Job Description:
Chief Revenue Cycle Officer (CRCO)
Under the direction of the Chief Financial Officer (CFO) of Harvard Medical Faculty Physicians (HMFP) at Beth Israel Deaconess Medical Center (BIDMC), the Chief Revenue Cycle Officer (CRCO) provides strategic leadership and oversight of HMFP’s professional revenue cycle operations. As a member of the executive management team, the CRCO collaborates closely with HMFP Chief Administrative Officers (CAOs) and the Senior Executive Team to drive enterprise-wide revenue performance.
The CRCO is responsible for developing and executing a comprehensive revenue cycle strategy, including charge capture, coding, billing, collections, denial management, reconciliation, and optimization ensuring compliance with Medicare, Medicaid, and third-party payer regulations while maximizing revenue opportunity and minimizing risk. The role oversees revenue integrity efforts, including auditing, regulatory monitoring, and the implementation of policies and procedures to ensure accurate and compliant billing practices. The CRCO is responsible for the management and integrity of HMFP’s billing platform; including but not limited to platform governance, configuration, and workflow consistency. The role oversees all 3rd party vendors who provide revenue cycle services on behalf of HMFP.
This position supports HMFP’s mission, vision, and values through a commitment to excellence, collaboration, innovation, respect, accountability, and community. Executive performance includes leadership, communication, mentoring, empowerment, and effective resource management. The CRCO partners with finance, compliance, and clinical leadership to drive performance improvement, regulatory adherence, and sustainable financial outcomes across the organization.
The following statements are intended to describe the general nature and level of work being performed by individuals assigned to this position. They are not intended to be an exhaustive list of all duties, responsibilities and skills required in this position.
Primary Responsibilities:
Strategy
- Develop strategic plan for HMFP’s revenue cycle operations that supports the aspirational goals and business objectives for the organization and aligns with HMFP’s overall vision and mission to enhance patient experience and improve overall revenue cycle performance.
- Effectively guides the implementation of strategic initiatives for the organization for revenue cycle functions by gaining internal alignment with key stakeholders on proposed strategies, tactics, and implementation approach to achieve desired operational, financial, and patient satisfaction outcomes.
- Builds effective, collaborative relationships with key stakeholders across departments and vendors to develop and operationalize strategic and transformational roadmap.
- Drives revenue cycle transformation initiatives, leveraging technology, process automation, and workforce/vendor optimization to improve collections, reduce denials, and enhance financial performance.
- Creates oversight and governance structure to gain alignment on strategy and transformational agendas on key performance indicators, service level expectations, and process accountability.
Leadership
- Provides leadership and supports governance processes to result in effective, efficient, standardized, and compliant practices across HMFP.
- Serves as owner of the organization’s billing platform governance, configuration, and workflows. Lead a team responsible for system configurations, work queues, claim edits, user roles, and workflows.
- Provides leadership oversight for new market growth opportunities in revenue cycle partnerships.
- Establishes and maintains strong working relationships with HMFP Clinical and Administrative Leadership, BILH/BIDMC Revenue Cycle leadership, and fosters a strong working relationship with key strategic partners.
- Accountable for working with BILH/BILPN related to delegated functions impacting HMFP Professional Revenue Cycle including patient access, scheduling, registration related functions, financial clearance, patient liability estimates, and patient collections.
- Maintains strong understanding of revenue cycle metrics and leads organization in building plans to support operations to achieve best practice performance through strong analytical capabilities, process improvement identification, and technology enhancements.
- Champions a culture of continuous improvement and innovation, implementing best practices to enhance revenue cycle efficiency.
Overall Management
- Fosters a high-performing team as measured through the achievement of top-quartile benchmark process performance, audit and compliance results, financial goals, and employee satisfaction.
- Plans, develops, and implements new enterprise-wide approaches to maximize revenue, improve financial performance, generate cash flow, and improve operational efficiency.
- Collaborates with finance, operations, IT, and compliance leaders to integrate revenue cycle strategies with broader organization goals.
- Develops and enforces standardized policies and best practices for revenue cycle to ensure efficiency, accuracy, and regulatory performance.
- In collaboration, with ACFO, Strategic Finance & Analytics, develops the organizational framework to adopt a metric driven balanced scorecard for assessing revenue cycle and contract performance effectiveness in relation to industry benchmarks.
- Develops and manages HMFP Revenue Cycle department budget and staffing for HMFP Enterprise.
- Develops targeted strategies to improve patient satisfaction with the revenue cycle and patient billing process.
- Provide advisory and operational assistance in the acquisition, development, and implementation of innovative technologies including but not limited to revenue cycle business systems.
- Monitors and provide regular reporting to HMFP Senior Leadership on key performance metrics and contributing drivers and plan to address variances (e.g., actual versus expected results for financial targets, budgets, compliance, quality, customer service, and productivity).
- Maintains expertise in reimbursement methodologies and regulatory changes.
- Oversee the development and execution of Enterprise Revenue Cycle, to ensure alignment with HMFP’s strategic priorities and achievement of department goals.
Qualifications/Skills and Knowledge Requirements:
- Bachelor’s degree required. Master’s degree in business or healthcare administration preferred.
- 5+ years of recent senior leadership experience required.
- 10+ years of related work experience with knowledge of health care revenue cycle, including professional billing, reimbursement, and accounts receivable (AR) management.
- Recent relevant experience in physician organization or similar academic medical center environment preferred.
- Experience managing outsourced RCM vendors strongly preferred.
- Prior experience with Epic Resolute professional billing platform preferred.
- Deep understanding of billing workflows, payer rules, and Epic/RCM technologies.
- Strong interpersonal, verbal, and written communication, problem-solving, and decision-making skills required.
- Ability to manage multiple initiatives, organize, identify, and prioritize issues to meet aggressive deadlines and organizational goals.
- Strong mentoring and coaching experience for a team with diverse levels of expertise.
- Must be able to work well in team-focused environment and communicate well with physicians and executive leadership.
Harvard Medical Faculty Physicians at Beth Israel Deaconess Medical Center (HMFP) is one of the largest physician organizations in New England, dedicated to excellence and innovation in patient care, education, and research. As a physician-led organization, HMFP partners with more than 2,400 physicians to support the delivery of exceptional care, promote professional development and foster balance at work and home. HMFP physicians have faculty affiliations with Harvard Medical School (HMS) and provide care throughout BILH system and additional hospitals across Massachusetts.
Pay Range:
$267,000 - $307,000
The base pay range reflects what Harvard Medical Faculty Physicians at Beth Israel Deaconess Medical Center (HMFP) reasonably and in good faith expects to pay for this role at the time of posting and may be modified from time to time. Actual compensation within this range may be determined based on several factors, including academic appointment, work experience, specialty training, geography of work location, anticipated productivity, FTE basis, and role expectations. In addition to base compensation, this role may be eligible for performance-based incentives, which may include bonuses for productivity and quality HMFP also offers a comprehensive and generous employee benefits program to eligible employees, including health, dental, vision, life, and disability insurance, as well as retirement plan(s) with employer contributions.