Leadership Academy Annual Meeting Financial Update & RCM Transition Details
Stay informed on the latest financial updates and Revenue Cycle Management transitions discussed at the Leadership Academy Annual Meeting. Learn about team transitions, audit engagement, use of LOC for expenditures, 3rd-party relationships, attrition impacts, and more. Get insights into RCM changes, credentialing challenges, payroll automation, and compensation philosophy. Stay ahead with key developments in your organization's financial and operational strategies.
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Presentation Transcript
Mar-8-2023 Leadership Academy Annual Meeting Financial/RCM Update
Finance /RCM Finance /RCM Team Team Transitioned Kaitlin Hatcher to Business Analyst / Data Analyst Currently looking for a Staff Accountant to backfill her position 2022 Financial Statement Audit Engaged Ericksen and Krentel local CPA firm PCMC Had to utilize our LOC for startup expenditures Beginning the paydown process $1M current balance $9M available 3rd Party relationships allowed for a softer landing from 2022 attrition
Revenue Cycle Management Revenue Cycle Management 2022 Attrition huge impact This time last year we had 10 FTEs dedicated to RCM + Cognizant 60% Attrition in 2022 4 employees 8/19/2022 Connections with Cognizant allowed us to pivot outsourced entire operations from data entry to 3rd party turnover Currently at 6 FTEs Credentialing Major issue with PCMC contract starting 8/1 Credentialing Manager Amy Goodson hired Partnered with Trizetto an arm of Cognizant hired to assist with Credentialing on an as needed basis Finally getting back to a steady state late Q4 2022 /Q1 2023
Payroll Payroll - - TCP TCP TCP - Time Clock Plus Purchased Humanity in late 2020 Courted in 2021 Decision made in Q4 2022 to move forward with TCP Currently in the implementation phase with TCP There will be some changes we need to work through Goals Minimal Employee Effects there will be some Humanity - Affecting Scheduling / Availability features TCP Most Employees sole site See schedule clock in/out Automation of Payroll Move from manual compilation and entry Data file sent from TCP to HR Solutions move from entry to review only Scalable solution
Compensation Compensation Compensation Philosophy set early 2022 Philosophy has been followed with no major changes Copy of our Philosophy available on request copies available Major market moves Baton Rouge Committee to reconvene Q2-2023 We need a new member One seat vacant Please let us know if you have someone to recommend
Benefits Benefits First pass 2023 Medical Insurance Rates 16.4% Increase Able to get a bundle discount by switching Dental and Vision to BCBS 2022 Premiums vs Claims paid Loss for BCBS 2023 Continue to explore options Captives / ICRAs / etal.
