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Transform Your Revenue Cycle Management in Healthcare?

All parts of a hospital are involved in revenue cycle management. The bottom line of hospitals that do not control their revenue flow suffers as they lose millions. Hospitals around the globe are facing challenging times, but they don’t have to. You can regain control over your revenue cycle by following these three steps.

Tips for Success

You can reinvigorate your revenue cycle management by following these three tips for the healthcare organization as Ventra Health.

Invest in your entire staff

Despite the importance of your hospital’s systems and software, its people are its most valuable asset.

Patients, doctors, and nurses are affected as well as accountants, billing specialists, and other positions that do not seem to be associated with revenue expertise and skill. Let’s look at the front office. Patient contact usually begins here but often goes unnoticed. Nevertheless, good revenue cycle management begins with accurately collecting patient records since those records are the basis for charging and billing. Revenue cycle management depends on your front office staff.

One method is to recruit and train your staff so they understand the revenue cycle holistically. Show them that they matter by investing time and effort. Unless you believe it, it won’t work. Your front office workers are the first step towards a transparent revenue cycle.

Revenue cycle journeys require staff training. After they’re hired, training shouldn’t be a once-off event but a regular update to keep every employee informed about changes in the hospital. Do training about new software fun, interactive, and inspirational if you don’t want it to become boring.

Prevent revenue leaks before they occur

Reconcile billing discrepancies before bills are sent. Revenue reconciliation is either not attempted by enough hospitals or done too late. EHRs that drive revenue cycles are trending today. Thus, clinicians play a central role in revenue cycle management. Clinicians’ documentation is crucial to revenue reconciliation accuracy.

To reconcile that revenue, you need a strategy. Revenue cycle journeys and healthcare claims require bill adjustments. Reconciliation strategies should:

  • Ensures the accuracy of physician-based records
  • Director sign-offs are easy department-by-department.
  • Billing and lab systems are integrated with clinical systems.
  • Checks the bill BEFORE it is sent out for errors.
  • It might be time to consider outsourcing if this seems out of reach for your healthcare organization.

The modern world demands modern solutions

Training and preparing staff is only one part. Taking control of your RCM requires the right technological solutions. Consultants can:

  • Coding and billing for hospitals
  • Identify physician-based billing errors and discrepancies
  • Prevent overcharging and undercharging in billing
  • Ensure every penny is paid by checking contracts with payors
  • Maintain compliance with federal and state regulations
  • When implementing new systems, audit them

Third-party IT consulting can help you develop and implement modern solutions. It takes months or weeks for these experts to get you above baseline.

Revenue cycle management outsourcing can streamline workflow processes and help healthcare organizations regain revenue control. By leveraging automation, data auditing, and AI, revenue cycle management companies can help hospitals thrive.

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