Celebrations, time with friends, the ability to hit the “restart” button….what’s your favorite thing about the New Year? Mine is the hope and promise of improvement. For many, it’s our New Year’s resolutions about getting in shape and living a healthier lifestyle. Your revenue cycle deserves the same treatment.
According to our recent webinar, “Reimbursement Reality 2018,” 42 percent of attendees said denials will be their biggest reimbursement challenge they’ll face this year, followed closely by coding issues.
As patient payments continue to take up more of the revenue cycle pie chart and healthcare consumerism progresses, the reality is patients expect more from your billing practices than they previously did. More convenience. More efficiency. And more digital options.
There’s one key way to get your revenue cycle in shape and address these challenges: automation.
Automating your clearinghouse and claims management processes can help you tackle denials in the best way possible – by preventing them. And by automating, you create the ability to verify patient information, check eligibility and manage the entire claims process in real time from a single dashboard – including remittance, claims, rejections and denials. At the same time, programs that automatically scrub claims save time on the front and back-end of claims management.
You can also automate things like patient estimates and digital payment options, such as keeping a patient’s credit card on file, to increase timeliness of payments and keep your revenue cycle running smoothly.
Adhering to these tips can help your organization follow through on its revenue cycle resolutions, shortening the time it takes to get paid, increasing cash flow through fewer rejections and denials, and lowering administrative costs – a solid approach to keeping the cash flowing smoothly throughout 2018.