Here are four revenue cycle management tips from experts, published by Becker's Hospital Review after Aug 23.
1. Tom Romeo, general manager of healthcare IT and Quanum Solutions at Quest Diagnostics, recommended hiring the right staff and utilizing their strengths appropriately. "You want a minimal amount of people in your accounts receivable department," he told Becker's. "Hire energetic, make-it-happen, multitask-oriented people to work your accounts. Invest in these good employees … and consider reassigning those who are less productive to areas of the practice that may align with their strengths."
2. Erica Franko, senior vice president and managing director of advisory and implementation services at nThrive, recommended hospitals address patient liability by focusing on the patient experience and staff. "Many patients remember the days of the co-pay and are now confronted with more complex forms of liabilities. Ensuring that your staff is prepared to explain these liabilities is paramount to patient and staff satisfaction," Ms. Franko told Becker's. "Be sure to also prioritize point-of-service collections. Patients are more likely to pay upfront, especially if they understand how much and why they owe, and they are provided support options, if needed. Improve financial clearance efficiency by enabling technology, and provide programs for the under- and uninsured by understanding the patient's needs and providing the right level of support."
3. Rebecca Farrington, chief revenue officer at Healthcare Administrative Partners, recommended properly educating patients about separate billing at the time of service.
"Let the patients know about the separate billing with a quick explanation, along with a handout for them to take home. The handout is important because patients are processing a lot of information during their visit, and they usually don't retain much of what they hear," said Ms. Farrington. "A sign in the waiting area can be effective as well. Finally, providing this information on the website is a must, whether in a patient portal or with other information about the service or billing department, as patients are using this tool more frequently."
4. Peter Angerhofer, principal at Colburn Hill Group, recommended using advanced technology to target smaller subsets of claims. "It is increasingly easy to review smaller and more focused subsets, even down to the individual claim or even charge level," Mr. Angerhofer told Becker's. Revenue cycle management managers "should use that capability to create narrowly targeted micropopulations of claims. By targeting claims that are very similar, managers can get a better understanding of how to resolve them and achieve the desired result: higher collections at lower costs."
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RCM tip of the day: Target smaller subsets of claims to boost collections