Career Definition of a Revenue Cycle Strategist
Revenue cycle strategists work in the healthcare field to ensure that patients and insurance providers pay for the healthcare treatments that they received while at the medical facility. These professionals aren't simply bill collectors; however. They help create and implement strategies that can improve the payment process and make payments more manageable for patients so that they are more likely to pay their bills. For example, instead of requiring people to pay bills in person they ensure that systems are in place so that people can access their accounts and pay bills online.
Revenue cycle strategists consider all relevant factors that are affecting revenue streams for medical facilities and then help determine policies that can prevent losses. This means that the work they do is considered when determining what services should be approved or denied. They may produce materials for people so that they can review relevant information and they may also develop strategies to help customers manage their expenses.
|Educational Requirements||Bachelor's degree; master's degree often preferred|
|Job Skills||Organizational skills, analytical skills, strategic planning skills, teamwork skills, communication skills, public speaking skills, problem-solving skills, customer service skills, budgeting and mathematical skills|
|Mean Salary (2017)*||$107,348|
|Job Outlook (2014-2024)**||7% (all financial managers)|
Sources: *Glassdoor.com; **U.S. Bureau of Labor Statistics
Revenue cycle strategists are expected to have a relevant bachelor's degree to enter this career field. Fields of study that are most applicable include business administration, finance or accounting. They also need to have basic computer skills and the ability to use Microsoft Office so taking computer courses may be an asset. Some employers may prefer potential hires to a master's degree or an equivalent amount of work experience due to the complexity and significance of the role.
Revenue cycle strategists need to deal with financial data and budgets so they need to have good mathematical skills. They also need to pay close attention to detail when reviewing financial data so that they don't overlook pertinent information. Problem-solving skills are crucial because their role involves developing ways to increase payments and minimize losses. They may be responsible for making presentations to other administrators so they need to have good public speaking skills and they need strong written communication materials to make information packets. They need organizational and strategic planning skills to develop new payment systems and implement new systems effectively so that they can help their company reach their financial objectives.
Career Outlook and Salary
Since financial managers are involved with preparing for the financial health of their company and help to establish policies their work is comparable to the work of revenue cycle strategists. The U.S Bureau of Labor Statistics (BLS) indicates that financial managers should see a 7% job growth rate from 2014 to 2024. Glassdoor.com reported that revenue cycle strategists took home an average income of $107,348 in 2017.
Anyone interested in working with medical finances may also be interested in becoming a financial manager, a medical billing administrator or a credit collections manager. More information about these careers is provided via the links listed here.