21 May 3 Big Signs Your Hospital Revenue Cycle Needs Improvement
Health care practices and hospitals have faced some of the biggest changes in regulations and general operations of nearly all industries. These changes are quick and only the most agile practices and hospitals have been able to sail across these shifts smoothly. From insurance regulations to patient satisfaction, many healthcare practices are struggling to manage their revenue cycle the way it should be.
Patient health is the focus of any hospital or practice but if there are issues with payments, and cash flow, both current operations and future growth are compromised. If you’re facing challenges in your revenue cycle, here are 3 signs you should seek professional help with a revenue cycle management service.
Do your offer patient portal access?
This is an important sign whether your RCM is updated or not. Most people are used to paying their bills and transacting online. When patients have easy access to appointments, records, prescriptions, and billing online, it becomes easy for them to interact with you. A patient portal also saves you costs, such as mailing reminders for payments.
Can you verify insurance coverage in real time?
One of the most common reasons for no-payment is incorrect insurance information. To significantly reduce your risk, it is important to verify the access to and coverage of your patients’ insurance policies.
Do you have real-time reporting?
Access to real-time reporting is clear sign of healthy revenue cycle management process. If you are able to pull reports as and when required, you have the big picture as well as the fine view about the health of your RCM. Monthly and quarterly reports are often stale data but real time reporting can help you catch a fatal mistake in time.
With so many challenges, it is only wise to outsource your revenue cycle management to an expert who can help you improve your bottom line.