Future-Proofing the Revenue Cycle
Christopher Fisher, maxRTE Business Development Director
An inefficient revenue cycle is tinder for igniting delayed and denied reimbursements and burning a gaping hole in the financial results of a majority of healthcare providers. Left untreated, this systemic issue continues to derail cash flow, which could eventually compromise an organization’s ability to provide quality service and outcomes.
Complex payment models confound provider efforts to get billing and coding right. To overcome the challenge, providers should automate key functions that will make the revenue cycle efficient, boost productivity, and foster prompt insurer and patient payments.
Select compatible advanced RCM technology
Providers need to expand their view of technology beyond treatment options and devices. Applying technology to automate revenue cycle management (RCM) lightens administration burden, streamlines workflow, and reduces human error and labor costs.
Choosing the right RCM technologyshould focus first and foremost on easy integration with the provider’s established workflows and legacy system. Interrupting current workflow is a sure-fire way to sabotage adoption of any new technology and in this case making the revenue cycle more complex.
Front-end improvements reduce back-end challenges
Error prevention is the name of the game for eliminating underpayments, back-end issues, and claim denials. Automation is the best way to address error-prone manual front-end tasks associated with coding and billing that add to employees’ administrative workload.
Automated prior authorizations and benefits verification, registration prior to patient visits, and other front-end tactics will not only significantly improve revenue cycle efficiency, as well as minimize errors. In addition, support for data collection in advance of the patient’s arrival avoids bottlenecks at the check-in desk that contribute to confusion and misinformation about insurance as well as patient dissatisfaction.
Transparency fosters patient confidence, loyalty
Patients are more keenly aware of their healthcare choices than ever before, thanks to the growth of promotion in this increasingly competitive industry. High deductibles have sharpened their sensitivity to pricing when selecting where to spend their healthcare dollars.
As a result, consumers appreciate knowing what their financial responsibility will be before proceeding with treatment. Lack of this transparency can cause sticker shock, mistrust, and a greatly delayed revenue cycle as patients struggle to pay unexpectedly high medical bills. Pre-service discussion with patients about their insurance eligibility and benefits, treatment estimates, and their financial responsibility and payment options establishes expectations and a foundation of trust.
Manual must be eliminated for the new healthcare consumerism
Revenue cycles that rely on manual processes are no match for today’s complex healthcare industry, let alone its future. It’s clear that competition for valuable services will continue to intensify, and consumers will hold the reins when it comes to making healthcare choices.
Blind acceptance of physician referrals is a thing of the past. Consumers rightfully expect a comprehensive financial picture before making decisions about providers and services. To accommodate this departure, providers must streamline the front-end of their revenue cycle with a technology that meshes with their workflows and provides the front-desk the information they need to conduct patient discussions before they see the doctor.
maxRTE has been helping healthcare providers shorten the revenue cycle for more than 20 years. With maxRTE, just one click validates plan-specific benefit data such as patient coverage effective dates, co-pays and deductible information. Visit maxrte.com for your free web demo.