The goal of the Revenue Transformation initiative was to identify, customize and implement industry best practices to eliminate inefficiencies and streamline processes for the Veteran’s Health Administration (VHA) healthcare revenue cycle. Improvements were made in the following areas: Registration (Verification of Veteran Information), Clinical Documentation (Timely & Detailed Collection of Encounter Information), Coding (Accurate & Consistent Coding), Charge Capture (Accurate & Comprehensive Charging for Services), Billing & Collections (Consistent and Precise Billing & Collection for Services Provided), Denials Management (Minimize Denials and Optimize Recovery).
As a result of these initiatives, approximately $56.3 million of new revenue was generated with $25 million in revenue preserved. In addition to the increased revenue, several other organizational achievements were accomplished:
• Increase in communication and knowledge sharing among VHA field and business staff, departmental integration and improvements in the Veteran Experience
• Development of educational and training materials deployed across the VHA enterprise
• Implementation of performance driven reporting mechanisms for VHA
• Standardization of VHA processes for enhanced workflows
• Realignment of key job functions to realize operational synergies