Oncology Convergence, Inc. is a proud sponsor of the Association of Cancer Executives. One of the things we love about our sponsorship is interacting with the individuals and teams who are leading the fight against cancer. This year, we learned that the challenges being faced by hospitals and private practices are bigger than ever. Revenue from oncology is more important than ever.
Here at Oncology Convergence, we take a great amount of pride in knowing our clients, providing the best oncology billing and coding, maximizing profitability for and delivering exceptional customer service to our client. Solving problems for and increasing the bottom line of our clients is what we enjoy. With that said, we love getting out into the field and interacting with leaders that may not know us but who are working to advance the field of cancer treatment and deliver the best possible care. It’s a wonderful experience to be able to ask questions, make connections and hear about the most pressing challenges facing oncologists, private oncology practice administrators and upper level hospital administrators.
This year was no exception. In fact, the feedback that we heard reflects what may be the highest sense of urgency and greatest need for solutions in many years. Many challenges impact the oncology revenue cycle, but the overriding theme that is touching virtually every private oncology practice and hospital based oncology department is staffing.
Whether you call it “The Great Resignation”, “The Big Quit”, or something else, the pain being felt by those on the ground in healthcare is very real. Attendees conveyed to us that staffing issues are not just a news story – they are huge challenges that are causing strain on almost every aspect of their operations. The acute labor shortage is compounded by the fact that the oncology revenue cycle as a whole, and oncology billing and coding in general, is very complex.
- Staffing is an issue everywhere. Everyone is concerned about when it begin affecting the financial bottom line if it has not done so already.
- Oncology prior authorizations are still an issue for many providers.
- Both private oncology practices and hospital oncology departments are realizing they are not as profitable as they should be.
- Big hospitals and health care systems are looking to their oncology service lines to make up for declining revenues elsewhere.
- If you are relying on consultants, auditors and/or internal employees who do not live primarily in the oncology space, you are having issues with your oncology revenue cycle.
- Even your CFO may not fully understand the oncology revenue cycle.
- Many large organizations do not have a solid understanding of their oncology revenue cycle. Often, it’s due to either a lack of experience in oncology and/or differing departmental priorities.
- If you want to fully understand your oncology revenue cycle, you must have a single source of truth with visibility into all departments.
- Many institutions are regularly performing a traditional revenue cycle audit but never solve the underlying issues.
- The economics of oncology practice acquisitions are often not bearing fruit as expected.
- Oncology specific billers and coders are essential – if you want all of your money.
- Financial knowledge transfer is not efficient enough for community hospitals to remain financially competitive.
- The slow trickle down of knowledge is not only affecting the fiscal health of community hospitals but also the standard of care (by as much as 10 years).
- Every oncology practice or department has an oncology revenue cycle problem – or at least answers “YES” when we ask.
- ACE has a very engaged leadership team.
- Exhibitors at ACE felt that their sponsorship is valuable.
- Work from home and remote working has opened doors to expanded service by repurposing unused office space.
- The race to provide a superior patient experience has reached the level of placing an emphasis on real cotton bathrobes and ceramic coffee mugs.
- Even the best patient experience can be destroyed by incorrect billing.
- Many hospital administrators do not know how much their lost oncology revenue is worth to their bottom line.
- Staffing shortages are so severe that administrators are exploring every possible solution.
- Better data produces better results – Oncology Convergence finds an average of $250,000 in net revenue with every oncology revenue cycle audit.
If you or your team are facing oncology revenue cycle problems or you’d just like to have greater visibility into your revenue cycle, we can help. Reach out to Oncology Convergence for all of your oncology revenue cycle problems.