When it comes to revenue in a healthcare setting, revenue speed is a critical component of keeping your business up and running. Having a positive cash flow is incredibly desirable. Streamlining your revenue cycle will increase the amount of cash you have at all times. This result allows you to foot operating costs and invest in your practice.
While revenue speed is not the end-all-be-all, you should definitely keep it top of mind and consider the following tips to increase your practice’s efficiency over the years.
Manual claims management understandably hinders efficiency when it comes to your healthcare revenue cycle. This is why automation should become your new best friend. So ditch the manual processes for managing denied claims. Instead, you may want to consider choosing a revenue cycle automation tool to expedite your cycle’s timeline without sacrificing attention to detail and accuracy. Make sure you do your research to find the best software solution for your practice’s unique needs. And remember to evaluate more than one option to get the most bang for your buck.
2. Price Transparency
Making it abundantly clear to your patients from the get-go how much your services and treatment options cost can go a long way when it comes to speeding up your medical billing process as well as collections. Offer estimates before the date of service or treatment. Also, make sure your patients are aware of their financial responsibility and obligations to you. And explain the timeline your collections process follows. This will help you to get a leg up when it comes to collections and medical billing since your patients know exactly what they should expect from your practice. Repeating your payment policies before they receive your services, at the time of services, and shortly after helps to ensure they are aware of your expectations.
3. Know the Current Rules and Regulations
In healthcare revenue management, there are shifting rules and regulations that change rapidly. Knowing the payment rules and regulations you are responsible to adhere to ensures that you can pivot quickly to align your current policies, practices, and workflows to stay in line with the regulations that you’re under without delaying your revenue cycle. Assign at least one revenue cycle manager or healthcare executive at your business to stay on top of the latest industry policies. This way you can incorporate them as they go into effect. Doing so will enable you to increase your revenue speed and make both your employees’ and your patients’ lives smoother when it comes to medical billing, collections, and managing revenue.
Are you overwhelmed by managing your current self-pay collections and revenue cycle? Do you want to outsource your revenue cycle management and collections to experienced professionals to free up your staff’s time? Consider outsourcing your accounts receivable management to Frost-Arnett. We’re trained in healthcare collections, specializing in collecting with honesty, empathy, and integrity. We maintain and improve your patient-provider relationships while you maximize your recovery and increase your revenue speed. Contact us at 1 (615) 259-6271 to learn more about how we can help.