Digitalization of most of the things in healthcare facilities has changed the way facilities operate in a big way. Hospitals and other facilities have seen a drastic change in their operations and regulations which have come at a fast pace. Because of all these changes facilities are facing issues in satisfying patients with their services and abiding by different regulations, leading to a problematic revenue cycle management. Though providing the highest quality care to patients is the topmost priority, if your revenue cycle management is struggling, then your facility will struggle. But, many facilities fail to identify their revenue cycle breakdown at the right time, which put them in more troubles. So, here are few hints to identify the reasons for your revenue cycle issues.
Patient Portal Services: One of the things that affect your revenue cycle is the access you give to your patients via patient portal services. If you are not yet giving your patients access to the portal, you should change your system to give them access to view their appointments, prescriptions and bills. This helps them to keep a track of their appointments and bill due dates which minimize delay in their payments. By utilizing the RCM services you can set up automatic reminders that they can view and pay their bills online. This not only minimizes your administrative staff’s work but also improves your collections
Real-time Insurance eligibility verification: If your facility does not have proper RCM services in place, then you find it difficult to verify if the patient is eligible and adequately insured. Verifying the coverage provided to the patient by the insurer in real-time is critical to avoid any kind of risk related to claims denials.
Access to reports: One of the major reasons for a bad revenue cycle is the lack of access to real-time reports. If your revenue cycle management is handled by professional RCM services providers, you will have access to various reports that can be customized according to location, services, and insurance providers etc. that will give you a clear vision on the decisions to be made regarding any changes if required in your revenue cycle.
Managing a facility’s revenue cycle is a complicated and challenging job that requires expertise. To avail the expert RCM services, partner with Avontix.