VP Revenue Cycle Management - ATI Physical Therapy
Bolingbrook, IL 60440
About the Job
The Vice President of Revenue Cycle Management (RCM) will lead and oversee the entire revenue cycle function for a national outpatient physical therapy organization with approximately 900 locations. This senior leader will be responsible for ensuring effective management of the front-end and back-end RCM processes, including insurance verification, authorization, denial management, patient payments, accounts receivable (A/R), and more. The VP will lead a team of internal staff and oversee relationships with several key vendors, including a large offshore vendor and specialized RCM vendors. The VP of RCM will be a strategic, innovative leader who drives continuous process improvement, automation, and efficiency, while ensuring compliance with industry regulations and improving key RCM performance indicators (KPIs).
Responsibilities:Leadership and Strategy:
• Provide leadership and direction to the entire RCM function, encompassing front-end (insurance verification, authorization, and denial management) and back-end (patient payments, accounts receivable) operations.
• Develop and implement an overarching RCM strategy that supports organizational growth, optimizes financial performance, and aligns with the company’s goals.
• Lead an internal team of approximately 45 professionals focused on customer service, vendor management, audits, and process improvement.
• Identify, develop, and execute strategies to improve key RCM KPIs, such as Days in A/R, denial rates, net collection rate, and patient satisfaction.
Vendor Management:
• Manage relationships with several RCM vendors, including a large offshore vendor responsible for authorization, A/R, and implementing automation tools.
• Oversee vendors specializing in niche areas such as workers' compensation, auto/personal injury, and other specialty claims.
• Ensure vendor performance is aligned with contractual obligations, KPIs, and business goals.
Process Improvement & Automation:
• Lead initiatives for RCM process optimization, including automation, leveraging bots, and integrating innovative technologies to streamline workflows and increase efficiency.
• Collaborate with vendors and internal teams to drive the adoption of new technologies and best practices across all RCM functions.
• Develop and execute a strategic roadmap for continuous improvement in revenue cycle processes, addressing gaps in operations and improving efficiency.
Financial Oversight & Reporting:
• Oversee all aspects of financial performance related to RCM, including cash collections, patient payments, denials, and accounts receivable management.
• Track, analyze, and report on key RCM metrics to executive leadership, identifying trends and making data-driven recommendations to improve performance.
• Collaborate closely with the finance team to ensure accurate forecasting, budgeting, and financial reporting related to revenue cycle activities.
Compliance and Risk Management:
• Ensure all RCM activities adhere to federal, state, and industry regulations, including HIPAA and other patient confidentiality laws.
• Implement and maintain audit processes to identify and mitigate risks within the RCM function, ensuring compliance and reducing potential financial exposure.