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Transform Your Revenue Cycle Like an Olympic Athlete

Shaun White may have transformed his nicknamed “Flying Tomato” hair to a tame adult style, but he still flew higher on the halfpipe than his competitors, claiming his third gold medal and making a major comeback from his disappointing 4th place at the 2014 Sochi Olympics. Then there’s Chloe Kim, the youngest U.S. woman to win a gold medal in snowboarding, whose halfpipe run was extra special because she did it in her parents’ home country—they emigrated from South Korea to America.

The Winter Olympics are well underway. It’s an exhilarating time when athletes are perfecting their routines and fine-tuning their conditioning in search of the record-breaking gold medals in PyeongChang, South Korea.

Just like athletes transform their bodies to be in the best shape for the most competitive sporting events in the world, your revenue cycle must also be in its best shape to perform at its best. And just like every athlete has a story—specific challenges and characteristics that make their journey to the Olympics unique—your revenue cycle is unique, too. It needs attention, and in some cases may even need transformation.

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Here are three ways you can get your revenue cycle in tip-top shape and ensure your processes and teams are fine-tuned for success:

  • Train your vision. For Olympians to succeed, they need a clear view of where they are and what they want to achieve. Similarly, providers must always have clarity around claims. To succeed:
    • Bring all medical claims processing information into a central hub to have an intuitive scoreboard and single view of claims data.
    • Track each claim as it makes its way through the process, detect issues early and easily with rejected or denied claims, and keep claims processing–and cash–flowing.
  • Speed your response times. Did you know that the top speeds in downhill skiing and the bobsled reach 90 miles an hour, and mere milliseconds separate medal winners in these categories? Fortunately, you can improve the speed of your revenue cycle communications without that pressure by:
    • Reviewing your communications methods and practices to help you pinpoint ways to reduce response times – and days in A/R.
    • Delivering electronic statements via email instead of paper statements.
    • Tossing the 30-day billing cycle and delivering e-statements twice a month to cut installments in half and increase your likelihood of collections.
    • Posting a clear due date on the bill and follow up with patients based on that date.
  • Use the right tools. In the same way athletes search out new equipment and trainers who can help them reach peak performance, you can put technology to use to optimize your revenue cycle. At the same time you can take advantage of consumers’ desires for greater convenience.
    • Offer a program that lets you securely keep patients’ credit cards on file for easy payment.
    • Provide automated payment plan options so patients can pay their balances over time.
    • Put your online patient portal to work for you to simplify communications. Patients will love how easy it is to work with you.

Lastly, consider downhill skier Laurenne Ross. After tearing nearly all the ligaments in her knee last year, she realized her Olympic dream through a combination of teamwork, innovation and plain hard work. She collaborated with experts, established a clear view of success, found technology to help her succeed (in her case, immersive VR), and overcame the odds stacked against her. It’s the same for your revenue cycle. Learn how you can bring home the gold this winter with even more strategies for revenue cycle triumph in our eBook “Patient Collections – 12 Strategies for Success.”

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