Leslie Favela Promoted to Manager, RCM Business Development

Leslie Favela, a seven-year veteran of Regent Surgical Health (RSH) who most recently served as Revenue Cycle Coordinator with Regent Revenue Cycle Management (RCM), was promoted in January to the newly created position of Manager of RCM Business Development. Reporting to Erin Petrie, Regent RCM’s Director of Revenue Cycle Management, Favela will continue to perform business audits for ambulatory surgery centers (ASCs), providing them with valuable business metrics while also adding business development responsibilities to her plate.

Petrie says Favela’s experience across several other roles within Regent – and especially her recent support for RCM business audits, new business pitches and presentations – makes her transition into this new role a perfect move. “Leslie has been a valued player for several years and understands both our capabilities and our clients’ points of pain,” Petrie says. “And, she has the personality to bring it all together to help us grow.”

Favela believes the evolution of business within healthcare reimbursements makes the billing and collection services provided by Regent RCM even more valuable to ASCs. “The timing is right for this new position,” she says, “because payers today are undergoing dramatic changes that make it even harder for an employee of any one ASC to stay up-to-date on all of the policies. We have our view across many different ASCs. This allows us to leverage best practices as we bring each new center on, as well as identify strategies to improve current processes and deliver true value.”

Favela started her RSH career as an office coordinator and has worked her way up through several departments and promotions to gain a thorough understanding of ASC management, more specifically the ins and outs of revenue cycle.

“I have a huge passion for the work of Regent RCM because I have been involved since we doubled the number of centers we serve. I want to continue to build the company’s reputation so that new ASCs come to us for billing and collections and the value that we bring.”

To learn more about Regent RCM’s turnkey billing and collections services exclusively for ASCs, click here.

Becker’s 25th Annual Meeting: What we Heard on the Tradeshow Floor

Regent RCM’s leadership team recently attended the Becker’s 25th Annual Meeting: The Business and Operations of ASCs.

While there was a plethora of great information to take away from the show, Director of Revenue Cycle Management Erin Petrie  picked up on a few common pain points among center leadership, including:

  • The increasing difficulty of negotiating payer contracts
  • The need for ASC-specific revenue cycle benchmarking data
  • The rise of bundled payments – and the race to execute successfully

We drilled down on two of those issues in our latest guide,  3 Revenue Cycle Audits That will Improve Collections and Lower Days in A/R, where we identified inefficiencies and mistakes that put ASC financial performance at risk and shared best practices around denied claims, improving coding accuracy and payer contract adhesion.

If you’re interested in learning more, click here to stay abreast of ASC news via our blog.

3 More Advantages to Outsourcing Revenue Cycle

The revenue cycle market is projected to grow at a rate of 12% by 2021, according to a MicroMarket Monitor report. Why? Because administrators recognize they have to fight for every dollar but are stretched thin as revenue cycle is demanding and time consuming.

“ASCs are increasingly focused on delivering value-based care, which aims to improve quality while reducing costs,” said Regent RCM Director of Revenue Cycle Management Erin Petrie. “ASC leaders are also trying to build organizational accountability. Outsourcing revenue cycle aligns with both of these goals; it is the ideal way to increase cash flow, cut costs, and optimize a center’s revenue cycle, while strengthening transparency.”

In a recent blog post, Regent RCM outlined three competitive advantages to outsourcing RCM. Here are three more important ways ASCs benefit when they outsource their revenue cycle.

  1. Transparent Reporting

ASCs often lack the expertise, technology, resources, or time needed to execute transparent measurement and reporting in their finances. Outsourcing to experts gives ASC leaders access to sophisticated financial analysis and tracking tools.

Revenue cycle experts use third-party reporting software to offer deep insight into centers’ financial performance, analyzing and addressing the root causes of problems. For example, by outsourcing revenue cycle, an ASC can receive a thorough audit of its accounts receivable processes. The center can then use this helpful information to reduce days in A/R and improve cash flow.

  1. Staying Ahead of Requirements

Healthcare laws and regulations are constantly changing. ICD-10, for instance, is frequently re-shaping coding, and ASCs must stay ahead of the curve. But centers also have numerous other day-to-day priorities to complete, and new regulations sometimes fall through the cracks.

Outsourcing  solves this challenge seamlessly. Professional revenue cycle vendors must proactively keep tabs on industry laws and regulations, ensuring that their ASC clients remain updated and protected.

  1. Saving Space to Increase Revenue

Outsourcing revenue cycle can free up physical space within an ASC. Because an outside vendor is handling the revenue cycle, the center acquires valuable extra square footage, which opens up new possibilities and opportunities. An ASC can use the available space to enhance value-added aspects of the business; for example, buying more testing equipment or adding new services that will increase the reputation and revenue of the center.

Are you considering outsourcing to optimize your center’s revenue cycle? The experienced team at Regent RCM is available to your answer questions and discuss a revenue cycle evaluation. Contact Regent RCM.