About six months remain in 2015, so now is a good time to reflect on what ways you can optimize your revenue cycle to finish out the year strong. Billing is one of the main areas we’ll focus on today, as it is often one of the main areas revenue cycles get plugged up.

Review Processes

One of the first areas to look for places to improve is within the patient communication arena. Time is wasted with patients are being chased after for copays and updated information. Be sure that you are:

• Collecting updated information at every visit
• Asking for insurance changes or edits
• Collecting fees and copays up front
• Making sure patients know the bill pay process and expectations
• Offer small incentives for paying bills in full

Copays make up such a large part of a hospital or practice’s revenue, so be sure you’re collecting as much as you can on the front end.

Consider Outsourcing

When collectors and patients develop close relationships, sometimes those overdue balances hang out on the books longer than they should. Outsourcing not only frees up staff resources, but it adds objectivity, concrete follow-up, and better follow through on collection processes. After all, it’s their job.

Use Tech

New, updated technology can have significant positive impacts on your revenue cycle. With this comes the necessity of proper training, so be sure you’re not skimping in this department. Better software can increase seamlessness and help you keep better tabs on overdue bills, errors, and more.

But this is just the tip of the iceberg. Check out this infographic:

Take control of your revenue cycle

Want outside help? Consider partnering with us as your experienced consultants!