If you’ve visited the Art Institute of Chicago (or watched Ferris Bueller’s Day Off), you’ve probably seen Seurat’s painting, A Sunday on La Grande Jatte. A famous example of pointillism, it shows how numerous small dots, or points, work together to form a beautiful picture.
Similarly, the revenue cycle has a great many points, or processes and tasks that work together for a greater purpose: funding the practice’s mission. Individually, some points appear minor. Requesting a co-pay during an appointment check-in, offering non-insured patients a discount to pay in full at time-of-service or identifying trends with patient payments and denials, could seem like a small task at the time they are completed. Added up, however, these points can have a major impact on metrics such as days in A/R, bad debt reduction and overall collections.
Achieving this type of major impact requires comprehensive optimization of the revenue cycle at pre-service, time-of-service and post-service, across all processes for both patient collections and claims management. It requires new methods to cope with changing reimbursement models and a newly insured patient population, which often necessitate culture change.