Exercising more. Meditating. Disconnecting from our electronic devices. These are all great ways to reduce stress levels and improve quality of life, not just during Stress Awareness month, but all year long.
Wouldn’t it be great if there were a yoga equivalent for your billing and collections processes? A repetitive mantra that could help you meet patients’ demands for more automated services? A way to reduce the pressure you feel about the amount of collections you’re receiving – or not receiving?
Here’s something that will help de-stress your revenue cycle: putting technology to work to help you collect more from payers.
The foundation of lowering collection stress: Understanding and managing payer contracts
Ultimately, your payer contracts drive revenue and provide the foundation of future reimbursement. But they’re not always simple to understand or manage. Sometimes, you don’t know if they’re working in your favor.
However, that’s the perfect place to start. By gathering, assessing and renegotiating your agreements, you can help ensure a solid collections foundation moving forward.
Digging into your contracts is easier with automation. By using tools that help you manage and model your payer and network agreements, you can reduce payer collection stress – and increase reimbursement. The right solution can help you:
- Understand what’s in your contracts, the rates for each product, and how it impacts your practice
- Gain better visibility into payer performance
- Improve revenue with real-time modeling and what-if scenarios
- Make more informed decisions about your payer mix and prioritize which payers and networks to negotiate first
Armed with this insight, you have everything you need to tackle negotiations with payers and more effectively manage reimbursement.
For insights on how to improve patient payment collections, check out our slide share Six Steps to Energize the Front Line Process.
Collect more, stress less
Collect more, stress less? It’s a great mantra and a surefire way to mitigate contract risk and improve your revenue cycle.