Amazon has recently been curating a running set of curious finds – odd collections of things from hedgehog pencil holders to a Bluetooth showerhead speaker to a desktop 3-D printer – these items are marketed to make things easier or provide a much needed life hack and are sure to be the perfect gift on someone’s wish list.
Similarly, there are many tools and technologies available that can help improve your revenue cycle. Chances are your own curated revenue cycle wish list includes solutions that can simplify and streamline your organization and its efficiencies and make the workday a little easier. All you need to do is demonstrate to your physicians that it’s the right choice.
Here are three tips to help your physicians understand how the items on your revenue cycle wish list can positively impact your organization’s bottom line.
1. Let data do the talking. If digital patient payment options are on your wish list, assure leadership that patients value convenient payment options. Our recent Patient Payment Check-Up Survey™ shows that 78% of patients allow their provider to keep a credit card on file (CCOF) to pay small balances. It’s important to show physicians how patient estimates and CCOF tools can improve balance billing and reduce collections just like Prima Care, P.C. has done – increasing time-of-service payments by more than $100,000 in just five short months.
2. Tap into organizational goals. What’s the strategic focus for your organization this year? Growing the business? Reducing turnover? Navigating the transition to value-based care? It’s widely known healthcare data analytics can be incredibly helpful as organizations negotiate risk-based and value-based care contracts. By drilling into data across care delivery points, departments, and facilities, you can further understand how to meet strategic initiatives and your value proposition. Once you can tie your revenue cycle wish list to key business improvements, you’re already more than halfway to “yes.” Check out “Working with Payers 101” for more insight.
3. Make an efficiency play. Yes automated revenue cycle tools help eliminate manual processes and paper, which are highly valuable. Even more so, they make collaboration easier between the front and back office, improve staff performance, and help make organizations more efficient.
So much more than a gadget you never knew you needed, Navicure’s® revenue cycle management platform can help organizations increase revenue, accelerate cash flow, and reduce the cost and effort of claims management, patient billing, and data analytics. Ultimately, that helps tackle one of the biggest items on any organization’s wish list: Better financial health.