Maintaining any medical practice requires revenue cycle management that works for both your practice as well as your patient.
Many complications can arise as roadblocks while managing revenue for your practice, but by using these 6 tips to manage your revenue cycle, the patient experience and practice revenues will improve exponentially. Are you ready to improve your revenue cycle management?
6 Ways to Improve Your Revenue Cycle Management
1. Measure Your Results and Set Reasonable Benchmarks
Successful revenue cycle management begins with measuring data effectively. Data measurement can be an internal, basic process, or it can be an automated program offered via a third-party. Once a data management program is in place, information can be organized to measure claim numbers, clarify weekly or monthly projections, identify patients that are failing to make payments, identify an average timeframe for reimbursements, and more. With these revenue projections, a practice can begin to set collection benchmarks for employees. These parameters can give your practice a greater grasp on patient revenue expectations and internal finances.
2. Embrace an Online Portal In Your Revenue Cycle Management
Human error is an inevitable aspect of running any practice. A great way of reducing human error is to automate your process as much as possible—especially when it comes to revenue cycle management. By organizing the way the practice collects money in an online system, patients should have the option to access their information 24/7 and bill pay online, increasing contact and connection with their healthcare.
3. Backup Your Data Online
When working with revenue cycle management, it is vital that your data is safe and not susceptible to compromise. Not only for patient confidentiality but also to ensure that your practice is collecting the money that it’s owed. An up-to-date data stream that is in the cloud, for instance, can be accessed at all times and from anywhere. That data will also be less susceptible to loss of integrity due to human error, providing your practice with an added level of security.
4. Be Mindful of Regulation Changes
Regulations for patient collections change all the time. It is the responsibility of the practice to ensure that they are following all regulations for their state. Ignoring regulation changes in your revenue cycle management can possibly lead to fines and legal repercussions such as revocation of your business license.
5. Be Known For Stellar Customer Service
Flexibility, clarity, and understanding with your patients can positively impact your revenue cycle management and vastly improve patient satisfaction. This can easily be achieved with a well-informed and caring staff. Some customers prefer working directly with employees at a practice. By creating patient-friendly processes and building an informed, trustworthy staff, patients will feel much more comfortable interacting to get their needs met.
6. Embrace Automation and Workflows in Your Revenue Cycle Management
Automation and workflows will change the way that your organization connects with patients. Workflows will improve both practice management and your revenue cycle expectations from employees, giving them tools and information they need to contact patients about payment and to discuss medical necessities. Organizing patients into workflows can drastically improve your collection efforts and your revenue cycle management. By adopting a software program, employees are free to focus more on customer care and balance collections and less on paperwork and proper filing techniques.
Adapting a new system for revenue cycle management can be intimidating for some practices, but using new technology, like software and the cloud, won’t make your practice impersonal. ClearGage’s highly-customizable suite of industry-leading software products can provide unparalleled features and functionality designed specifically to optimize your revenue cycle strategies. With ClearGage automation, your practice revenue cycle management will be revolutionized.