I’ve been in the consulting industry for more than a decade. The majority of my work was in revenue cycle improvement. Again and again, I would see clients with the same problems and issues. A new process might yield a better result, but that would depend on the client’s level of acceptance and adoption of the process. Seeing this pattern year after year was getting frustrating.
That is what sparked my interest in Currance and eventually got me to join the team.
What struck me about Currance is that it’s all based on process improvement principles. It’s about doing the right work at the right time and delivering a better result. Our analytics show revenue cycle leaders what’s happening in real-time, with real-life data. We can clearly say: “Here are the problems that need to be addressed.” It’s a much more proactive approach to process improvement.
After spending nearly four decades in healthcare industry, I was thrilled to be named President & COO of Currance. I knew it was the right career move for me because Currance offers a completely new and interesting way to look at the revenue cycle. That’s what I had been missing.
“New” and “interesting” aren’t words that are closely associated with our industry. But that’s what we give clients — an approach that’s not seen anywhere else on the market, where we integrate technology and people to deliver a better result on collecting.
Most revenue cycle leaders and CFOs are interested in cash and how much to collect. However, the measurement of that can be inconsistent because of how month-end close processes and the realities revenue valuation. It gets complicated. How revenue cycle leaders calculate what their cash collections isn’t helpful — and it doesn’t necessarily lead to an accurate result.
But that’s not the case for Currance clients. Here’s why:
Our workflow tool
Normally, our industry prioritizes accounts based on age or dollar amount. The agent is presented with a work queue and they pick and choose what accounts to work on. This can lead an agent to think, “If I need to boost my productivity today, I’ll work on all the easy accounts and I’ll pass off the hard account for later.” But with our tool, agents are presented with the most important accounts to do first. They aren’t given another account until they finish what they started.
Productivity may drop a little bit because our workflow tool presents the hardest accounts. However, the things that need to get addressed that day — dollar collections or percentage earned revenue collected — are going to go up because we’re looking at what’s going to drive the best results for the organization.
Measure, measure, measure
With our workflow and analytics tools, we can measure what’s happening all along the way. We can identify process failures and work with revenue cycle agents to teach them to identify problems. Agents can make the necessary changes to avoid these problems in the future. Reporting, daily, weekly and monthly meetings are the backbone of how we drive continuous improvement. Currance brings patented tools and methodologies to laser focus on yield improvement. For me and for all the customers I work with now, it really is a different approach to managing the revenue cycle that drives more efficiency and effectiveness across the board.
We’re a trusted advisor
With a lot of revenue cycle improvement projects, a vendor typically tells a client what to do. That’s not what it’s like at Currance. For starters, we make the data accessible to our clients. Together, we address the problems and come up with the right solution. We know this approach empowers our clients because it allows them the opportunity to see what’s happening daily.
As a revenue cycle veteran I certainly bought into this unique approach to a focus on yield analytics, structuring and managing revenue cycle teams, and the process for root cause analysis that both uncovers problems and supports our clients to fix them. The devil is in the detail in revenue cycle and Currance has created an approach, tools, and services that deliver that elusive improvement. We are also encouraged by how customers feel about our performance partnering business model where we meet our customers where they have the most need and take them on the journey to adopting what we call, “Hybrid Revenue Cycle Management.” We feel we bring the best of outsourcing with flexible access to staffing resources as needed, while maintaining the visibility and control of a fully insourced revenue cycle organization.
Feel free to reach out to us with any questions at firstname.lastname@example.org or join the conversation with us on Currance | LinkedIn.