Milburn Partners, Inc.
• Our firm was founded in 2001 with offices in Dallas and Houston
• Clients span from the Mid-Atlantic to California, with a focus on Revenue Cycle, Finance and Accounting, exclusively in healthcare
• We feel our Client and Candidate network is both broad and deep
• Over half of our current searches require candidates that have experience in Revenue Cycle
• In 2013, for example, we successfully completed 5 Vice President of Revenue Cycle searches, in DFW alone, all in a 4 week span
Appointment Scheduling
Patient Registration
Patient Exam
Service Coding
Charge Entry
Claims Submission
Payment Processing
Resubmission & Appeals
2nd Claims/Patient Billing
A/R Follow-Up
Collection Agency
What is Revenue Cycle?The Healthcare Financial Management Association (HFMA) defines revenue
cycle as "All administrative and clinical functions that contribute to the capture,
management, and collection of patient service
revenue."
CAREER PATH IN REVENUE CYCLE
Business DegreeHIM Degree/RHITRN DegreeAccounting DegreeBachelor’s of ScienceFinance Degree
Clinical AnalystFinancial AnalystBODMgr. Rev CycleRev AccountantAccess Services
DirectorSr. DirectorVice PresidentC-Level
Revenue Cycle Management
VP Revenue Cycle
VP Managed Care/Contracting
Director of Patient Access/Registration
Director of Professional Billing
Director of Revenue Cycle
The Key Stakeholders Include:
Director of Business Office
Director of Patient Financial Services
Manager of Revenue Cycle
Revenue Cycle Analyst
Practice Administrator/Office Manager
Revenue Cycle Consultants
57 hospital executives polled, 34 were C level 1/3 affiliated with large hospitals and healthcare systems,
remainder split between critical access, community and medium-sized facilities
Among the most important financial priorities: Receiving proper reimbursement from private payers Complexity of reimbursement policies from government
payers Ensuring optimal reimbursements for pharmaceuticals
and medical supplies 1/2 of executives added additional staff to address
revenue integrity issues 1/4 established separate revenue integrity departments
Survey of hospital executives indicates that revenue integrity is the most important component of the financial health of their organizations.
National Salary Data
Education Percentage Compensation
Associate's degree
29% $83,400
Bachelor's degree
37% $109,800
Master's degree 28% $116,100Title Percentage Compensation
Supervisor 5% small sample
Manager 28% $72,200
Director 67% $117,300
Supervisor/Manager/Director
Patient Financial Services
www.hfma.org
National Salary Data
Education Percentage
Compensation
Bachelor's degree 32% $237,700
Master's degree 58% $247,400
Organization Percentage
Compensation
Hospital with 521 beds or less 18% $196,600
Hospital with 559 beds or greater 18% $268,100
System level, headquarters or regional 62% $253,100
Region Percentage Compensation
Northeast 17% $276,300South 35% $215,700Midwest 31% $229,600
West 16% small sample
VP Revenue Cycle
National Salary Data
Education Percentage CompensationAssociate's degree
29% $76,700
Bachelor's degree
31% $100,200
Master's degree 32% $102,800 Title Percentage Compensation
Supervisor 6% small sample
Manager 34% $73,800
Director 59% $108,700
Supervisor/Manager/Director
Patient Access
www.hfma.org
Typical Salary for Revenue Cycle Leaders
VP Revenue Cycle
VP Managed Care/Contracting
Revenue Cycle Consultants
Director of Business Office
Director of Patient Financial Services
Director of Patient Access/Registration
Director of Professional Billing
Director of Revenue Cycle
Manager of Revenue Cycle
Revenue Cycle Analyst
Practice Administrator/Office Manager
0 100,000 200,000 300,000
210,000
160,000
150,000
130,000
120,000
100,000
95,000
95,000
90,000
75,000
75,000
Milburn Partners’ data based on placements from 2012-Present
REVENUE CYCLE MANAGEMENT
CODING/BILLING
OPERATIONS/MEDICAL RECORDS
COMPLIANCE/RISK MANAGEMENT
INFORMATICS/DATA ANALYSIS
MASTER
VP Revenue CycleVP CodingDirector CBODirector PFSDirector Managed CareDirector Coding
Chief Learning OfficerChief Knowledge OfficerDirector HIMRegional Director HIM
Chief Compliance OfficerVP Privacy/SecurityDirector Risk Management
Chief Clinical Informatics OfficerDirector Clinical Informatics
ADVANCED
Rev Cycle ManagerReimbursement & Insurance ManagerCBO ManagerAccess Manager
ConsultantCoding TrainerMPI ManagerMeaningful Use Specialist
Compliance AuditorBusiness AnalystPrivacy OfficerCompliance OfficerInformation Security Officer
Research Development SpecialistProject ManagerMapping SpecialistData Integrity Analyst
MID LEVEL
Revenue Cycle AnalystDocumentation & Coding SpecialistHIM Rev Cycle Auditor
Office AdministratorCancer RegistrarHealth Information TechTranscriptionist
DRG ValidatorQuality Improvement Analyst
Clinical Informatics CoordinatorContent AnalystClinical Data Analyst
ENTRY
CoderBenefits CoordinatorMedical BillerInsurance Claims ClerkBilling/Collections Clerk
HIM ClerkPatient Care CoordinatorPatient RegistrarCustomer Service
Can you be an effective leader?
