Council Created to Bring Value to the Healthcare Industry by Fostering Collaboration to Solve Revenue Cycle Challenges
DOWNERS GROVE, Ill., and NASHVILLE, Tenn., Dec. 19, 2023 /PRNewswire/ — The Healthcare Financial Management Association (HFMA) and XSOLIS, the artificial intelligence (AI) technology company creating a more efficient healthcare system, announced today the creation of the Executive Revenue Integrity Council. The goal of the new council is to create a forum for leaders to address revenue cycle and reimbursement challenges, developing best practices through networking and education.
The Executive Revenue Integrity Council gives provider and payer leaders the opportunity to work together to develop solutions to systemic issues that create unnecessary costs and inefficiencies in the payment integrity process.
“In today’s resource-constrained environment for hospitals, financial executives are poised with unique if not unprecedented opportunities for improvement,” said HFMA’s senior vice president of professional practices, Richard L. Gundling, FHFMA, CMA. “When leaders collaborate successfully, they can develop better ideas and solutions than they might have alone. We, with the support of XSOLIS, are excited to connect leaders from some of the country’s most preeminent hospital systems and health plans to help elevate the health sector’s thinking and practices. The expertise and collective value this group can bring will be invaluable in solving some of the healthcare industry’s most costly challenges.”
In its 2023 Outlook Survey Report, HFMA respondents cited staffing issues and funding sources as their top two professional challenges for the year. In addition, prior authorization, government relations and payer relationships remain top of mind for healthcare financial leaders according to Becker’s Hospital CFO Report. HFMA recognizes the growing need to bring provider and health plan organizations together to work toward solving shared challenges and inefficiencies.
Revenue integrity executives from leading health systems and health plans across the U.S. are in a unique position to address these issues as part of the Executive Revenue Integrity Council. The following provider organizations have signed on to participate to date, and additional health plan recruitment to the Council is underway. Current participants include:
- Allegheny Health Network (PA)
- Banner Health (AZ)
- Baptist Health (FL)
- Centra Health (VA)
- Cleveland Clinic (OH)
- Dartmouth Health (NH)
- Fisher Titus Medical Center (OH)
- Jefferson Health (PA)
- Mayo Clinic
- Methodist Dallas Medical Center (TX)
- Montefiore Medical Center (NY)
- OSF Healthcare
- Premier Health (OH)
- Prisma Health (SC)
- Providence (WA)
- Sparrow Health System (MI)
- Sutter Health (CA)
- University Health (MO)
- University of Chicago Medicine (IL)
- University of Pittsburgh Medical Center (PA)
- University of Vermont Health Network (VT)
- University of Miami Health
- Valley Presbyterian Hospital (CA)
- Woman’s Hospital (LA)
XSOLIS brings its knowledge in fostering collaborative provider and payer relations and will contribute funding to the initiative as part of the company’s ongoing commitment to addressing meaningful and solvable problems in healthcare administration.
“We are honored to lead this important initiative alongside HFMA,” said Joan Butters, co-founder and CEO of XSOLIS. “Administrative waste costs healthcare greatly, and at least $15 billion could be saved by improving provider and payer communication and creating more opportunities for alignment with decision-making. By strengthening the ability to solve shared problems, health systems and health plans are able to continue focusing on providing high-quality care.”
The first Executive Revenue Integrity Council meeting will take place virtually in February of 2024. After the initial meeting, the Council will meet twice yearly as well as additional meetings throughout the year, including two stand-alone in-person meetings in conjunction with HFMA events, two web discussions and ongoing online forum discussions.
To learn more and to apply to join the council, click here.
About Healthcare Financial Management Association
The Healthcare Financial Management Association (HFMA) equips its more than 110,000 members to navigate a complex healthcare landscape. Finance professionals in the full range of work settings, including hospitals, health systems, physician practices and health plans, trust HFMA to provide the guidance and tools to help them lead their organizations, and the industry, forward. HFMA is a not-for-profit, nonpartisan organization that advances healthcare by collaborating with other key stakeholders to address industry challenges and providing guidance, education, practical tools and solutions, and thought leadership. We lead the financial management of healthcare.
XSOLIS is a platform, data science and solutions innovator serving health plans, hospitals and payer organizations nationwide to create a more efficient healthcare system. Through its purpose-built solutions and industry-leading AI, XSOLIS breaks down healthcare silos to accelerate data-driven decision making and collaboration across a connected network of providers and payers. CORTEX®, its AI-driven technology platform, is the first and only solution to use real-time predictive analytics to continuously assign an objective medical necessity score and assess the anticipated level of care for every patient. CORTEX eliminates waste through the science of data using automation, transparency and objective insights to ensure appropriate care settings, enabling more efficiency across the healthcare system. XSOLIS is headquartered in Nashville, Tennessee. For more information, visit www.xsolis.com.