A strong revenue cycle foundation is important to rebound from the revenue loss and uncertainty caused by the pandemic. We outline six strategies to grow revenue and achieve financial success in the next normal.

Tip 1 - Automate revenue cycle functions

Who likes being hamstrung by labor-intensive tasks when there are critical issues to be taken care of? No one. Yet, it is just what keeps non-clinical staff at hospitals busy. Automating administrative duties that are repetitive and involve long hours of manual labor can be completed at a fraction of the time and cost through automation. For example, instead of manually addressing denials and AR backlogs, a rule-based engine can accelerate the claim-to-cash process.

Tip 2 - Pay attention to payer contracts

Analyzing payer contracts can reveal hidden pockets of untapped revenue. Most medical practices work with multiple insurance companies. Centralizing payer contracts enable healthcare organizations to handle a large volume of contracts. Auditing payer contacts bring to the surface pertinent issues such as an inconsistent reimbursement structure, underpayments and high variance between actual and expected yield.

Tip 3- Develop a financial clearance program

With out-of-pocket expenses on the rise it is essential that healthcare organizations offer assistance and options for patients to clear their bills. Real-time insurance eligibility verification checks to screen and verify coverage information, patient education, and automated patient payment reminders are a few ways to improve patient collections. Instead of looking at short-term fixes, investing in processes and people to manage payments will help hospitals architect a strong financial go-forward plan.

Tip 4- Find a trusted partner

Revenue cycle management is a complex process. Handling it entirely in-house can be a strain on staff. With the ongoing resignation and burnout crisis fazing healthcare, partnering with a vendor can ease administrative burden and put the focus back on patient care. A RCM vendor can fill process gaps and speed up the claims cycle.

Tip 5 - Minimize overall days in AR

The AR management process usually falls by the wayside as it is a lengthy and convoluted process. Run AR reports consistently and check whether aged receivables and collection metrics are trending in the right direction. These two metrics provide an overall glimpse of AR health. Taking proactive steps to reduce AR cycles drastically reduces the chance of leaving money on the table.

Tip 6 - Continuous improvement is table stakes now

To thrive despite numerous reimbursement challenges requires a fresh approach to work. The ‘we’ve always done it this way’ approach is broken. To keep up with ever-evolving demands, it is important to not only implement best practices but make changes at the macro level. Whether it is implementing new technology or processes, gaining organization-wide consensus and thinking out of the box at all levels is the path to better compliance, profitability, and patient care.