All healthcare facilities aim to give the best care for their patients. That being said, maintaining their operations is an expensive endeavor, as they need to restock medical supplies, maintain equipment, and shoulder overhead costs.
That’s why revenue cycle management has become even more important. After all, if patients do not pay their bills, the hospital won’t have the money to stay open. To avoid this scenario, here are a few tips that healthcare CFOs should keep in mind:
The Registration Process is Key
Before treatment can commence, all patients must undergo the preregistration process. Take this opportunity to evaluate your patient’s insurance and benefits coverage. This way, you can determine immediately if the services you are about to render will be covered or denied, allowing you to avoid debt.
When Emergencies aren’t Emergencies
When someone sprains or fractures a leg, their first instinct is to rush to the emergency room. Of course, you know that ER treatments are very expensive, and the higher the bill, the less likely a person can pay it off. As such, be sure to refer non-emergency cases to an appropriate doctor at the nearest federally qualified practice instead.
Help People Enroll in Assistance Programs
Many low-income people are not aware that they qualify for government-funded assistance programs like Medicaid, Medicare, and the Affordable Care Act. By helping them enroll in these, you’ll be collecting payments from the state instead of from financially struggling patients.