Do you think it is high time you revamped your revenue cycle ?
You are not alone. According to a survey by Black Book Rankings, around 89% of healthcare providers felt their revenue cycle processes needed to be revamped. A newer healthcare landscape means newer challenges and financial bottlenecks. So, it is more than ever that doctors realize “the business side of medicine” is not a dirty word after all!
So what has to go out of the door ?
Before infusing fresh blood into a stagnant revenue cycle, physicians should first eliminate areas of waste and resource drain in their existing revenue flow. Knowing where the fault-lines are is important, as the possibility of making the same mistakes, the second time around is eliminated. Every single process has to be closely analyzed because each phase of the revenue cycle is an important link in the RCM chain.
If you are transitioning to a new EHR and revenue management workflow, mapping out each process is essential to avoid revenue losses and pending work at the back-end.
The human factor !
Apart from exploring new revenue management softwares and focusing on automating RCM tasks, workforce management is another important area that needs to be addressed. Loss of revenue and overworked workers go hand in hand ! Allocate clear-cut responsibilities to staff members and closely follow the results. It will boost employee productivity and result in more streamlined workflow.
Revenue cycle softwares can only do so much. It takes trained personnel, to understand the nuances of the system’s workflow, align it with their practices financial objectives, and increase profitability. That is why workforce planning will play a major role in the financial future of medical practices.
The choice small and solo medical practices…
An increasing number of medical practices are considering outsourcing their billing workflow. It cuts down on costs, free up staff and reduces administrative hurdles. According to the study 42% of small medical practices are planning to outsource their billing tasks by next year. And about 62% of medical practices hope to combine outsourcing and implementing RCM softwares, to structure and quicken their financial workflow processes.
Though there isn’t any single well –defined path that providers are looking to tread, as there are numerous parameters involved, it is a healthy trend that providers are finally taking a closer look at their revenue cycles !
