Trick or Treat! While some people like to be scared this time of year by visiting their favorite haunted house, I prefer decorating pumpkins and stocking up on Halloween candy. That said, ‘tis the season for spooky stories. This Halloween, let’s take a look at some of the things that scare revenue cycle teams the most:
- Data dragons. Each day, there is scads of data generated in your organization, which more often than not sits unused in your systems, or in walls of paper files. Gathering this data and putting it to use with visual dashboards and advanced analytics could breathe life into your revenue cycle, helping you to better understand denials, improve claims accuracy, and increase monthly collections.
- Patient payments pirates. Outdated and inconvenient processes that make it challenging for patients to pay for their portion of their healthcare bill are menacing pirates that can steal treasures from your organization’s bottom line. Patients today expect digital payment options that enable them to pay their bill online or conveniently over time, and they need estimates that provide clarity on what they owe. Organizations that offer a variety of payment options, including credit card on file (CCOF), and opt to leave paper and other pirate processes behind will better position themselves for further success.
- Collections ghosts. Obscured insight into your claims management processes and muddied issues around rejected or denied claims are ghosts that can clog your collection machine. But powerful healthcare data analytics can help you quickly and easily gain insight into the specific issues impeding reimbursement. Learn how visual dashboards aligned around key performance indicators for the revenue cycle can assist you and your organization.
- Scary deductibles. 2018 is creeping up on us, which means there are less than 70 business days until patient deductibles reset to zero on January 1. Given the frightening number of patients participating in high deductible health plans, organizations that have automated payment processes will be ahead of the curve, helping staff cut down on time spent processing payments, minimizing errors and increasing workflow enhancements.
There’s no trick when it comes to improving your revenue cycle, but you can treat your team to a solution that calms their fears and gives them vital insight to generate progress.
For instance, learn how Texas Retina Associates was able to leverage analytics to drive process improvement, conduct targeted training and increase net collections by 4 percent.