The healthcare industry faces growing challenges of rising costs, patient debts, and an unstable healthcare market. While this may seem challenging and unsolvable, you can take care of everything by choosing revenue cycle management. Why? They play an essential role in dynamically growing and evolving under a value-based approach to care using digital innovations and service providers. From doctors to large healthcare organizations, it is important to adapt to these amazing management solutions. You can seek to appoint healthcare revenue cycle management services for your medical premise or healthcare organizations.
HOW DOES IT AFFECT REVENUE CYCLE MANAGEMENT?
As you all might know that the healthcare industry is going towards a more value-based approach to care against a fee-based, RCM (revenue cycle management) is reshaping itself. This means that when we talk about value-based reimbursement, the incentive for healthcare professionals to take care of redundant tests, excessive yet unnecessary processes, and overprescribing strives to improve the quality of care delivered to patients along with mitigating the expense.
Now, as you all know it is important to improvise revenue cycle management. Below listed are some essential yet smart tips to take care of some issues…
- Improve the pre-admission contact: Healthcare organizations usually wish to boost the flow of their cash. How to make that happen? It is important to connect with them before an appointment via e-mail or phone call directing the patient to printable forms and documents that they need to file and confirm how the payment will be processed.
- Software solutions to reorganize RCM: seeking digital solutions via revenue cycle management software and the online patient channel is quite important to streamline patient payment and communication. You can prefer cloud-based software for RMC that provides a unique ability to the healthcare providers to cumulate the claims filing, invoice, and payment transaction, and more. You can have everything in one convenient place.
- Hire a Professional Care Coordinator: considering a value-based care net, you need to understand that increasing the volume for a patient or prescribing more tests no longer means that there will be a heavy pay-out from the insurance companies. You need to hire a dedicated care coordinator to receive positive medical outcomes as the product of strong provider collaboration. A professional care coordinator will help organize the wellness and health organization and will take care of the appointment and process. Hire one to achieve the care quality goals as they play a vital role in health systems.
- Better patient’s financial experience: As we know that the coverage platform has evolved drastically in the past few years to the point where healthcare organizations only receive about 10% of the payments from patients and the rest is taken care of by the insurance companies. Healthcare providers can take baby steps that are easy to manage and will help to improvise the rate of patient payment. This includes verifying their contact, mailing information before admission, and providing not one but many methods for payment, and more.
- Measure: Understanding the organization is falling behind on payment collection or consists of too many errors when filing the claims is not enough. In order to have a successful and smooth revenue cycle management, you need to measure the statistics, key rates, and the efficacy of the workflow after changes and updates. Having an oversight helps know the irregularities and errors that help with addressing and solving the issue.
Consider all 5 Ways to handle the issues or you can outsource our healthcare revenue cycle management services to have experts on board to tackle the potential issues