are able to take something off your plate.