Now more than ever, it is important to establish and maintain hospital revenue management services. This will ensure that you will have a steady stream of income for your hospital. At first, it would seem difficult, but there are several ways you can improve your revenue cycle management. Here are some suggestions:
Trend and benchmark healthcare data
Trending and benchmarking your healthcare data will help you identify areas for improving your revenue cycle. You can use data operating systems (DOS) to trend your data. The DOS will merge data from your IT systems and optimize it for analysis.
Mine your healthcare data
With DOS, you can discover roadblocks and find solutions for improving your revenue cycle. You can have an analyst check what the data reveals and then take the necessary steps to initiate changes in your hospital. Make sure that this is done in a positive atmosphere.
Get recommendations from your frontliners
While trending and mining data can help you gain an insight into improving your revenue cycle, your front-line staff also plays an important role in the improvement of your revenue management cycle. After identifying roadblocks, you can always ask for some recommendations from your front-line staff. Their insights will be important for solving problems. Don’t forget to always check back on them for additional suggestions.
Monitor all payer contracts
Monitoring your contracts can make a huge difference in improving your revenue collection. You don’t want your payers under-reimbursing, denying too many claims, or putting unreasonable demands on your patient accounting office.
Maintain convenient and caring touch points with patients
Make it convenient and pleasant for the patient to do business with you. When a patient registers in your hospital, ensure that the staff attending to them will do their job efficiently and with a caring attitude. It also pays to have a well-designed and branded patient portal to increase satisfaction and give them the opportunity to pay bills online.
Having revenue is vital to your continuous operations. Ensuring a continuous income stream is vital to providing your patients with their medical needs.