6 Tips to Enhance Your Revenue Cycle

6 Tips to Enhance Your Revenue Cycle

Keeping strong revenue cycle management practices is key for staying on top of the evolving healthcare environment. Incorporating technology into the mix is beneficial to providing more efficiency and effective communication between patients, doctors and payers.

Optimizing your practice with these 6 revenue cycle management tips will keep your revenue cycle primed for steady reimbursement and more efficient processes.

  1. Ensure patients are educated on their medical care and billing
    Educating patients on what they can expect when it comes to their treatment and their costs will take out the surprise and/or confusion when they receive their medical bill. Ensure that staff members are trained estimate costs for medical services and are able to communicate these costs with patients. Keeping transparency of costs and treatment can help to avoid bad debt and can financially clear patients quicker. 
  2. Invest in a solid team of staff members
    Starting with a good, solid base of staff members is essential. Investing in this core base of people starts with education and communication on processes, data entry, payer rules and more. Keeping open communication through meetings can uncover certain issues in processes and workflows that can be addressed quickly and can improve the overall pulse of the office. Keeping productivity at a good pace is a result of good communication and a well versed team of strong staff.
  3. Invest in online medical billing tools
    There is a multitude of online tools that can enhance the medical billing of a practice. Online payment tools for patients gives them a fast and convenient method for handling their medical bills and can help to increase collections. Make sure patients have options when it comes to taking care of their bills, as not all patients are the same. 
  4. Gain visibility into your revenue cycle with data analytics
    Utilizing data analytic tools to generate charts, graphs and dashboard help to give visibility on the performance of your practice. Leveraging robust reporting to develop key analytics can allow for predictability and for proper management of KPI’s. Measuring KPI’s effectively and consistently can help to manage the overall well-being of your practice.
  5. Increase the probability of patient payments
    Understanding which patients are more likely to pay their medical bills can help to improve the revenue cycle management. Patients who have a history of difficulty paying bills can be targeted for financial counseling, to assist and educate the patient.
  6. Optimize and continually improve processes
    Continually improving and enhancing processes and workflows can promote efficiency and improve performance across the board. Finding issues and communicating them within the office can help to fix them quickly and the staff can learn from the issue, thus preventing future mistakes or bottlenecks in the workflow.

Read the original article from RevCycle Intelligence here.