Things You Can Do to Manage Your Revenue Cycle Effectively
As insurance premiums are getting more expensive, patients will choose to purchase plans they can easily afford. That means they’ll likely go for insurance that doesn’t include a lot of benefits, including coverage for their medical bills.
For a hospital administrator, this can mean decreased cash flow, tighter margins, and increasing debt. This is why it is important to keep a steady stream of income for the hospital by managing your revenue cycle effectively.
Effective revenue cycle management includes using the right technology and working with the right people to keep the hospital away from the risk of losing revenue. Specifically, here are four best practices any hospital can implement to maintain steady revenue.
1. Use big data
Harness the power of analytics and big data to figure out the bottlenecks in your workflow and improve your processes. However, this entails a culture of improvement at your hospital and solid backing from upper management for enhancements to be implemented properly.
2. Invest in a solid team
Whether you hire in-house personnel or the services of revenue cycle management companies, your staff must be qualified to work with payer rules and processes. They must also be competent enough to have a broader, strategic understanding of the revenue cycle outside of billing and collections.
3. Use the right tools
Online billing tools designed specifically for hospitals provide patients an easy, convenient method to access their bills and process their payments. There are many considerations in choosing a tool, but always go for one that highlights the patient experience more than anything else.
4. Keep it simple and easy for patients
Every point of contact with patients must be seen as an opportunity to encourage payments. Make it pleasant for patients to make payments. Collectors must be friendly and welcoming, and payment collection tools must be intuitive and easy-to-use.
Revenue cycle management doesn’t end with a steady income stream. The best hospital administrators know they must keep evaluating their workflow and processes to find points for improvement.