For every system in place, there is always be room for improvement. In the case of healthcare revenue cycle management, systems can be further streamlined to better achieve your organization’s fiduciary goals.
Here are some ways that can help improve the management of your organization’s revenue cycle.
Organize Your Numbers
This is not a matter of filing your numbers neatly under the right columns and rows for computation. You should be able to see your data clearly so that you can efficiently analyze the trends and benchmark them against crucial variables.
For instance, you may want to put visuals to your patient satisfaction scores, as well as your clinical and financial data for better analysis. You can then post your billings, for both the hospital and the physicians, side by side to have a holistic view of your revenue’s actual standing.
Track Payer Contacts
Monitor your payers by marking the frequency of claims activity–both approvals and rejections–as well as reimbursements and other activities. This should also help you anticipate if you need to make adjustments to their individual contracts.
Get on the Frontlines
Aside from keeping in touch with your payers, you should also stay connected with people on the ground. Your frontline staff is your best resource to determine which step in your workflow process works, and which do not. Take the time to listen to their assessment, evaluations, or recommendations. They just might be able to provide a better way to manage things.