For healthcare providers of any size, prompt payment from patients and insurance companies is essential to operations running smoothly. However, when providers mismanage their facility’s revenue cycle, the financial impact, though miniscule on an individual-claim level, can be the equivalent of a thousand paper cuts—slow yet extremely painful, especially when oversights occur with some regularity.
Below are some of the most common warning signs of a failing revenue cycle. Be sure to keep an eye out for them and implement the right solutions accordingly.
Not staying current with industry changes
If your billing staff is not attending the latest industry-specific workshops and training, your facility may already be paying a hefty price.
Not using denial reports
Denial reports inform you of what you need to fix in your billing process. No denial reports in your facility means you are being too complacent.
Not upgrading your billing software or maintaining your billing standards
Failure to upgrade your billing infrastructure may save you money today, but it will cost you in the long run.
Partnering with a firm that can enhance your revenue cycle management processes can help address these issues. These partners ensure that their policies and expertise are always current and accurate to help you simplify your billing processes, among other things.