Understanding Your Revenue Cycle & How to Maximize It’s Value

It’s time for spring cleaning—and if you ask around, you’ll find people have diverse to-do lists, whether they’re cleaning the gutters or scrubbing the baseboards. For many, including my family, its closet-cleaning time. My wife and daughters have a system: they consider each item, whether it’s worth keeping and whether they still find value in it. Then they either toss it—or keep it and make sure they really use it. You can do the same thing with revenue cycle, getting rid of old processes that no longer work and keeping the ones that do—and revamping them so they provide maximum value. Here are some good places to start:

  1. Polish the front-desk process. The front-line for patient interaction, a strong front-desk team is vitally important for revenue cycle success. And in today’s high-deductible reality, the front-desk plays an increasingly important role in cash collections, ensuring patient satisfaction and proactive customer service. This spring, polish your front-desk process by:
    • Offering ongoing training to help staff feel comfortable accepting upfront payments and navigating challenging conversations regarding coverage.
    • Cross training team members across the entire revenue process so they understand the impact of their workflow on each job function, and the bottom line.
    • Creating a stronger communication flow so staff can freely discuss needs for improvement and are confident their input is valued.
  1. Clean as you go. Understanding your current workflows, reviewing performance data and responding to these metrics will help you build efficient processes—and know where further automation can help. On the patient payment side, this might include:
    • Providing more digital payment options to make it easier for patients to pay their balances and avoid messy collections.
    • Implementing cost estimation tools to help you explain coverage and patient responsibility while building greater transparency into your billing process.

On the payer side, you may want to refurbish your eligibility checking process to drive cleaner claims and reduce denials.

  1. Edit what you have. Bringing new revenue cycle capabilities into your practice shouldn’t be a one-and-done effort. At least once a year, revisit your approach to automation by auditing your current solutions and ensuring you’re getting the highest quality results from the best revenue cycle tools available.

Get even more spring-cleaning tips for your front-desk processes and reap the benefits of greater efficiency through automation with our eBook, Simplify Your Journey to Revenue Cycle Success.

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