Shocking: 87% of Hospital CFOs are NOT Prepared for Value-Based Reimbursement
March 29, 2019
How is Technology Changing the RCM Process?
April 15, 2019
Nowadays, it has become imperative to gain more revenue from the organization’s revenue cycle strategy than ever before.
In the past, many companies misunderstood the approach to monitor revenue cycle operations.
However, specialists claim that leaders can only build a successful revenue cycle strategy when they utilize components with more of a strategic mindset rather than operationally minded. Leaders must comprehend that the revenue cycle components should be assessed both qualitatively and quantitatively.
Furthermore, leaders need to understand what they can do today to revamp the revenue cycle and how they can bring improvement into the entire RCM process.
Organizations who are looking to boost their revenue cycle in the future, may want to consider these seven tips to drive effective an RCM Process.
- Improves the Patient Financial Health
Patients are more likely to pay when things are easy around them. It also helps for providers to interact with the patients. It is essential to analyze the patient’s payment activities as well as gather information and track the patient’s financial experience.
Another way, is to inform your patients online about pricing of various treatments. This way the patient is able to make informed financial decisions rather than doing guesswork. In addition to this, pricing transparency, improved billing and collections, and better front office performance are all other elements needed to improve the patient financial health experience.
- Reduce Denials from Payers
An increase in denials has been observed in healthcare organizations. Detecting denial patterns of payers since payers are more likely to be zealous in denials and thus makes it hard to process a claim. This means that you need to build strategies to prevent denials efficiently.
- Establish a More Efficient Revenue Cycle
Greatest value is to run a more efficient revenue cycle. Practices should consider RCM challenges in a way that it doesn’t disturb the cash flow of practice. As a leader, you should map out your RCM process and find opportunities where and how you can bring efficiency into it.
- Ambulatory Revenue Cycle Operations Are Also Essential
Formerly, it was assumed of as an inpatient-focused sector, however that prospect has now switched as outpatient services. Being a revenue cycle leader, you must analyze how you can extend your vision to the outpatient facility provider.
- Establish a more accurate mid-revenue cycle
By improving clinical documentation, coding and interacting with other clinicians, you can build up a more accurate mid-revenue cycle. Plus, all of this could improve your bottom line as well.
- Enforce operational improvement
It’s more important than ever to sustain a steady stream of revenue for your hospital. This goal can be achieved by engaging staff members as they are an equally important resource in gaining profits. Make sure the revenue cycle operations are well-connected and consolidated, essentially for large organizations with several location sites.
- Monitor the regulatory changes
Both revenue cycle managers and healthcare executives should understand the importance of regulations and its impact on workflow and policies.
What’s The Future Of Revenue Cycle?
AI and machine learning is the next big thing in coming days. Hospital leaders should acknowledge emerging technologies and implement them into their system for better results. Even, many executives believe that the revenue cycle of the future will have to incorporate AI.
According to Nick Giannasi, AI is expected to gain control of typical revenue cycle operations; it could even replace the human element too. Some agree with the fact that hospitals do really need a combination of the human mindset plus AI.
Moreover, hospitals shouldn’t forget the real principle of “people, process, and product.”
Conclusion
All in all, you have to put in effort in order to deliver a better patient financial experience, expand your goals to incorporate ambulatory care sector, and include AI to gain more revenue.
In order to be a revenue cycle leader, you should identify how you can streamline the procedures. Identify the best practices and follow these proven tips.
Do you want to increase your bottom line? Learn how our software is saving other organizations $$MILLIONS!
If you are interested in a free demo of our AllPayor® Software, please go HERE or you can register for a FREE webinar HERE
