iPatientCare Blog - Is your Revenue Cycle leading to Insanity

Is your Revenue Cycle leading to Insanity?

Optimizing your revenue cycle means looking for opportunities across your entire practice. Have you been doing the same thing every year and still haven’t achieved the results in enhancing net revenue, maximizing cash flow or reducing operating costs?

Nowadays, revenue cycle management programs are not flexible enough to account for the ever-changing healthcare environment and personnel changes. ROIs are consistently lower than the expectation and any benefit achieved is often short-term in nature and is not sustainable. Can make your revenue cycle more accurate and efficient, verify insurance, reduce missed appointments, ensure precise coding, and limit denials, with help of technology.

Must Take a Different Approach

To identify optimization opportunities, firstly assess, secondly optimize and lastly, maintain the improved revenue cycle processes. If you are interested in achieving 40% reductions in cost or 35% increase in cash, you must have the necessary data at the right level of detail to make decisions in a timely manner.

Assess people, Processes, and Technology

Must be able to make the necessary change in your processes or systems to support new regulatory requirements, staff changes or newly acquired workloads. Other than staff intervention, observation, workflow, and data analysis must also evaluate all processes from patient access through customer service. You must have clear visibility into the performance of your revenue cycle team and the potential opportunities, when, and where the performance levels can be improved.

The revenue cycle game has changed

Use technology platforms to unlock cash and drive incremental revenue. Evaluate telephony solutions, so as to allow people to answer solutions over the phone and be more productive by reducing waiting time.

Create Lasting Value

It is difficult, but not impossible to build a revenue cycle program that will provide a scale needed in the future to increase incentives. The ever-changing revenue cycle landscape will build a system that provides –

  • Action-oriented information and reporting capabilities
  • Real-time visibility into your team’s performance
  • The ability to sustain these improvements over the long run

In short, Revenue Cycle Optimization will help you:

  • Improve referral conversions
  • Reduce costs
  • Increase operational efficiency
  • Eliminate redundancies
  • Ensure appropriate reimbursement
  • Increase patient collections
  • Improve patient engagement

The practices must look for new ways of doing business. There is continual pressure on finding ways to improve accuracy and effectiveness while driving down costs. At iPatientCare, Inc. we have an operating model with the above factors in mind that results in positive results.

Looking for complete Revenue Cycle Enhancement Solutions? Contact our experts now!

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