Reflections on the 2nd Annual KLAS Revenue Cycle Summit
Written by Matt Wilson
A Winter Wonderland Welcome
A few weeks ago, I had the pleasure of joining friends, colleagues, and industry peers at the 2nd annual KLAS Revenue Cycle Summit in Park City, Utah. While the presentations and content were invigorating, nothing could compare to the breathtaking winter wonderland we woke up to on our first morning! Huge thanks to Adam Gale, Dustin Cragun, and the incredible team at KLAS for creating such a magical experience. It was truly a treat!
It's not really about the shoes, is it?
We began the week with a great story from Adam taking us back to the late 90s and Michael Jordan's infamous quote that it wasn't really "about the shoes" but what you do in them. From there, we launched off on a day and a half, discussing the hard walk healthcare revenue cycle professionals have in their own shoes. While the conversations tried hard to avoid placing blame solely at the feet of payers for the extraordinary complexity and challenges they face every day, it is clear that this industry desperately needs to find common ground. We need to come to a place where payers and providers can co-exist on a more level playing field, where incentives are at least somewhat aligned, and where the good of the patient sits front and center in the equation.
As we all came together to discuss the past, present, and future, I made a few observations:
1. We’re all still looking for relief.
While the Keynote address was essentially a commercial for Epic (and non-Epic users were certainly in the minority), the mighty Epic EMR has not solved the revenue cycle challenge for its users. Dedicated professionals in these organizations and users in all other EMR platforms suffer under the same avalanche of claim reviews, denials, documentation deficiencies, and follow-up requirements. No victories have been declared, and all are still looking for relief.
2. There's a bright future, will it be soon enough?
We explored the exciting future of AI in healthcare delivery, starting with a captivating panel on ambient AI's transformative role in clinical delivery and revenue cycle optimization. Next, I was asked to join a panel with some of the leading experts in AI solutions development and innovative operational leaders on the role of AI in reducing denials.
Following these future-focused panels, I'll admit a few things left me going "hmm" (and I'm wondering if others in the room felt the same way?). One thing is clear, there are brilliant technologists and forward-thinking leaders focused on the future state of AI and its place in healthcare revenue cycle, and that future is very bright. My question, though, is whether healthcare organizations can wait that long. While elements of that technological future exist today, provider organizations need technology and strategies IMMEDIATELY to help them address the need to reduce burdens and accelerate their ability to collect cash. This assistance cannot provide only temporary relief. Instead, it must persist in the improvement they bring to help these organizations navigate our current challenging environment.
3. Cybersecurity is an ever-present challenge.
I was fascinated by the presentation on cybersecurity. The discussion covered the evolution of threats presented by bad actors and the steps technology and healthcare organizations must take to protect themselves now. Of course, the conversation was very well received by the audience as this is ever-present in their lives. This year has provided enough reminders that data is at constant, imminent risk, and the implications of the failure to secure it can bring devastating consequences. From the strategies and plans created by our own cyber heroes to our daily behaviors, our practice must be perfect to prevent more national stories of breaches and lockouts.
A Call for Collaboration and Innovation
The KLAS Revenue Cycle Summit served as a paramount forum for exploring the complexities of the healthcare revenue cycle and the urgent need for collaboration among key stakeholders. The insights shared throughout the event highlighted the ongoing challenges that providers and payers face, emphasizing the necessity for aligned incentives prioritizing patient welfare. As we move toward a future increasingly influenced by emerging technologies like AI, it is essential that healthcare organizations not only embrace these advancements but also advocate for immediate solutions that address their current struggles. Furthermore, the rising cybersecurity threats underscore the importance of vigilance and proactive measures in safeguarding sensitive data. Overall, the summit reaffirmed that while the road ahead may be challenging, the commitment to finding common ground and fostering innovation is essential for the advancement of the industry. Let us continue these crucial conversations and work collectively towards a more resilient healthcare ecosystem.
