Strategies for Increasing Revenue
In today’s environment, it is vital to have a high-performance revenue cycle. Healthcare providers are faced with many financial challenges and pressures continue to rise in order to change patient care delivery and payment systems. It is, therefore, essential for healthcare providers to ensure they are paid on time and profits are distributed efficiently to continue a high standard of care.
In theory, it is easy to describe what high revenue cycle performance should be, but actually putting these strategies into action can be quite difficult. Additionally, there are other challenges such as increasingly complex payer rules, rising bad debt, and a rapidly changing regulatory environment. With seemingly constant changes in the areas of technology, regulations, and reimbursement—to name only a few—providers are constantly required to modify processes to ensure both efficiency and effectiveness. High-performing revenue cycle providers attempt to go the extra mile by creating patient-friendly processes aimed at improving the overall patient experience. Enhancing the patient experience requires that revenue cycle leadership and staff be simultaneously inquisitive, responsive, innovative, and flexible. Other things to consider are:
Emphasizing scripting for patient interactions to support clarity, consistency, and completeness of communication
Providing training and continuing education of staff
Implementing incentive programs for schedulers, registrars, and financial counselors
Developing integrated revenue cycle processes and teams to enhance communication and continuity
Streamlining scheduling processes to reduce the number of persons with whom a patient, patient’s family, or physician office staff must communicate
Introducing or upgrading technology to better serve processes, including software related to address and/or insurance verification
Technology often supports improved communication, provides decision support, and creates efficiencies throughout the revenue cycle. Practices can leverage technology use to support revenue cycle performance by being selective in application, managing the technology to ensure its potential is realized, and ensuring adequate IT support for their investments.
At EMMG, we are committed to providing quality, customized services at an affordable cost.
Our goal of meeting or exceeding client expectations will remain at the core of our business philosophy as we continually strive for improvement in the efficiency, economy, and effectiveness of planned work services. Quality is not something that "just happens." It is a state of being that must be achieved through vision, dedication, and consistent practice.
For more information on our unique services and packages give us a call at 516-338-5300. Our dedicated team will be happy to answer any questions you may have.