In this insightful podcast episode, we speak to Ryan O'Hara, an experienced healthcare professional currently working at Acclara, an RCM company. Ryan outlines his stress over the U.S. healthcare system, particularly the 22% GDP spending on healthcare despite having some of the worst outcomes. He acknowledges the need for a unique approach to address these inefficiencies, especially in the RCM space.
Ryan details the adversarial relationship between revenue cycle professionals and insurance companies, emphasizing the potential for improved cooperation through data-driven dialogue. He suggests that showing insurance companies potential benefits can encourage them to be proactive in providing remedies. Discussing administrative inefficiencies, Ryan underlines the significance of talent identification and nurturing within the healthcare sector. Interestingly, he boils talent down to four characteristics: happiness, hard work, empathy, and being a team player.
Discussing the subject of insurance and healthcare providers, Royal emphasizes the need for creating financial incentives for health capital, thus shifting the focus from making people better when they're sick to keeping them healthy. Ryan concurs, expressing his aspiration to act as a peacemaker between insurance companies and health systems.
Lastly, Ryan proposes a revised approach to measuring KPI's in the healthcare sector. Rather than the common practice of tracking numerous metrics, Ryan advises focusing on five things: cash versus a goal, AR measurement, agings by the payer, cost tracking and managing vendors to optimize spending.
#HealthcareSystemFlaws #RCMInefficiencies #ImprovingHealthcareOutcomes
Timestamps
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[00:00:03] Introduction to Ryan O'Hara and Acclara
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[00:00:27] Discussing Healthcare Costs and Outcomes
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[00:02:04] Tackling Adversarial Relations in Revenue Cycle
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[00:05:06] Power of Data in Healthcare Conversations
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[00:08:07] Identifying Talents to Improve Healthcare Practices
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[00:14:15] Essential Traits for Leadership in Healthcare Sector
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[00:16:40] Advocating for Better Patient Centric Healthcare
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[00:24:00] Ryan's Vision for Bridging the Gap between Insurance and Health Systems
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[00:30:37] Key Performance Indicators in Healthcare, A New Perspective
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[00:32:30] Critique on AR Days and Measuring Absolute Revenue Returns
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[00:33:47] Importance of Measuring Aging by Payer
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[00:35:25] Monitoring Costs in Healthcare Sector and Vendor Management.
