Chief Revenue Officer (CRO) - Administration - Full Time
OakBend Medical Center•Richmond, TX
•Onsite
About The Position
The Chief Revenue Officer (CRO) is responsible for the strategic oversight and management of the entire revenue cycle process within the hospital, from billing to collections. This role demands an intimate knowledge of payor requirements and contracts, denials and appeals, and key business office KPIs such as clean claim rate, days in AR, Denial Rate, etc. The CRO will develop and execute strategies to enhance revenue cycle efficiency, minimize denials, and ensure optimal financial performance.
Requirements
- Bachelor’s degree in Healthcare Administration, Business, Finance, or a related field.
- Minimum of 7-10 years of experience in healthcare revenue cycle management.
- At least 5 years in a leadership role.
- Knowledge and expertise in hospital managed-care contracting, billing and collection for services provided.
- Intimate knowledge of payor requirements, including Medicare, Medicaid, and commercial insurance.
- Proven expertise in denials management and the appeals process.
- Excellent communication, negotiation, and leadership skills.
Nice To Haves
- Master’s degree preferred.
Responsibilities
- Oversee all aspects of the hospital’s revenue cycle, including billing, coding, charge capture, and collections.
- Develop and implement strategies to improve revenue cycle efficiency and effectiveness, ensuring the achievement of key financial goals.
- Monitor and analyze revenue cycle performance metrics, including clean claim rate, days in AR, net collection rate, etc.
- Maintain a thorough understanding of payor contracts, regulations, and reimbursement policies.
- Ensure compliance with all federal, state, and local regulations related to billing, coding, and reimbursement.
- Collaborate with payors to resolve issues, negotiate terms, and optimize reimbursement rates.
- Develop and implement a comprehensive denials management program to reduce denial rates and recover lost revenue.
- Analyze denial trends to identify root causes and implement corrective actions.
- Lead a team responsible for the timely review, correction, and resubmission of denied claims.
- Oversee the appeals process, ensuring timely and effective resolution of denied claims.
- Work closely with the clinical and coding teams to gather necessary documentation for successful appeals.
- Track and report on the success rate of appeals, making improvements to the process as needed.
- Lead, mentor, and develop a team of revenue cycle professionals, including billing, collections, and denials management staff.
- Promote a culture of collaboration and accountability, focusing on continuous improvement. Work closely with cross-functional partners to achieve shared goals.
- Conduct regular performance reviews, offering continuous feedback, training, and development opportunities to enhance team capabilities.
- Work with executive leadership to develop and execute revenue cycle strategies that align with the organization's financial goals.
- Prepare and present regular reports on revenue cycle performance, including trends in denials and appeals, to senior management.
- Identify and implement best practices and emerging technologies to enhance revenue cycle efficiency and effectiveness.
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What This Job Offers
Job Type
Full-time
Career Level
Senior
