Arkansas Heart Hospital

As the VP of Revenue Cycle at Arkansas Heart Hospital, Brett Tracy oversees patient access systems, medical coding, billing and the IT infrastructure, supporting a wide array of revenue cycle operations. He also contributes to finance and some accounting tasks outside of patient accounting. Tracy holds Master's degree in Science in Accounting and Healthcare Administration from Seton Hall University and a Bachelor of Science in Biology from Evangel University.

Please tell us about your journey so far.

My journey in IT began with programming within hospital systems. Working extensively with Epic software, we integrated patient health insurance claims, benefits and other critical data to significantly improve the accuracy of final payment evaluations. My responsibilities included software development, hardware management and maintaining interfaces for the RCM landscape. This multifaceted role allowed me to play a key role in ensuring seamless operations and financial transparency within healthcare settings.

Throughout my career, I've developed a unique blend of expertise in medical coding, consulting and operations. This culminated in my current position as VP of revenue cycle, a role that has been a consistent theme in my career. I have had the opportunity to contribute to various health systems and provide strategic consultancy to prestigious firms like Huron Consulting Group and Accenture. These experiences underscore my dedication to excellence and leadership in healthcare finance.

What are the trends that you are currently witnessing in the RCM space?

Today, the RCM space emphasis on analytical expertise, particularly for understanding payer behaviors related to claim approvals and denials. As technology advances, the focus on reducing administrative burdens and improving efficiencies becomes increasingly critical, especially amidst heightened scrutiny from payers and a rise in claim denials. Automation emerges as a pivotal trend, integrating advanced tools with software systems to streamline workflows and save valuable time.

“The old mindset of pushing claims out the door is no longer viable, and understanding every aspect of claim creation is vital to ensure success and avoid reworks or denials.”

Professionals skilled in payer negotiations are now more indispensable than ever, given the growing complexities in hospital revenue cycles. In the next two to five years, significant downsizing in revenue cycle and finance departments is expected due to the retirement of the baby boomer generation and the challenges of replacing the workforce with new talent.

Could you share any current project initiatives and technologies that have been recently implemented to enhance the RCM processes within your organization?

I am currently leading a major EMR transformation project in collaboration with Oracle. We are focused on enhancing the processes and aligning with industry best practices. Our goal is to effectively optimize and automate simple tasks with the limited resources available to us. We have deployed dedicated teams focused on automation and business intelligence to efficiently enhance our operational scalability. These teams are working diligently to achieve our automation objectives. The pace of work is vigorous, driven by a strong determination within the team to accelerate progress. Personally, I am committed to enhancing our overall performance by strengthening our analytics and intelligence capabilities.

What developments do you foresee as disruptive in the future of RCM, and what strategies should leaders employ to instill a culture of ongoing enhancement across their teams?

The advancements in automation, AI and RPA are rapidly transforming revenue cycles. The future is not about persisting with old models but embracing a technology-centric approach. As the integration of IT into revenue cycles increases, tech experts must have an in-depth understanding of both technology and RCM. Technology vendors are enhancing their capabilities to support coding operations and provider documentation, aiming to streamline claims and reduce denials. This evolution is likely to lead to a cultural shift, with long-standing employees seeking alternative paths. Offshore partnerships have grown in the U.S. due to high salaries and a shortage of domestic talent.

What is your advice to fellow peers and aspiring professionals in the industry?

The old mindset of pushing claims out the door is no longer viable, and understanding every aspect of claim creation is vital to ensure success and avoid reworks or denials. In the healthcare sector, the commitment to ongoing learning is vital, as it facilitates the adoption of emerging technologies and the implementation of superior practices. The key is to continuously evolve, maintain an appetite for learning and keep a sharp focus on technology, all while never losing sight of the importance of people. There must be genuine care for individuals and recognition of their contributions to the organization. When people feel valued, they are more likely to reciprocate with quality work and a strong partnership.