When seeking to improve revenue cycle management, healthcare organizations should develop a specific plan for each initiative, according to Jim Denny, president and CEO of Navicure.
Mr. Denny shared the following tip with Becker's Hospital Review.
"Despite new and ongoing revenue cycle burdens, the real key to making improvements is to start by starting. I always remind our clients to develop a list of needed initiatives for the current year, as well as upcoming years, and approach one or only a few top priority initiatives at a time. For example, if your organization's days in accounts receivable are through the roof, start by leveraging a data analytics tool to understand the reasons for the backlog. Whether the issue starts at the front desk — maybe eligibility errors, such as a patient's change in coverage — are causing an uptick in rejections, or you find patients aren't paying outstanding balances as quickly as you would like, take the time to outline a specific plan for improvement.
"Next, act on your plan, diving into segments across your front desk or patient access team and back office team. For example, one likely step for reducing days in accounts receivable is to review your patient payments processes and ensure staff is collecting all copays at or before the time of service. Along the way, keep staff informed of progress, set measurable goals and celebrate success. This will keep everyone motivated to tackle the next item on your plan."
Read more advice for improving revenue cycle performance here.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.
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