How to Become a Revenue Cycle Director
Step 1: Understand the job description and responsibilities of a Revenue Cycle Director
What does a Revenue Cycle Director do?
A Revenue Cycle Director directs and oversees the overall policies, objectives, and initiatives of an organization's revenue cycle activities to optimize the patient financial interaction along the care continuum. Reviews, designs, and implements processes surrounding admissions, pricing, billing, third party payer relationships, compliance, collections, and other financial analyses to ensure that clinical revenue cycle is effective and properly utilized. Being a Revenue Cycle Director tracks numerous metrics related to the patient engagement cycle including record coding error rates and billing turnaround times to develop sound revenue cycle analysis and reporting. Manages relations with payers and providers to generate high reimbursement rates and a low level of denials. Additionally, Revenue Cycle Director requires a bachelor's degree. Typically reports to top management. The Revenue Cycle Director manages a departmental sub-function within a broader departmental function. Creates functional strategies and specific objectives for the sub-function and develops budgets/policies/procedures to support the functional infrastructure. To be a Revenue Cycle Director typically requires 5+ years of managerial experience. Deep knowledge of the managed sub-function and solid knowledge of the overall departmental function.
Maintaining a strong working relationship with the functions that impact the revenue cycle but do not align in the reporting structure is also critical for this position.
Playing an active role in revenue cycle strategic planning, system integration, and providing leadership and/or consultation expertise to support furthering system initiatives along with ensuring regulatory compliance and financial viability are vital components for the System Director of Revenue Cycle.
Based on our compensation data, the estimated salary potential for Revenue Cycle Director will increase 16 % over 5 years.
DuraMedic is the leading hospital centered provider of orthotics and durable medical equipment. With a mission to promote and provide quality, client-centered services to enhance the lives of those that DuraMedic and Nova Medical Equipment services. We have an exciting career opportunity in South Austin, Texas for an experienced healthcare Revenue Cycle Director (RCD). This is a strategic, organic, hands on role. The Revenue Cycle Director reports to the Chief Operating Officer (COO).
If revenue cycle professionals have any doubt that they are expected to drive business strategy today, they need only read the job description for Emerson Hospital's desired new senior director of revenue cycle.
Step 2: Learn best tips to become a Revenue Cycle Director
Best tips for those who want to become a Revenue Cycle Director
Here are some tips to become a Revenue Cycle Director.
"Time is precious — especially when you are resolving revenue cycle issues.
Take the same training as the front-desk staff.
Meet with the compliance team often to ask what is and is not acceptable behavior.
Meet with case management and learn how that staff can assist with patient care.
Don’t let vendors guide the decision-making process.
Step 3: View best colleges and universities for Revenue Cycle Director
Best colleges and universities for Revenue Cycle Director
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Revenue Cycle Director
Is being a Revenue Cycle Director Worth it?
Must have previous healthcare management experience with business operations and revenue cycle.
Responsible to analyze and recommend revenue cycle workflows to align revenue cycle activities, both operationally and technically, to promote integration….
The goal of the position is to deliver successful events which increase the potential for new sales revenue and retention of existing clients as well as….
Identify trends in underpayment/overpayments, denials, revenue opportunities and revenue leakage and works towards resolution and improvement of the revenue….
Perform other duties as assigned by provider, supervisor or member of Administration – for example, cross trained to improve the revenue cycle.
Step 5: Prepare relevant skills for being a Revenue Cycle Director
What skills do you need to be a Revenue Cycle Director?
This role is not a beginner's role, as such, there are many skills required. It is vital to the role to command: Data Analytics, Financial Analysis, Financial Reporting, Medical Billing, Process Analysis. For this position, you need to be experienced with: Financial Analysis Software. Management isn't easy, if it were, everyone would have the competenticies to execute the role with success.
Minimum 10 years of experience in hospital and physician revenue cycle including Patient Access, Revenue Integrity, HIM/Coding, and Patient Accounting.
Extensive knowledge of revenue cycle metrics and drivers, particularly in billing and collections.
A Director must have vast experience in project and/or program management.
10+ years experience in hospital revenue cycle environment.
Epic expertise within the continuum of revenue cycle.
Step 6: View average salary for Revenue Cycle Director
How much does a Revenue Cycle Director make?
The average salary range for a Revenue Cycle Director is from $124,126 to $177,598. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Revenue Cycle Director jobs
- Revenue Cycle Manager
- Healthcare Revenue Cycle Management Director
- Healthcare Revenue Cycle Optimization Director
- Healthcare Revenue Cycle Management Manager
- Healthcare Revenue Cycle Optimization Manager
- Revenue Cycle Reporting Analyst
- Top Revenue Cycle Executive
- Revenue Cycle Specialist