The Affordable Care Act, the transition from fee for service to fee for value and Medicare and Medicaid have all contributed to further thinning of hospital margins. Even though times have changed, many of the critical processes that drive the revenue cycle still apply today.
Most challenges with the revenue-cycle processes are due to inadequate patient data being captured during pre-service or registration. This leads to claims denial or delays. When streamlining the revenue cycle, it is crucial to take the time to create processes that facilitate efficiency and effectively implement your strategy to maximize revenue.
Rather than correcting problems retrospectively, focus on solving the problems and processes on the front end.
If your business processes are inconsistent and affecting the efficiency of your revenue cycle, there are a number of things that can be done to reduce accounts receivable days, lower overhead and increase and accelerate cash collections. Contact us, we can help.