Revenue cycle management is the backbone of many healthcare organizations. It has come a long way over the last few decades because of the advancements in technology. Today, we have medical billing technologies that have been game-changers in the healthcare industry. Even with the assistance of medical billing software, effective management of the revenue cycle is critical to the success of any hospital or medical practice. With that said, keep reading and discover some ways to manage your revenue cycle in 2019 effectively.
Make It Easy For Patients to Pay
It is imperative to understand that patients want convenience. If you are looking to enhance the patient-experience, you want it to be easy as possible for a patient to pay. If it is not simple and straightforward, you are asking for issues to arise. It is important to realize that people are very unforgiving when mistakes are made with their money or when they were misinformed about something. One of the best ways to ensure a smooth payment process is to inform them of your billing procedures up front. You want to be sure they are aware of how much they are expected to pay from the start.
Another thing you can do to speed up the payment process is to keep the records of their credit cards. This will make it easier for the patient to pay their bills before/after every appointment. Also, it is important to remember that some patients struggle to pay their bills up front. For that reason, payment plans with financing options relieve some of the financial burdens for patients. Payment plans, still allow revenue to come through your doors, just at a slower rate.
It is essential to stay on top of your staff to ensure that tasks are being completed accurately and on time. One of the best ways to do this is to track information such as your claim denial rate, the cost to collect and patient service revenue. These figures will help you determine if your practice is headed in the right direction. You can use these numbers to help you make adjustments if a certain area is lagging.
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