Revenue Cycle Management

Transform your business by unlocking the full potential of your revenue cycle

Impact Advisors Earns Best in KLAS: Financial Improvement Consulting for 2024

The Best in KLAS Financial Improvement Consulting is awarded to firms focused on improving the financial performance of a healthcare organization, which could include reducing cost, increasing net revenue, and/or improving efficiency. Engagements often assist with redesigning the revenue cycle of the organization, are very large in scope and investment (i.e., exceed a minimum of $500K), and are over six months in duration.

Impact Advisors received a score of 96.7 for Financial Improvement Consulting.

Challenges

A high functioning revenue cycle is seamlessly embedded throughout your organization, delivering more than on-time, in-full collections. Done well, it also enhances patient experience, delivers margin improvement, enables organizations to take on more risk-based care, and provides key support for strategic decisions.

Value Delivered

3-4% improvement in net patient revenue

through process redesign, technology optimization, and department redesign

Top quartile EHR conversion metrics

which help offset the cost of installation

Increased ROI

which maximizes the value of your EHR investment

Improved patient experience and loyalty

bringing increased market share

Ability to take on more risk-based care

and compete more aggressively in the marketplace

Increasing margin pressure continues to top the list of challenges for healthcare executives. The revenue cycle – set up to work better, easier, faster – presents opportunity to move from a defensive position to an offensive one.

How We Deliver Value

Impact Advisors’ multi-faceted experts have both the real-world operations experience and technology expertise needed to fully understand the impacts of each decision made within the revenue cycle. They listen, challenge, adapt, and remain focused on your best interests, working side-by-side to implement the fixes, deliver value, and ensure your team’s long-term success.

EHR-Driven Transformation

Design the system you need and elevate your team’s performance to take full advantage of it.

From initial planning through post-live stabilization, Impact Advisors’ experts guide the essential collaboration between IT and revenue cycle teams to design and build the EHR you envisioned and optimize workflows to fully leverage its power for maximum return on investment.

Operations-Driven Transformation

Empower your teams to exceed performance objectives.

Impact Advisors’ revenue cycle experts work with your revenue cycle and clinical teams to uncover and implement workflow improvements that will positively impact financial performance and patient interactions. Then, we build our solutions directly into the tools your teams use, utilizing automation where appropriate, helping you realize ROI from new and existing technologies.

Typical areas of focus include:

AR / DNFB reduction
Denials reduction
Patient balance / POS collections
Charge capture improvement
Clinical documentation improvement

Revenue Cycle Managed Services

Impact Advisors offers tailored solutions, proven methodologies, and highly experienced, knowledgeable resources to help you achieve transformational margin improvement or reach specific metric targets, such as reducing AR over 90 days or decreasing net cost to collect. We can
Empower revenue cycle end users and manage your operation toward greater outcomes
Augment your team with highly skilled resources who move your RCM KPIs
Provide targeted or comprehensive outsourcing (onshore or nearshore) solutions, including designing, staffing, managing, reorganizing, and/or scaling the operation

Learn more about these services and our participation in the Epic Rev Cycle Partners Program.

RevCycle Staff Augmentation

Our highly skilled, “roll up the sleeves” resources can fill vacancies or temporarily supplement teams across your revenue cycle. Ours are not the generic project managers and analysts that many staff augmentation firms provide – our associates have “grown up” in healthcare, working in the clinical and revenue cycle operations roles we support at our clients.

Interim Leadership

Our experienced revenue cycle executives will seamlessly and expertly manage operations until you find the right person for the role. They will

Advise on near- and long-term revenue cycle departmental goals
Consult with leadership regarding operational performance, best practices and outcome metrics
Review reports generated by the department, offer interpretation and recommendations for further analysis or action
Offer insights for improving metrics, processes and reducing risk
Address day-to-day “in the moment” leadership needs

Digital Enhancement

From Robotic Process Automation to Predictive Reimbursement Analytics to Workforce Monitoring and Decision Support, Impact Advisors leverages our industry-leading technology experts to take your Revenue Cycle to the next level of performance.

Related Services

Strong Stories.

Detailed Experiences.

Case Studies.

Impact Advisors helped reduce A/R by $62M for a health system consisting of 14 hospitals, 230 ambulatory facilities, urgent care centers, and long-term care and hospice facilities. Also reduced A/R >90 Days by $37M and Open Denials by $54M.

$62M

Reduction in A/R

$14M

Realized Savings

A large medical group’s decision to insource its back-end revenue cycle functions and simultaneously standardize and optimize denials management and patient collections generated margin improvement beyond expectations.

477%

Increase in Collections

Impact Advisors helped Oregon State Hospital implement a “best practice” Revenue Cycle. Results of the engagement include a 477% increase in average monthly cash collections.

12

CDMs Consolidated

When an integrated network of 18 hospitals, more than 40 outpatient health centers, and 200 physician offices prepared to implement an updated EHR, Impact Advisors supported the consolidation and standardization of the Charge Description Master and Charge Generation Tracker.

$107M

in Cash Achieved in a Single Month

To establish trust and draw Operational and IT teams together toward a shared set of objectives, Impact Advisors’ experts leveraged prior experience working in revenue cycle leadership roles, lessons learned delivering engagements at similar organizations, and design/build expertise with the client’s EHR platform.

10%

Increase in Volume of Patients Seen

Our work with a large network of dermatology clinics led to a $4.6 million increase in revenue and a more than 10% increase in volume of patients seen.

Our Leaders

Jim Akimchuk, Jr. – Revenue Cycle Practice Lead

Jim is an accomplished healthcare professional with over 37 years of healthcare information technology and revenue cycle operational management experience, working with academic practice plans, large group practices, hospitals, and ancillary services. He is a proven leader with strong financial, operations, billing, and technology experience as well as a successful record of transforming underperforming organizations through large-scale process redesign and change management.