Hospitals and healthcare providers are these days facing a lot of burden because of incompetent strategies of revenue cycle management. Due to insufficient practices in this regard, these hospitals and providers face losses of millions of dollars on a per year basis. Even a slight mistake can disturb the whole revenue cycle and it can result in a great loss, and thus it is imperative to follow effective revenue cycle management practices.
We are going to discuss the recommended 5 best Revenue cycle management strategies of 2018 in this post:
Maintain An Effective Billing Method:
The first thing to pay attention to is the billing department. All the staff members such as clerks and those in administration should be taught well how to communicate the billing information accurately to the patients. The patients should know about the treatment costs and other charges before hand so that the collection process is carried out smoothly. A good tip is to offer different payment options to that it gets easier for the patients to make payments. This way the reimbursement rate will improve and revenue cycle will take place effectively.
Build Credible Patient Access
This is the base of the revenue cycle management as it includes all the details related to the patient that help the patient in getting information regarding a particular field. Inaccuracies and mistakes in patient’s data collection can lead to financial issues on both ends; the patient’s and the hospitals. The process starts from registration and scheduling and includes all the details related to the demographics of a patient. The patient access information includes age, picture for identification, address, contact number, employer, reason for visit, and insurance carrier details.
Verify Insurance Eligibility
Many health care providers don’t verify the information regarding a patient’s insurance which affects the collection process very badly. The revenue cycle gets disturbed due to this and thus it is very important to verify a patient’s eligibility for insurance. There are advanced HER software that allow the hospitals to keep track of the billing information, and which are equipped with other features such as real-time patient eligibility verification that can save time and money both. Such management practices can save the revenue cycle from getting disturbed.
Automate The Documentation Process
Clinical documentation plays an important role in the revenue cycle management and most of the errors arise due to mistakes during data entry. Manual data entry methods are obsolete now and if they are still practiced, they may result in errors and mistakes. Automated clinical documentation processes reduce the chances of errors and keep the revenue cycle smooth. The documentation processes and should be fully automated and integrated so that there is no chance of error and so that the data is available beforehand when needed. A smooth clinical documentation process is an important part of the revenue cycle management strategies.
Case And Claims Management
Effective case management plays an important role in revenue cycle management. There should be special case managers assigned to deal with such management issues. Case managers are those individuals who take care of the revenue integrity by paying attention to utilization management, care coordination, and discharge planning. Length of stay of patient and other issues related to treatment should be taken into consideration so that there is no disturbance in the revenue cycle. After a patient is released, the documentation process should be finalized and the claims process should start. There should be effective claims management tools so that the billing process is faster and smoother.