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Webinar: Embracing Math, Statistics, Lean & Six Sigma Methods to Improve Financial Performance and Decision Making in the Revenue Cycle

Speakers:   Marjorie Green is the co-founder of the Healthcare Excellence Institute (HEI). She holds a BS in Metallurgical Engineering from the University of Missouri-Rolla and an MS in Mechanical Engineering from Texas A&M University.  She is a Master Black Belt Trainer in Six Sigma techniques and a Master in Lean Manufacturing.

Gains from 4-12% of net revenue can be achieved through the application of math and statistics to A/R management. To achieve these results however, leaders must welcome change, apply non- traditional analytics and adopt statistically based technologies. This session will explore how revenue cycle specific uses of math, statistics, and engineering principles can lead to more sound decision making, highly focused operations and sustainable improvements in cash flow.

Lean has been a method for change and continuous improvement within various industries since the 1950’s, however, adoption in the healthcare industry has been relatively recent. Lean initiatives within healthcare are often be focused on the clinical side, however this presentation is designed to create an introduction to the elements of Lean and guiding principles to achieving continuous financial improvement through the application of Lean in hospital revenue cycles specifically.

 

Learning Objectives: Webinar/Speaking Session

After this session, attendees will be able to:

  1. establish methods for revenue cycle root cause and corrective action
  2.  lead with data driven decisions
  3. use precise operational metrics to prioritize audit paths and drive the right behavior
  4. Identify how traditional evaluations of monthly performance measurements of the revenue cycle mask large opportunities for increased cash
  5. design a set of revenue cycle operational metrics that are de-constructible to the transaction/ account level and will drive the right behavior
  6. Understand the operational performance of the entire revenue cycle and it’s individual departments including Patient Access, HIM, and PFS

Learning Objectives for: 1-Day Educational Session

7.       Lean healthcare fundamentals

8.       Driving cash through applied mathematics

9.       Revenue cycle root cause and corrective action (A3)

10.    Registration, HIM, Case Management, and PFS operational metrics

11.    Leading with data driven decisions

12.    Process observation and failure analysis

13.    Reducing variation and volatility in financial performance

14.    Establishing standard work and productivity methods

15.    Data collection & analysis for process and performance improvement

Tools and Takeaways

Create actionable strategies to establish a set of Lean based revenue cycle metrics that enable leaders to both accurately and precisely measure the effectiveness and operational performance of your revenue cycle.

Understand why traditional metrics mask cash opportunities

Introduce basic strategies to identify waste in revenue cycle operations

Develop strategies to drive cash with Lean and Six Sigma methods

 

Earlier Event: January 21
Montgomery One Day Institute
Later Event: January 28
CPAR Coaching - Columbus, GA