Can you:• Formulate your organization's revenue cycle
operations for an uncertain future• Use less resources and continue to advance
performance• Connect financial data with clinical data• Improve the overall value delivered to
patients and the community • Think strategically and plan proactively
Working Towards C Level Status
Major changes in the industry are requiring health systems to rethink and revamp their stratagem. What is required? Identify and target patient populations Achieve clinical integration across the network, and leverage
data from anywhere and everywhere Actionable insight into the financial performance of the group
and the health of the patient population Visibility across networks that can be influenced and acted
upon at the initial point of contact with patients Manage the networks/patient populations, no matter what
the payment model might be Harmonize data from multiple systems (EHR, practice
management, claims)-turn it into insight which can then become action directly in an organization’s existing workflows
The Chief Revenue Officer
CROs are accountable for all revenue-related functions - marketing, sales, customer support, pricing and revenue management.
• Teams up with Executives to create and convey the company’s ideas and revenue strategies across all relevant functions to ensure the right goals are defined and met
• Regularly analyzes productivity and effectiveness to create market positioning and competitive advantages, and determines budget trade-offs to improve and develop sustainable results
• Recognizes the differences between marketing and sales, and creates processes to ensure their synchronization across the full revenue cycle get the best results
• Has a long-term, integrated perspective while striving to drive quarterly revenue results
The Chief Strategy Officer
The best way to describe the role of a CSO? There is no clearly defined role. • Capable of seeing all the pieces on the board and
able to see several moves into the future. (to infinity…and beyond!)
• Some formulate strategy, others execute strategy, others do both.
• Might act as “internal consultants,” or as experts because they have proficiency in particular areas (revenue cycle management, managed care-contracting, patient financial services, practice operations)
• Responsible for understanding how market forces are transforming and how those changes will affect the services patients will need in the future.
The Chief Strategy Officer
Revenue Cycle leaders who want to advance to CSOs will need to be able to: Consolidate network revenue cycle and
productivity data Use analytical tools that display information
clearly and accessibly Have actionable insight into patient financial
services, collections, referrals, denials, DAR, etc. The ability to easily “slice and dice” data and
share performance results Benchmark tracking and performance comparison
by practice, specialty, or geography
Building Your Executive Profile
Consider how these positions are changing, how else you might be able to align your resume with those changes?
You’ll need years and years worth of learning experiences from various managerial and director positions. (don’t get complacent!)
Experience and demonstrable skills are the most important things that employers look for in C-Level Executives.
• Demand for ancillary healthcare companies and consultant roles have doubled over the past year
• Centralization of processes as consolidations and reimbursements are cut
• Hospital systems are developing mini regional offices
Market Trends
In Closing…
Demand for health care, and thus the need for more health care workers, is expected to keep growing.
Revenue Cycle roles are the backbone of well run organizations
Develop plans to recruit and retain the talent that will tackle the challenges your organizations are facing
Patiently growing the talent and skills of your team is critical
Industry consolidation will be a great way to upgrade the quality of your workers
HIM Professionals
Health Information Technology is one of the fastest growing occupations
HIM graduates with an Associate’s earn $35,000 to $45,000 annually
HIM graduates with a Bachelor’s start at $50,000 to $60,000
In 5 years, can potentially earn upwards of $65,000 to $85,000
(RHIAs) often hold managerial positions related to these functions. In a recent survey, AHIMA found more than half of RHIA respondents were directors, managers, or consultants, with almost 31 percent serving as HIM directors.
(RHITs) often specialize in coding diagnoses and procedures in patient records for reimbursement and research. RHITs may serve as cancer registrars or hold a supervisory position.
Salary, Education and Certification
Practice Settings for HIM Professionals
Management, HIM (Medical Records)
Tumor registry Coding Trauma registry (E.R.) Transcription Quality Improvement Release of Information Patient Admissions Compliance Auditor Physician Accreditation Utilization Review Physician offices Risk Management
Consulting firms Government agencies Law firms Insurance companies Correctional facilities Extended care facilities Pharmaceutical Research
Statistician Clinical Trials Coordinator Data Manager
Information Technology System Analyst Project Manager Data Manager
Medical Software Companies Software Designer Software Tester
Traditional Settings Non-Traditional Settings
Typical Salary for HIM Professionals
Vice PresidentIT Director
HIM DirectorConsultant
Security OfficerCompliance Officer
Privacy OfficerPractice Manager
RNCoding Manager
RHIACoding Professional
HIM TechnicianClerical Support
0 50,000 100,000 150,000
140,000100,000
90,00088,000
85,00080,00080,00080,000
65,00065,000
52,00045,00045,000
32,000
Milburn Partners’ data based on placements from 2012-Present
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