|Click here to learn more about how BHM can help you.BHM has a proven success rate in resource improvements. Begin with continuously improving the case review process.
We are all asking ourselves, “How can we do more with less?” One could argue the area for the quickest resource improvement for both payers and providers is case review. Whether physician advisor or peer-to-peer reviews, case reviews connect complex network of care to the equally complex world of reimbursement. Any improvements in the case review processes goes straight to the bottom line.
Providers can see faster payments and payers increase efficienies by including a third party review at these crucial times. Providers are presented with some additional and unique opportunities for improving their revenue cycles. Here are four key targets.
Resource Improvement for Providers
Because many individuals and families are moving to a high-deductible healthcare plan with less co-pays up front, hospitals are seeing a greater lag time between care provided and payment received. It takes time for bills to be sent, followed up on, and balances to be paid by a patient’s check. One way to anticipate this slower payment is by increasing patient communication and clearly defining patient responsibility to repay–and repay on time.
2. Monitor Contracts
It might mean devoting more employee time to the cause, but it’s extremely important that all contracts are monitored to ensure payment is received, claim denials are being managed, and that no revenue streams are falling through the cracks. Proper training and on-going education for billing staff will help catch these slip-ups that allow missed payments to pile up.
3. Estimated Costs
Letting patients know an estimate of what ballpark their suggested care will fall into means patients can better grasp what level of care is within their budgets. So often patients are presented with a bill that is much higher than they may have anticipated, and when unable to pay for their care, they are sent off to collections–which only prolongs the process.
4. More documentation
Making it a priority to document all patient-hospital communication means there can be no gray area–especially when it comes to billing. Record all calls, and include notes each time an interaction happens.
Other Questions About How Hospitals Can Reboot Their Revenue Cycles
However, there are other questions you should be sure to address while thinking about ways hospitals can reboot their revenue cycles.
- Is your payment policy posted and made clear to each patient before care is provided?
- Are there automatic systems in place to remind patients of appointments?
- Is there a process for collecting overdue payments?
- Do you have a portal for online payment?
If you can answer these questions, you’re on the right track to a stronger revenue cycle. Resource Improvement
BHM has a proven success rate in revenue cycle management. Begin with continuously improving the case review process. Click here to learn more about how BHM can help you.