The healthcare system changes constantly, owing to increased hospital costs, regulation changes, and restructured payment models. Throughout all the transitions, your healthcare facility needs to know for certain that it is turning a profit. Without profits, you risk reducing staff and services that patients in your community need.
Ensuring Financial Health to Ensure Patient Health
The priority is, of course, the care and wellbeing of your patients. But at the end of the day you still run a business. And a business that isn’t meeting its targets will not have the resources to deliver the highest standard of healthcare services.
With revenue management services for hospitals and other healthcare facilities, you’ll have access to expertise and technology that takes care of the following:
- Forms of Payments
- Claims Processing
- Revenue Generation
But successful revenue management doesn’t just take care of bills. In the larger scheme of healthcare, this administrative and financial process also has an effect on patient care. When everything is in working order, from claims to payments, patient satisfaction improves.
Here are signs that tell you need revenue cycle management:
Too Many Self-Pay Accounts
These forms of payments can put your healthcare facility in debt. The cost of collection is sometimes higher than commercial insurance accounts. In some cases, collection is unlikely.
Undefined Accounts Receivable Strategy
Your healthcare facility’s accounts receivable (AR) strategy governs your cash flow and payment collections. Without one, you risk the hospital or clinic’s bottom line and may have to exhaust resources to meet service demands.
A Review Reveals Underpayments
The lack of internal audit for patients’ payment accuracy can lead to a loss of revenue. Underpayments can occur when managed care plans have failed to process claims per contractual agreement. Discrepancies like this can be eliminated with revenue cycle management.
Hospitals have a responsibility to provide the highest standard of care to patients. Part of that role involves ensuring the financial health of the institution. As such, it’s critical to have an effective financial process in place.