How to Cut Costs in the Healthcare Revenue Cycle Management Process
From larger Healthcare Systems to individual Hospitals to small practices, improving the health of their patients is the ultimate goal. The challenge of balancing this goal with sustainable financial health is where a healthcare revenue cycle management process comes in.
Healthcare revenue cycle management is the financial process that facilitates administrative and clinical tasks that enable processing payor claims, getting paid and achieving a positive bottom line. The process also involves finding, managing, and collecting revenue due from patients. This financial process is key to making sure that healthcare providers can keep their doors open to treat patients.
Here are the top four ways healthcare providers can improve revenue cycle management to increase patient satisfaction, maintain high-quality care and increase revenue.
Improve Patient Experience
Higher patient satisfaction aligns with higher hospital margins so happy, satisfied patients are an important metric for hospitals to increase their margins. Another outcome from satisfied patients is they are more likely to follow their treatment plan and keep in touch with their provider. Dissatisfied Patients can put a strain on the facility which likely will result in the organization spending more time and money on customer service.
Embrace Technology Adoption
Up-to-date technology can be one of the best ways for a hospital to improve its revenue cycle management performance. For example, Telehealth provides an efficient way for physicians and patients to connect. Telehealth has shown that providers have been able to improve follow-up care and care management for a wide range of patients improving the health of patients and less strain on the organization.
The Identification Of Key Performance Indicators (KPIs)
All levels of Management should have quick access to their defined key performance indicators (KPIs). The data tracked can be staff hours and overtime, patient census and occupied beds. Being able to easily access the Clinical and Financial KPI’s provides transparency for all levels of management so that improvements can be visible and corrections can be made.
Reduce Test and Other Service Duplication
The American Journal of Clinical Pathology says that testing that is done more than once costs the US $5 billion every year. Laboratory and pathology testing are thought to cost about 4% of the total spent on healthcare each year.
To avoid ordering unnecessary laboratory tests, providers using computerized physician order entry systems that allow system-defined rules for usage management makes it easier for doctors to order tests and avoid duplication.
Wrapping Up
As healthcare providers explore ways to reduce cost thru the RCM process, tevixMD is an excellent option to consider. For more details, request a discussion with one of our experts today.