Do you freely walk beneath that ladder in your backyard to get to your lawn mower? Open your umbrella in the house? Regularly cross paths with your neighbor’s black cat?
While some superstitions are rooted in common sense – you could knock over something valuable with that umbrella, for example – in most cases I’d argue that our luck is dependent on our own insights and actions, and can’t be influenced or increased by throwing salt over your shoulder.
The same can be said of your revenue cycle. So, in honor of the upcoming Friday the 13th, here are three ways revenue cycle managers can remain savvy and avoid the superstition trap when it comes to financial success:
- Develop processes that help navigate the migration of financial accountability from payers to patients. Don’t rely on beginner’s luck when it comes to finances; make sure you’re closely monitoring and managing processes for the best results. This includes reviewing your payer contracts to better understand reimbursement rates and patient responsibility, then making use of estimation, denial management and patient payment collection tools to help manage the shift.
- Maximize automation to relieve pressure on your revenue cycle team. One way to circumvent bad luck is by avoiding any actions that might have negative consequences, altogether. Streamlined and automated approaches to revenue cycle management are also vital to future financial success and for keeping your teams fully engaged and operating at optimal efficiency.
- Get smart about data and reporting – and its role in payments. Keeping an eye on the sidewalk ahead can help you avoid stepping on cracks. Similarly, timely and accurate data extraction and analysis are essential to succeeding in today’s constantly changing revenue cycle environment. Numbers don’t lie; statistics show that organizations equipped to leverage data analytics make greater strides in improving reporting, reimbursement and overall financial performance. Learn how The Center for ENT did just that.
When it comes to succeeding in today’s chaotic revenue cycle, remember: superstition’s not the answer. Don’t let your paraskevidekatriaphobia (fear of Friday the 13th) get the best of you. For more insights on how to put luck on your side, check out our white paper: Seven Steps to Improve Healthcare Revenue Cycle Management.