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Spring-Cleaning: Don’t Forget to Clean Up Your Revenue Cycle, Too

Warm weather means it’s time for spring-cleaning. There’s something immensely satisfying about cleaning and organizing – clearing out old things, scrubbing the house from top to bottom, and streamlining household processes to make life a little more efficient. You and your organization can benefit from spring-cleaning your revenue cycle too, eliminating inefficiencies and automating processes that can keep things running smoothly.

Here are some items that should end up in your organization’s “toss it” pile this season:

    1. Manual estimation: Trade labor- and time-intensive estimation processes for automated ones that generate reliable, real-time estimates to increase time of service collections.
    2. Stale payment options: Ditch inefficient patient payment steps and give patients what they want and what your practice needs to collect – a variety of ways to submit payments electronically, including a credit-card-on-file program, automated payment plans and online payment capability. Combine this with electronic patient statements to reduce paper waste at the same time.
    3. Inefficient claims checking: Toss old claims eligibility processes that leave you hanging for days on end. Replace them with claims solutions that quickly verify eligibility, scrub and correct claims, and offer a near-perfect clean claims rate.
    4. Information overload: Kiss reporting clutter goodbye with proactive healthcare data analytics tools that enable you to isolate and improve issues impacting your cash flow.

Your revenue cycle is essential to your organization’s financial success, and it’s important to keep it running smoothly.