The revenue cycle management process is complex, but all healthcare providers can agree one of the most important elements of the process is collections.
Carolyn Swanson, Vice President of Revenue Cycle, Epic Health Services: While collections have always been a top priority for healthcare companies, it is now more important than ever due to the reduction in healthcare reimbursement we are seeing from our government agencies. As the healthcare industry faces reimbursement cuts on multiple fronts and the pressure to provide higher value care at lower costs, collecting every dollar of earned and owed revenue from insurance carriers should be one of the top priorities of any company.
However, companies must remember the old saying, 'Garbage in, garbage out.' This adage still holds true, especially in the new world of managed care. Systems and automated tools should be installed to ensure efficiency and accuracy of the front end revenue cycle process. Over time, as the technology does the job of ensuring clean data is entering the revenue cycle, the systems and tools will certainly pay for themselves as the company will have a greater ability to collect the money owed.
Weekly metrics should be prepared and analyzed to identify any areas that might have a potential for cash loss. There is rarely more opportunity to increase success in the revenue cycle than in the resolution of issues in the front end process. It is on the front-end where your first contact begins with patients. Systems and automated tools at this phase allow for quick determination of the responsibility for payment expectations. I firmly believe that the initial intake of patient information can make or break a company's bottom line. Ensure that you are implementing best practices in your patient access area and invest in the tools necessary to create a win-win outcome. When implemented correctly, you cannot lose.
If you would like to share your RCM best practices, please email Carrie Pallardy at cpallardy@beckershealthcare.com to be featured in the "RCM tip of the day" series.