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Streamlining Processes

9 Ways to Streamline Revenue Cycle Processes

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.

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9 Tried and True Process Basics:

  • Ensure patient information is entered correctly from the start
  • Implement centralized scheduling and discuss financial arrangements at pre-service
  • Cut waste and create efficiency with high performance work teams and organizational structure
  • Educate and train staff on their contribution to account accuracy and billing
  • Set periodic and measurable goals for cash collection
  • Managing denials, investigating causes and fixing discrepancies
  • Conduct admission process reviews or secret shopper programs to ensure process efficiency and patient satisfaction are being met
  • Streamline patient access processes to minimize patient handling
  • Introduce or upgrading software to better serve the revenue cycle from beginning to end.
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