TPC plays a critical role in helping its Member healthcare organizations improve the revenue cycle. While many have traditionally looked only to cut costs, we help our Members manage costs while also looking for key opportunities to increase revenue.

TPC Revenue Cycle Council Finds Opportunities for Savings and Revenue

By creating a Revenue Cycle Council, we’ve committed to working collaboratively to identify areas to improve revenue. This council includes representatives from our 11 health systems who meet monthly to discuss data analytics, best practices and strategic opportunities to develop and implement beneficial programs.

In the four years since it began, we’ve been able to achieve over $30 million in revenue cycle savings, including $11 million in 2019 alone. The savings are most notably attributed to improved vendor contracts, enhanced net revenue, and early out and bad debt initiatives. Additionally, the membership has realized a 30% drop in unbilled accounts since 2018.

Of the achievement, TPC Revenue Cycle Vice President Cody Waldrop said in a recent HFMA article, “Most of our early success was around purchased-service arrangements, where we leveraged the group purchasing power of our Members to negotiate best-in-class contracting with early out and bad debt vendors and reduced technology costs. From there, our efforts became more strategic, looking at ways to enhance net revenue through underpayment reviews, self-pay practices, denials management, and more.”

Supporting Revenue Objectives with Data Collection and Analytics

To help with data and benchmarking, TPC has adopted standardized metrics across the membership and remains committed to engaging in thorough performance data collection for consistent tracking and comparisons.

With common metrics in place and benchmarking capabilities, TPC has also developed a dashboard that allows Members to compare revenue cycle developments against peers. This gives them a simple way to learn how they stack up, what’s driving success and what can be improved.

This can lead to better decision-making on transformation efforts, and having a platform to store data and comparing apples-to-apples has provided a perspective that allows our Members to improve their financial health.

Learn more about TPC’s revenue cycle management services today.