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By implementing an enterprise focus on the patient experience, healthcare systems can meet their patient’s needs through operational adjustments, such as executing a patient contact center to decrease points-of-contact to the patient.
FREMONT, CA: From acquiring and corroborating patient demographic and insurance data to medical billing and claims submission, the revenue cycle can be an extensive and intricate process. Appropriately completing every step in the process helps in warranting suitable, timely payment from a client. But the intricacy of revenue cycle workflows often baffles accuracy and speed.
Here are three key strategies that should be part of the revenue cycle venture roadmap for most providers.
1. Organizational Focus on the Patient Experience
With the healthcare market moving toward consumerism, there is a rising expectation to concentrate on the patient experience. Between the provider and payer, patients can be reached dozens of times during the lifecycle concerning their insurance or financial responsibilities, which can be complicated, and sometimes conflicting data between the two organizations.
By implementing an enterprise focus on the patient experience, healthcare systems can meet their patient’s needs through operational adjustments, such as executing a patient contact center to decrease points-of-contact to the patient. Changing the focus to the patient experience will be priceless as patients increasingly shop for care based on cost and expertise.
2. Assisting Technology to Enhance Workflow
This step is the solution to ensuring a faultless transition between staff members across the front and back end revenue cycle, considering the number of hand-offs in the revenue cycle. By employing supporting technology to enhance workflow, health systems can restructure hand-off points between different revenue cycle roles. These can mainly focus on improving metrics like Days Sales Outstanding (DSO or A/R Days), clean claim charge, and denial rate to maximize cash collections.
3. Real-Time Reporting and Analytics
Decision making can be a difficult job without a data-driven revenue cycle. Clinical and financial Key Performance Indicators (KPIs) need to be established and tracked against benchmarks to assess the general health of the health system.
By establishing real-time analytics and reporting, health systems can be planned and proactive in their approach to enhancing the revenue cycle metrics. Developing a dashboard is essential to recognizing and resolving a health system’s revenue cycle pain points.