One of the biggest challenges for healthcare organizations and professionals is to make sure that their revenue cycle does not miss a single bit of important information. You might think that a few late filings and collection issues are manageable, but if they add up, it could mean large losses. Many of these errors or leaks occur on the clinical side. Here are three examples that you might want to focus your improvement efforts on:
People make mistakes, but in the world of medicine, these have larger implications. Whether the error is made by a staff, a physician, or a coder, it can cause problems for the healthcare organization. More often than not, the error takes a long time to get corrected, if at all, leading to potential bad debt.
A study published in the Journal of American Medicine shows that 46 percent of referrals faxed to specialists never got to patient appointment. That is a huge loss of income on hospitals’ part.
Some financial factors may also be the cause of leaks, such as inconsistent collection follow-up. This can be caused by poor technology that could confuse both employees and patients when providing or storing information in the system.
Addressing these potential leaks will improve the revenue cycle. It can be even more difficult for large organizations, which is why they should turn to companies that provide hospital assistance solutions.