Did you know that an average practice loses something in the range of 10% to 15% on profit due to revenue leaks in one form or the other? The root cause of these revenue leaks are internal, with someone in the system or the system itself, not performing correctly or efficiently.
However, the good news is that these healthcare revenue leaks can be prevented with careful analysis and diligence. Given below are some of the easiest ways to stop revenue leaks in your practice-
1. Shore Up Your Check-in Process
Patient check-ins is a key area for revenue leaks. Some of the errors that happen in this critical juncture include-
- Failure to verify patient information
- Failure to check patient insurance benefits
- Not getting appropriate authorizations before providing services
- Not checking whether the patient has a balance due
- Not quoting the right co-pay amount due to inexperience or ignorance and many more
Keep a tab on these errors by incorporating modern mechanisms that will help you to quickly pull up all the information related to the patient during check-in, and avoid revenue loss.
2. Double Check Claims
Claim denials can take a toll on healthcare practices. This costly error can not only break the revenue flow into the organization, but also force healthcare delivery professionals to put aside their primary task and concentrate on amending existing errors within the claims and re-submitting them, which is not sensible in any case. Hence why not act smart and double check the claims before submission and in the process avoid unnecessary complications.
3. Improve Your Collections
One of the easiest way to stay clear of unwanted debt holes and re-capture lost revenues is by making sure that you collect every penny you’re owed. The first step in this direction starts with incorporating modern patient portal tools that offer several money-saving solutions to plug revenue leaks.
The Bottom-line
To keep revenues leaks at bay it is essential for you to incorporate appropriate checks in every place, starting from the moment a patient schedules an appointment until final payment is done. In case you are still having troubles in stemming the leaks, don’t hesitate to contact us. We are one of the leading revenue cycle management solution providers in the industry with tons of experience in helping solve the biggest revenue cycle issues world over. Leveraging our state-of-the-art solutions, the cumbersome tasks of payment collection and ensuring a solid cash flow can be carried out with utmost ease. What’s more, our solutions will lead you to better workflow and a shorter check-in, which is a win-win combination for you and your patients.
