The 21st FIFA World Cup is here! Historically, the most successful team is Brazil, with five titles. But as you watch every single team play, you can see just how hard they work—and just how important teamwork is. While each member of the athletic team has an individual position, everyone works, drills and trains tirelessly to beat their opponent together. Think of your revenue cycle in a similar way: for starters, it’s made of multiple moving pieces and requires effective processes and plays so your organization can be successful.
At the same time, you need good defense maneuvers to mitigate denials and keep cash flowing, not to mention a solid strategy to act as your goalie, while keeping the penalties to a minimum. Read this blog post to assess whether your revenue cycle performs up to par and gain a sense of where you can strengthen your game.
Meanwhile, here are three tips from the FIFA World Cup playbook that can help you build a stronger, more simplified and unified revenue cycle team and strategy.
1. Build an all-star line-up. Start by engaging strong leaders from across different departments who are impacted by denials, and identify a physician champion to monitor issues and track prevention efforts. According to Becker’s Hospital Review, missing information accounts for 60% of initial medical billing denials and 42% of write-offs, so it’s important to consider adding a data quality manager to your team who can
• Research missing information denials to determine the root cause
• Identify problematic data collection scenarios
• Design training sessions on data quality
While you’re thinking about it, get more tips on how to defeat denials with data by downloading our on-demand webinar here.
2. Make winning plays routine. A strong denials management program calls for processes that are consistent, repeatable and automated. Start by establishing a solid workflow structure and scheduling recurring monthly meetings to keep momentum strong and efforts moving forward. You should also plan to have each department leader share their top denial issues and offer collective feedback to help.
3. Use technology to your advantage. Winning soccer teams put data and technology to use to help them understand their strengths and weaknesses, dissect their opponents’ plays and develop a winning approach. For your revenue cycle, you’ll need to do the same. One winning strategy? Don’t just recover cash by reversing denied claims.
The right end-to-end, cloud-based technology can combine denial prevention with denial management, ensuring you’re able to:
• Assess the root cause of denials
• Understand how to avoid them
• Reduce future denials through staff training and offering tips on how to avoid common denial scenarios
For even more insights on how to score big with your revenue cycle and build a strong denial management program, check out our infographic: Teamwork Makes the Dream Work.