Successful Revenue Cycle Ingredients

The other day over a few cold beverages with a Client for whom we’ve done lots of work we were talking about why hers seemed to go so well.

Here’s what we decided:

1. Executive sponsorship – when senior leadership sets the tone and pace, is visible throughout the project [sits in on an occasional Status Meeting!], is quick to recognize success [and call out the no-so-successful!], good things happen.

2. Defining success – a reliable measure of success is when when every member of the project team can answer the question ‘how’s it going?’ with a fact based answer [ex: ‘we’re on track. Cash is up 12% for the month.’] Every Status Meeting or Status Report starts out  with a recap of those metrics, a successful project is predictable.

3. Project Management – a single point of contact.  A responsible person.  A leader who can build and preserve collaboration, hold people accountable, and communicate clearly and frequently.

4. A “real” Project Work Plan – built from the bottom up that directly addresses the gaps and opportunities identified through a careful assessment process. Meaningful milestone, realistic dates, proper staffing and easily reported on.

5. Access to necessary subject matter experts – bringing the right guru’s onto the team will speed results, and allow staff to learn new skills, and be exposed to new ideas.

You may notice that none of these five essential ingredients speak to the nuts and bolts of this work; rather how the work would be managed. With these five essential ingredients in pace, our client was able to doggedly march their way to success.

Bottom Line =       Executive Leadership
                                Success Measurements
                                Project Management
                                Project Workplan
                                Subject Matter Experts

Data Rich, Information Starved!