The healthcare industry is evolving rapidly, making physicians responsible for not just correctly diagnosing the patients but also fulfil administrative responsibilities. As a result, it is becoming increasingly difficult for the physicians to stay focused on patient care. However, to take the administrative worries off their hands, revenue cycle management (RCM) has been developed that has helped the healthcare industry to streamline their processes.
It is no news that the transition of the healthcare industry towards value-based services, from fee-based approach has increased the associated costs. There are many key factors such as decreased cash flow, patients’ debt and claim denials that is exposing these medical institutions to greater financial risks.
If you want to maintain your quality standards, without cutting corners, use these 5 surefire ways to improve your revenue cycle in the ever evolving healthcare business.
By using revenue cycle management solutions for automation of your processes you can not only provide valuable insights to your patients, but also maximize profits down the line. An effective RCM software is scalable and can be integrated into other healthcare IT systems, such as medical records and billing, to provide flawless service to the customers and encourage uninterrupted payments. It is also a great tool for scheduling appointments, keeping patients up-to-speed about outstanding payments and even bring automation into other administrative processes.
The time that you invest in your patient before you start the care process can save you a lot of money and time in the future. You can call ahead and ensure that they understand the remittance process. You can also introduce them to alternate methods of payment such as taking payment over the phone. Establishing pre-admission contact also helps the patients clear all their doubts before being serviced. This can inadvertently increase patient satisfaction and loyalty with your service.
Never forget the basic rule of business – happy customers will always be loyal. Perfecting the process of care and convenience, the healthcare providers can encourage timely payments and word-of-mouth publicity. Don't shy away from going the extra mile if it will ultimately improve the revenue cycle. Consider adding more payment options such as credit card, check payments etc. You can also offer them a small token of appreciation from time to time, especially if the payment is made in person.
Making adjustments to your workflow processes not only improves team performance but also leads to quick returns. The staff at your clinic or hospital should be trained to follow checklists at the registration desk so that the oversights can be eliminated. This will help you prevent common mistakes that can otherwise lead to denied claims. Simple errors such patient ineligibility, coding blunders, incomplete plan information etc. can prove expensive down the line.
If you do not want to be stung by delayed payments and denials, then you should regularly audit payer contracts. By actively reviewing these contracts, you can detect any potential problems that can affect your relationship with the patient. Contract auditing along with revenue cycle management software can help reduce the number of denied claims that may be stemming due to your own inaccuracies.
So, you need to plan a good follow-up strategy and execute it well. For better approach and proven strategies with regards to the entire claims processing cycle, you can get in touch with OutsourceRCM. We are experts in designing seamless claims processing services, which will help you in applying the best plans and get the claims released faster.