4 WAYS TO IMPROVE HOSPITAL REVENUE CYCLE MANAGEMENT

Introduction

With cash flows declining, margins tightening, and bad debt increasing, it’s more important than ever to maintain a steady stream of income for your hospital. This goal may seem difficult, but there are many opportunities to significantly improve your revenue cycle management.

Considering the above facts, Hospaccx team helps you in hospital revenue cycle management. This is macroficial study of ‘4 Ways to Improve Hospital Revenue Cycle Management’if you want to get into more detail you can contact [email protected]

It’s important to choose the appropriate information system components based on a health system’s size and to educate the staff on the ins and outs of managing revenue, the following five suggestions will also help improve your revenue cycle management.

1. Trend and Benchmark Your Healthcare Data

You can’t measure what you don’t manage. This is true with healthcare data as well. If you start trending and benchmarking your data, you’ll be able to identify areas to improve your revenue cycle.

The best way to trend your data is to use the healthcare data operating system (DOS). DOS combines data from your disparate IT systems — clinical, financial, human resources, patient satisfaction scores, and more and optimizes it for analysis. As you review the data, you’ll be able to use visualizations, which will help you better understand the results as you drill down and discover the root cause of certain trends. When trending, be sure to look at both hospital and physician billing data for a full picture of your revenue cycle.

1. Use DOS to Mine Your Healthcare Data

DOS is a powerful solution that enables you to mine your data, discover roadblocks, and determine how to improve. Get a good analyst to go behind the scenes and see what the data reveals — and then work to implement change in your organization. This process must be done in a positive atmosphere.

1. Constantly Ask Hospital Frontline Staff for Suggestions

Trending and mining data with DOS is invaluable for gaining insights to improve your hospital revenue cycle management. But don’t forget an equally important resource: your frontline hospital staff.

After you’ve identified a roadblock, consult your frontline hospital staff for suggestions about the best way to solve the problem. Then, continually check back with them for additional suggestions. Re-examine your workflow on a periodic basis, and ask the following questions:

What workarounds have you put in place?

Are the workaround still needed?

What could you do to eliminate roadblocks and workarounds?

Frontline hospital staff have a lot of insight to share and making them active participants in a culture of improvement helps to guarantee sustainable change.

1. Maintain Convenient and Caring Touchpoints with Patients

Use any touchpoint you have with patients as a public relations possibility. Every person who registers or schedules a patient should have skills to do their job efficiently and with a caring attitude. By making it convenient and pleasant for the patient to do business with you, you are far more likely to get correct and complete registration and insurance information. It also pays to offer a well-designed, branded patient portal to increase patients’ satisfaction and give them the opportunity to pay bills online.

Conclusion

Struggling financial conditions for hospitals and small practices alike and changes in legislation and regulatory compliance have made it more difficult for healthcare providers to manage certain functions internally. The shift in the last decade from commercial payer reimbursement to direct patient responsibility with high deductible health plans, in addition to the larger influence of government payers, reinforces the idea that healthcare organizations and practices must take a closer look at their revenue cycle management and evaluate what methods can be implemented to realize the most benefits.

Do you want to improve your revenue cycle management?  We can help you in same, below are the financial management services that we offer:-

• Hospital Investment Planning
• Day to day accounting Management
• Internal & External Audit
• Financial Growth Strategy
• Mergers & Acquisition

It is the superficial and macro level study for more details kindly contact Hospaccx Healthcare business consulting Pvt. ltd on [email protected] or [email protected] or you can visit our website on www.hhbc.in/ www.hospital-properties.com