Optimizing the revenue cycle management for hospital facilities has become necessary with the increase in the number of high-deductible health plans. Here given are few healthcare market trends that will signify the need for revenue cycle management for better health of healthcare providers.
- According to survey results, the out-of-pocket costs for patients have increased by more than 200% in the last 10 years.
- Given a choice, more than 40% of employees choose high-deductible plans.
- Nearly 30% of healthcare providers do not have any idea about the amounts they write-off each year pertaining to in-patient collections. If you employ a robust RCM services provider, then, you will be given an analysis report on your practice management. They will also provide you with some excellent advice on the ways to improve your collections.
- Around 40% of healthcare providers lose their revenues amounting to nearly $30000 yearly because they fail to collect these amounts from the patients owing to reasons like wrong coding, under-pricing, inappropriate billing charges and lack of appropriate follow-up methods. To make sure that you do not fall into this category of losers, you ought to hire the RCM services from a reputed service provider who can optimize your revenue cycle management operations.
- It is clearly evident from different surveys that more than 80% of self-pay revenues are lost because the default rate is high among these patients. Hence, it is understood that double the efforts are required to recover payment from self-payers than from the insurance providers. Avoid the losses in the form of self-payers’ payments with proper tracking of payments received and follow-ups.
- Setting up a credit card on file program will decrease the number of accounts receivables days and make it convenient for patients to pay their bills with ease. Else, sending billing statements to patients and collecting amount from them will take more than 120 days usually.
Considering all these issues, it is advisable to hire an efficient RCM services provider like Avontix to manage your collections and revenues.