What are the responsibilities and job description for the VP, Revenue Cycle position at Inova Health System?
The Vice President of Revenue Cycle is a senior leadership role responsible for overseeing and optimizing all aspects of revenue cycle operations within a healthcare system. This position plays a crucial role in enhancing financial performance, ensuring regulatory compliance, and improving the overall revenue management process. The VP of Revenue Cycle leads a team of professionals and collaborates with various departments to ensure the efficient and accurate processing of healthcare claims, billing, collections, and financial reporting.
Job Responsibilities
- Develops, implements, and oversees revenue cycle strategies and goals that align with the health system's financial objectives and long-term growth plans.
- Builds and leads a high-performing revenue cycle team, including revenue cycle managers, billing specialists, coders, and other related staff. Fosters a culture of accountability, teamwork, and continuous improvement.
- Evaluates and enhances the efficiency of revenue cycle processes, including patient registration, charge capture, coding, billing, collections, and accounts receivable management.
- Ensures adherence to all relevant healthcare regulations, including HIPAA, CMS, and other federal and state guidelines. Stays up-to-date with regulatory changes and implement necessary updates to policies and procedures.
- Analyzes revenue cycle performance metrics, identify areas for improvement, and implements data-driven strategies to maximize revenue while minimizing denials and write-offs.
- Oversees the selection and implementation of revenue cycle management software and systems, leveraging technology to improve workflow, accuracy, and efficiency.
- Collaborates with other departments, including finance, clinical operations, and IT, to streamline processes, resolves issues, and drives cross-functional improvements.
- Develops and implements quality assurance programs to ensure accurate coding, billing, and claims processing, reducing errors and rejections.
- Promotes a positive patient financial experience through clear communication, financial counseling, and addressing patient concerns related to billing and payments.
- Prepares and presents regular financial reports to the executive leadership team and the board of directors, highlighting revenue cycle performance, trends, and opportunities for improvement.
- May perform other duties as assigned.
Requirements/Qualifications
- Bachelor's degree required
- 10 years of experience in revenue cycle management roles
- 5 years of progressive leadership experience
As a recipient of federal financial assistance, Inova Health System (“Inova”) does not exclude, deny benefits to, or otherwise discriminate against any person on the basis of race, color, national origin, sex, sexual orientation, disability, or age in admission to, participation in, or receipt of the services or benefits under any of its programs or activities, whether carried out by Inova directly or through a contractor or any other entity with which Inova arranges to carry out its programs and activities.
This policy is in accordance with the provisions of Title VI of the Civil Rights Act of 1964, Section 504 of the Rehabilitation Act of 1973, the Age Discrimination Act of 1975, Section 1557 of the Affordable Care Act, and regulations of the U.S. Department of Health and Human Services issued pursuant to these statutes at 45 C.F.R. Parts 80, 84, 91 and 92, respectively.
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