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Ways to Improve Revenue Cycle Management

Ways to Improve Revenue Cycle Management

June 26, 2017

If you are wanting to make changes to your revenue cycle management but not sure where to start, take a look at these 4 tips.

1. Trend Your Healthcare Data

You cannot manage what you do not measure. The first step to improving is to identify areas for enhancement. Combining data into something visual will help to fully understand the origins of certain shifts. Be sure to look at all billing data available to get a full picture of your revenue cycle. You can also purchase benchmarking data to find out how you compare to other health systems.

2. Ask Staff for Suggestions

Trends are invaluable for gaining insights for revenue cycle management but another equally important resource is your frontline staff. After identifying a problem, you should next consult your frontline staff for suggestions on how to fix the problem. Continually check back for additional suggestions. Monitor your workflow periodically to analyze workarounds and roadblocks. Staff have great insight and making them active participants in a culture of improvement helps to guarantee sustainable change.

3. Constantly Survey Payor Contracts

Monitoring your contracts and interacting frequently with payers will make a difference. You need to constantly track and determine if payers are under-reimbursing, denying too many claims or putting unreasonable demands on your patient accounting office. Use trending to monitor changes over time.

4. Promote Caring Contact with Patients

Every person who interacts with patients should have the skills to do their job competently but with a kind demeanor. Make it convenient and pleasant for patients to do business with you. You will receive better responses from patients if processes are simpler. By having scripted questions and responses for staff, you can increase positive outcomes and provide good first impressions for patients.

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