The healthcare industry is an industry that has unpredictable revenues due to the uncertainties involved in the collectibles. To stay in the business of providing healthcare it is requisite that the facility receives its revenues on time. Healthcare providers need to streamline their revenue cycle management to ensure that their business runs smoothly. Providing care to patients is not a single transaction and includes varied procedures like registration, diagnosis, providing treatment etc. until the patient account is closed. To improve the income of the healthcare facilities should be able to prioritize what is important and implement and track the right metrics. Here are few best practices that help the healthcare providers to improve their revenue cycle management.
Focus on your KPIs: The net days in accounts receivable, cash collection as a percentage of net patient services revenues, denial rates, denial write-offs as a percentage of net patient service, cost to collect KPI are some of the key performance indicators for hospitals and other healthcare providing organizations. Industry experts in the RCM services suggest that even among these key performance indicators, it is an absolute necessity to track the denial rates very closely because a rise in the denial rates is a sign of troubles for the organization in the near future.
Do thorough research for investment in new technology: Due to the advancements in technology many new options are available these days to optimize resources and maximize efficiencies. It is not possible to escape from the technology advancements and stay ahead in the business which makes it inevitable for the facilities to implement the new technology as and when required. For this reason, RCM services providers advise doing a thorough research before investing in a new technology. The facilities should analyze the current problems and study if the investment in new technology would eliminate those problems effectively or not.
Get reimbursements automated: RCM services professionals insist on automating the procedures related to reimbursements for timely reimbursements. By taking advantage of the latest technology manual payment posting can be eliminated and the accounts receivable process can be automated to improve revenues considerably.
Revenue cycle management is a unique process for every healthcare facility that requires reducing the number of patient rejections, lost revenues to as a result of underpaid claims and decreasing accounts receivables days. To do all this and to optimize your RCM, partner with the best RCM services providers like Avontix.