It’s a given that providing quality healthcare is a medical practice administrator’s main concern. That being said, the practice’s profitability is equally important, for without it, the ability to provide quality medicine will be severely compromised. In 2012, Becker’s Hospital Review (BHR) posted an article detailing the 11 ways healthcare providers can enhance their profitability for the following year. Despite being practically three years old, most of the tips still resonate today, such as:
Make a concerted effort to revamp the revenue cycle
What is revenue cycle management to you? How much do you value it? According to the BHR article, one hospital CFO observed that some of the healthcare facilities he visited didn’t give it enough focus. Revenue cycle management poses one of the biggest opportunities for profit because it is completely within your facility’s control.