In today's healthcare market, hospitals are required to not only provide the best medical care to their patients, but also optimize the way they manage revenue. They have to ensure they preserve cash flow, limit bad debt, and receive full reimbursement for services rendered.
While most hospitals are comfortable focusing on clinical care, they struggle, in vain, with revenue cycle processes. By making sure that the revenue cycle is functioning to its full potential, hospitals can commit to maintaining high quality health care while they also grow in their business. To achieve this, hospitals need to look at their front and backend operations, put their systems in place, and optimize its revenue cycle.
How hospitals stand to gain from it
Centralized, Standard Patient Access
- Establish a centralized patient access unit to aid registration and scheduling for hospital and professional services systematically.
- This is an effective instrument for improving data capture, reduce denials, and improve patient experience by reducing the number of phone calls to schedule services.
- Consolidating and standardizing Visit Types improves physician productivity and enterprise-wide reporting.
- It also engenders convenience to the patient lowering chances of payment denials from patients.
Consolidated Patient Statement
- Tightly align professional and hospital billing operations along with revenue cycle systems in place, to support bundled payments.
- Leverage the opportunity to implement a single consolidated patient statement, covering both hospital and professional services.
- This will give rise to significant cost efficiencies, and have a major impact on patient satisfaction, which has proven to accelerate patient payments.
More Control over Self-pay
- Do not overlook the patient's portion of the health care bill and wait till the insurance company sends its payment.
- Do not just focus on growing payer reimbursement by seeing more patients.
- Patients aren't as motivated to pay their bill if the service has already been rendered. And so, if the bill is sent to an external collections agency, the cost to collect goes up.
- Request self-pay payments at the point of care and lessen the costs associated with obtaining them. Use automated tools that estimate the patient portion of a healthcare bill and help practices move patient payment upfront.
- Advanced software programs make it easier to calculate allowables and reimbursement amounts and generate a realistic estimate of what the patient will owe.
- With information entered into the program in advance of patient visit, patient responsibility is readily available when the patient arrives. Win win for both.
Partner With the Best
- Your organization's revenue cycle is the financial driver of everything you do.
- Partner With a company that that provides revenue optimization services. It is best to leave this to experienced hands, who will weave pragmatism in their work.
- Since Revenue Cycle Optimization, involves improving on both above and below the line operations, a third party expertise can do wonders in cycle assessment, current revenue analysis, and operational processes.
- Measureable and sustainable high impact changes in revenue cycle will streamline your operations, increase staff productivity, and improve financial outcomes.
In this age of disruptive and evolving healthcare market, Revenue cycle optimization will give you better control over and improve your finances while preparing you for more success.