Big picture: The revenue cycle process becomes more efficient with dedicated personnel to keep the process moving.
Whether a firm is just considering a new revenue cycle role, about to roll it out or already in the midst of implementation, here are three key best practices to help firms through the process.
1. Identify the most pressing billing needs. Given the wide array of responsibilities and functions law firms are already assigning to these new positions, those looking to establish their own version of a revenue cycle role first need to determine the most immediate needs the analyst should address.
2. Establish precise processes. Once the most urgent issues are identified, firms should take the time to carve out the new role's responsibilities and how it slots into existing ways of working.
3. Measure progress qualitatively and quantitatively. As firms carve out these new roles, it's important to get regular feedback from everyone involved in the process to identify inefficiencies or confusion and track improvement.
This is an excerpt of an article, "Best Practices For Implementing Firm Revenue Cycle Roles", originally published by Law360 Pulse.
- Revenue Cycle Survey
- Time & billing
- Revenue
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