Today, medical and healthcare service providers are taking steps to leverage their Revenue Cycle Management Process. The revenue cycle starts when an appointment is scheduled through the time patient payment, or the payer’s reimbursement is received.
The entire financial process determines how healthcare providers make their livelihood. Quality metrics upon the finalisation of each step are analysed, which assists service providers in increasing their ROI. Then, they can proceed to provide care to patients in dire need.
The revenue cycle management optimization is performed via a collection of multiple tools and services that signifies your claim processes. Healthcare organisations such as Sybrid MD are providing a significant amount of clinical and healthcare services to patients with proper care and facilitation as preferred by healthcare specialists. Hence, you should learn five steps to optimise the overall revenue cycle management in the experimental phase.
Let’s dive into discussing the key metrics used to optimise your healthcare revenue cycle performance:
Use Data to Monitor and Measure Healthcare Revenue Cycle Performance
Industry service providers always suggest a data-centric strategic approach to measure the inconsistencies of the revenue cycle. With a valuable set of data, administrators can examine the productivity of their staff by considering the best practices that will provide them with quicker response rates and more precise reimbursement measures. Companies can use financial and clinical details to develop and monitor aspects as key performance indicators.
These KPIs aim to make a standard and enable seamless and easy comparison of work. Key metrics make it much easier to monitor work and identify inefficiencies in the process efficiently and precisely. In each circumstance, these key metrics predict a negative impact on the managers to adapt, improvise and make their team fast on each track record. Hence, you can monitor basic key indicators such as:
- Total number of days to complete the accounts receiving procedure
- The total amount of cash collected as a proportional value of the total sum of service ROI
- Denial rate of claims
- The final amount of cash write-off
- Collectible costs.
Collecting Financial Upfront of Patient’s Share
According to the reports, in 2015, it was identified that approximately 3/4th of healthcare organizations face a rapid increase in patients’ economic and financial needs based on the prevalence of high deductible packages. Regardless of the increase in healthcare expenses, almost 70% of the patients with a bill less than or equal to $500-600 weren’t able to pay their expenditures as of 2016. Getting paid less and late emphasises more on the healthcare revenue cycle at particular risk or not receiving the entire payment.
Healthcare service providers also manage the expenses of deploying helpful systems to collect all the necessary payments. POS or pre-service payment methods help managers to optimise their healthcare revenue cycle quickly and efficiently. Today, 20% of organisations are providing this service despite knowing it is considered one of the best payment collection methods. This strategy allows you to save up to 80% of your collectible revenue time within a mere six months.
Outsourcing Services of Revenue Cycle Management (RCM)
Making a partnership with an RCM service vendor is considered one of the best phases a service provider can offer to leverage the RCM process. Collectively, both of you can work to examine the areas in each phase that are resulting in the rate of denials.
Furthermore, you can collect details of multiple patient payments and improve your success rate. Mostly, trained professionals use a practice management system and work collaboratively with your practice to control the complex billing and coding parameters. It enables you to submit cleaner claims and improvises your ROI.
Digitalizes Eligibility Verification
Ensuring that your billing process is transparent assists both you and your patients when discussing the time to get paid for your rendered services. It would be best to verify your patient’s insurance eligibility before getting on to the rendered services that provide all the critical insights into the manageable costs for services and ensure patients are informed about their financial assets and necessities.
This can help a patient plan more efficiently and effectively for the cost of their care and increases the amount of patient payment that brings relevant aspects to practice each month. It also assists the service providers in generating an alternative plan to cultivate the patient’s coverage and draw quicker payer reimbursements.
Digital Charge Capture
Digital charge capture is transforming how service providers document and submit their claims. Automated technology provides the option to document and capture a charge at a particular time interval. The robust and seamless streaming is another popular revenue cycle management setup that improves your claims’ accuracy. This toll constitutes the latest and most essential medical codes applicable to your services, reduces the chances of rejection or denial, and comes up with on-time and full-time payments.
Claim & Manage Denial Rate
The purpose of outsourcing the entire cycle of managing revenue tends to explore the evidence and relevancy of working and accepting the first pass to achieve 99% of the entire result. Furthermore, the variance of deniel slip using the cracks is often resubmitted as per the needed payments in a minimal period.
The claims are coded in medical and healthcare terminologies, which improves the entire bottom line of the RCM, constituting patient healthcare and vice versa.
Authenticating and Sustaining Enhancements
You must be capable enough to generate increased and quicker ROI instead of optimising the entire revenue generation cycle. If you want to identify, track, and document the success rate, you must ensure monthly progress, organisational standard needs, and more.
Also, you can refine your strategy via significant alterations that improve the assets to examine your goals and objectives to ensure refinements to maintain and continue the progress to maintain positive results.