Over the past few years, there have been significant changes in how patients choose and pay for their health insurance. Hospitals must improve their Revenue Cycle Management (RCM) capabilities to effectively manage the financial consequences of these changes with Medical Billing And Coding Services. If you’re not sure where to begin, here are some easy, cost-effective ways to increase your revenue cycle.

Medical Billing And Coding Services

Individual Focus on Front-end Revenue Cycle Management Services

The hospital revenue cycle management services are broken down into backend and frontend tasks. Frontend functions include patient information collection, eligibility verification, and insurance coverage verification, as well as new patient registration. Backend functions include claims and denial management, billing, and collection of patient financial responsibility. 

Any inaccuracy or lag in any of these tasks can significantly impact hospital revenue cycle management services. The administration must break down silos between the front end and the back end. functions in order to identify opportunities to improve and improvise, thus improving the overall services.

Rely on data to monitor revenue cycle performance:

Healthcare organizations should keep an eye on financial and clinical data in order to develop and measure key performance indicators (KPIs) for improving revenue cycle performance. These KPIs include cash collection as a percentage of net service revenue, net days of accounts receivable, and final denial write-off as a percentage of net service revenue. 

They also should include the claim denial rate and the cost to collect. These KPIs will allow the administration to know exactly what they should be looking at and identify areas that need more attention. Administrations should track five key performance indicators (KPIs) for the healthcare revenue cycle. This will allow them to achieve the goal of improving revenue cycle performance. These KPIs should be shared with both clinical and non-clinical staff to encourage them to maximize expenditure and increase efficiency.

We Offer More Payment Channels

It is costly and incompetent to ignore the importance of consumer choice in the digital age. Providing only one payment option for customers is not an acceptable solution. Customers are now looking for multi-channel payment options. Without this, it will be difficult for you to achieve your revenue goals. Start combining your traditional payment options with online and telephonic payments.

Increased Price Transparency

Healthcare organizations are adjusting their revenue cycle management process flow to accommodate the new wave of healthcare consumerism, and improving price transparency is a must. Transparency can also be achieved by providing price estimates prior to the point-of-service, rolling out simpler payment options, and, most importantly, automating medical billing so that providers can quickly collect dues from patients.

Conduct regular audits

Regular audits can help you identify the strengths and weaknesses in your healthcare revenue cycle. This knowledge will allow you to streamline your RCM processes and optimize efficiency.

Security of data is the main focus

The healthcare industry was always considered to be the industry that had the lowest number of data breaches in the past. The situation has changed dramatically over the past few years. According to recent reports, healthcare is far ahead of the rest in terms of data breaches. Take, for instance, the figures from the first half of 2015. For example, consider the figures for the first half of 2015. The healthcare industry saw 84.4 million records breached. This is the highest number among all industries.

These findings serve as a stark reminder of the vulnerability of the healthcare industry and emphasize why hospitals need to focus on data security in order to protect their revenue cycle.

For greater efficiency, achieve interoperability

Healthcare organizations should prioritize EHR interoperability. EHR interoperability allows seamless data transfer between EHR systems and different healthcare stakeholders. This allows you to ensure the correct data is always available to the right people at the right time, greatly increasing efficiency in your RCM process.

Utilize Technology:

The EMR and other recent advancements in RCM tools make it possible to automate tedious functions like charge entry, claim editing, and eligibility checking. These tasks can be done in-house, so why should you? Make use of the advances in technology to have more time for other business-critical activities.

What Can We Do To Help?

Outsourcing revenue management services to a competent third-party service provider like Medcare MSO Medical Billing Services is one of the best ways to reduce your hospital’s financial headaches. Our team’s experience, knowledge,  and technology combine to reorganize your revenue cycle and make it more efficient, adaptable, and quick.