Revenue Cycle Best Practices
Maintaining a strong stream of revenue for your practice has always been a delicate balancing act. Wages have not steadily increased at the same rate as inflation, and more and more families are saddled with sky-high consumer debt, and ever-decreasing job opportunities. In this difficult climate, however, there are ways to improve your revenue cycle management. Contact us to learn how.
Any revenue cycle practices you choose should always be based on the size and type of your practice and keeping the communication open between staff and learning to manage revenue as a team is key. Here are some crucial tips that can help you to put some revenue cycle best practices in place.
Track all Your Healthcare Data with Care
You cannot measure what you cannot track. Getting into the habit of tracking all your healthcare data is really the only way to measure success. Identifying where you can improve – and acting on it – will increase profit, provide opportunity for better decision making, and lead to more efficient patient care.
Initiating a top-notch Revenue Cycle Management (RCM) system with intuitive software from Rev-Ignition will enable you to analyze (in real time) clinical, financial, HR, patient data and more. As you mine this wealth of data, you will isolate areas for improvement and your revenue will increase accordingly.
Use Your Frontline Staff as a Valuable Resource
All the data mining in the world is nothing without the human face of your front office. They are your first contact with patients, and they set the tone for your practice. If you set up a culture where all staff feel free to voice concerns, suggest workarounds, and contribute ideas, you will be mining their expertise, gathering valuable data and fostering a positive working environment.
Keep a Close eye on all Payor Contracts
Tracking begins with your frontline staff and your RCM system from Rev-Ignition. All your efforts can be angled toward understanding each contract and being on top of all your billing information. Our software and RCM systems can aid you in smoothly verifying the status of all your patients’ deductible limits, cap thresholds and more.
Monitoring your contracts carefully and communicating with them in plain language terms as to your expectations is vital, and a solid RCM system from Rev-Ignition can make all the difference. As we all move toward the new final regulations for the Medicare Access and CHIP Reauthorization Act, (MACRA) we will all need to track and measure multiple metrics to maintain growth and be compliant with the new laws.
Always Maintain the Human Touch, People do Remember
To reiterate, your frontline staff are your best resource. That first scheduling with a patient is about public relations. A convenient and caring registration is also one that yields correct and complete information. Rev-Ignition can help you construct a well-designed patient portal that will get bills paid on time – in full – increase patients’ satisfaction, and streamline your workflow.
Compete in one of the Greatest Changes in our Health System
The Quality Payment Program (QPP) was designed to improve Medicare but it is also a significant challenge for health practices because of the complex tracking needed to comply. The QPP demands a more sophisticated approach to accounting for patients and their needs. The ability to measure at this granular level is possible when you contact Rev-Ignition today.