Improving the financial health of healthcare facilities involves seeking new strategies to generate revenue. Not only must your facility deliver consistent quality care, but as a revenue cycle leader, you must also ensure delivery is profitable. This is where RCM solutions can make a difference.
Unlike other industries, patients rely on healthcare providers to improve their health. RCM, short for revenue cycle management, has the challenge of cutting costs and improving efficiencies. Evolving health policies and declining claims reimbursement rates can add to these challenges.
If you are looking for new ways to turn these challenges into positives for your facility and patients, consider incorporating these new practices. There is always room for improvement and these three strategies can show you how.
Track and Benchmark Performance
If you decide to implement a healthcare revenue cycle that is data-driven, you will get direct information about the financial health of your facility. Also, you can determine whether the staff is performing efficiently. Clinical and financial data can reveal key performance indicators.
Collect Co-Pays Upfront
With high-deductible plans flooding the insurance market, healthcare providers must rely more on patients paying for services. Late or unpaid bills can slow your facility’s revenue cycle. You run the risk of never receiving full payment after services are rendered.
Implement a pre-service or point-of-service payment option. This will not only optimize collections, but it will also prevent using staff to contact and collect from patients.
Automate Prior Approval and Eligibility Processes
Meet the demand for preapproval for medical tests, medications, medical devices and clinical procedures by automating these steps. Clearing the hurdle of pre-authorization and eligibility status can improve clinical processes and revenue cycles.
Let RCM Solutions Work for You
Healthcare is constantly changing. One way to be prepared for new payment structures, policies and innovative care is to have a strong financial foundation. GeBBS Healthcare Solutions, Inc. is a leader in the healthcare field. Visit the website to learn more about our world-class services.