If you live in the United States, you’re no stranger to the yearly celebration on July 4th of our country adopting the Declaration of Independence. On this year, the 241st anniversary of America’s Independence, we expect to enjoy a long weekend with our families out on the patio or around the grill, and maybe enjoy a fireworks display or parade.
Obviously, our jobs aren’t quite on the same level of importance as the birth of a new, independent nation, but we can still find some lessons and key takeaways in this U.S. holiday. After the grill is cool and the fireworks are over, how can we declare independence from our pain points as we return back to work? Below, we’ve outlined three key RCM challenges and how you can help your organization overcome them.
1. Denial management: Easily the most common of these challenges, denials can affect multiple parts of your revenue cycle. But while 66 percent of denials are recoverable, 90 percent of them are preventable! We recommend implementing a tracking and analytics workflow into your claims management process to more easily identify and address pervasive problems in your revenue cycle and see which payers are denying and why. This will help you get out in front and stake a flag in the ground around clean claims.
2. Days in A/R: When it comes to bill paying, most patients report that they pay their bills within three months, but most providers (51%) say that’s just not true. If you’re struggling to receive prompt patient payments, try implementing technologies that can offer easier to read electronic patient statements, or that keep credit cards on file for easy payment.
3. Revenue cycle bottlenecks: Whether you’re working with a healthcare organization or in another industry, every company has bottlenecks and internal workflow challenges – but they do need to be addressed. If you’re frustrated with your current workflow, don’t throw the tea in the harbor! Applying a simple healthcare data analytics solution can show bottlenecks across all areas of your revenue cycle, and show where your teams can automate practices to streamline and smooth out. We’ll raise a glass to that.
This 4th of July, as we watch the fireworks light up the sky and celebrate the birth of our nation, are there lessons to be learned? How do we make sure business is booming, too? This July, learn how you can declare independence from your revenue cycle management challenges and make way for a brave new world of RCM by downloading this complimentary white paper: Total Revenue Cycle Management: Pave the Way for a Sound Financial Future.