Manual processes can no longer keep up with the increasing complexity of healthcare revenue cycle efficiency, especially as organizations continue to grow. Healthcare provider organizations must achieve revenue cycle efficiency to ensure that providers are paid promptly. For larger organizations with multiple service locations, achieving revenue cycle efficiency is a significant challenge. To remain financially healthy in the changing healthcare landscape providers must prioritize revenue cycle efficiency.
The key strategies to increase healthcare revenue cycle are:
Technology and healthcare go hand-in-hand. Providers are using a wide range of technologies to deliver innovative care to patients and document patient encounters. But for many providers, the revenue cycle is still manual, paper-based. Automation of the revenue cycle will significantly reduce the administrative burden, streamline revenue cycle workflows and decrease human error and labor costs. Providers must invest in revenue cycle management technologies that integrate into established workflows and legacy systems if otherwise, it will be an obstacle for collecting revenue reimbursement.
Prevention of Backend Challenges
Experts estimate that the majority of claim denials are preventable if providers take necessary steps to prevent claim denials and backend challenges. Improving front end processes can assist providers to avoid common errors that lead to claim denials, underpayments, and other backend problems. For instance, incorrect patient demographic information or missing information can lead to claim denials. Automating frontend workflows can effectively prevent these claim issues.
Providers and healthcare employees forced in spending more time on non-clinical administrative activities are an added burden. Automating prior authorizations can help in verification, patient registration, and other frontend workflows to enhance revenue cycle efficiency. Technology promises that employees collect the necessary information for the backend. This will free up staff to focus on tasks that can boost revenue.
Price Transparency and Patient Billing
The rise in patient financial responsibility can retard the revenue cycle as providers wait for care receivers to pay their medical bills. Realigning revenue cycle workflow with the new patient reality can help increase efficiency. Giving price estimates before point-of-service, offering convenient payment options, and automating medical billing is primary to collect quickly from care receivers. Getting price and collection information before care delivery can facilitate faster and more manageable payment.
Revenue cycle efficiency becomes more challenging as the healthcare industry evolves, and at the same time, patients demand new skills from revenue cycle leaders. Using technology to skyrocket revenue cycle speed can aid providers to adapt to the evolving industry.