How the Right Strategy Helps You Address New Financial Challenges
It’s a great time of year to have renewed hope in mankind: We donate to the Salvation Army outside large department stores, we spend time at friends’ holiday parties, and if we’re lucky, our co-workers bring cookies to share in the break room. Hope is great for holiday spirit—but it’s definitely not right for your revenue cycle management (RCM) strategy!
For instance, many healthcare organizations share this patient payment strategy: Front office staff take a co-pay and the physician treats the patient. The back office submits the insurance claim, receives remit and bills the patient for the balance. And then they wait and hope the revenue cycle runs efficiently.
Rick Page’s business leadership book, Hope Is Not a Strategy, offers some truths that can apply to RCM: A clear, connected and proactive plan for claims management, patient payments and data analytics is the best path to true performance improvement. With patients taking on more financial responsibility, organizations must treat them as payers, too—and start the revenue cycle as soon as the patient walks in the door (or before ideally, if you use appointment reminder calls to provide a financial estimate to patients).
Fortunately there are comprehensive healthcare revenue cycle management solutions available that enable you to develop the complete and connected strategy necessary to stay financially successful while increasing staff productivity in several core areas—not only claims management. With it, you can proactively tackle challenges such as rising patient financial responsibilities with tools like price estimation, a card-on-file solution and automated payment plans, as well as leverage data analytics to identify and rectify problem areas, thus improving overall payer reimbursement too. Ultimately, you’ll be able to replace waiting and hoping for patient and payer revenue with action and results. Watch our quick video to learn more!