From treating the sick to administering vaccines, healthcare organizations are tasked with keeping the public safe and healthy. In order for these organizations to be able to serve their patients and communities, a healthy revenue cycle management system is crucial. It is more critical than ever when it comes to navigating economic uncertainty. An effective revenue cycle management team contributes to a controlled and steady revenue stream, saves organizations time and money and improves overall patient experience.
Control the Controllables
In an up-and-down economy, there can be many financial uncertainties. A healthy revenue cycle management team ensures that you can maximize the revenue that you do have control of. While some revenue sources such as state grants or charitable giving may be reduced or put on hold during a recession, patients will continue to seek care when needed. A strong, well equipped revenue cycle management team is able to reduce the number of denied claims and billing errors. This helps maintain steady revenue stream for the organization, and ensures the ability to continue to provide care to patients.
Save Time & Money
The revenue cycle begins as soon as a patient initiates contact with a provider and ends once all payments have been received and processed. A strong revenue cycle management team ensures a smooth transition as patients pass through each step in the cycle. At each point in the process, the revenue cycle management team is there. From collecting patient information to checking billing codes, submitting claims and finally collecting payments, revenue cycle management functions to maximize profits and save hospitals time and money. The smoother the revenue cycle operates, the more revenue the organization produces.
Improve Your Patient Experience
As the cost of healthcare continues to rise and more cost of treatment is put on the patient, healthcare organizations must prioritize patient experience. With thousands of healthcare options, organizations need to differentiate themselves from competitors and create patient loyalty. This is especially true in times of recession when people may choose to forego certain medical procedures or appointments to save money. Even though revenue cycle management is usually considered a “behind the scenes” aspect of the healthcare industry, in reality, patients often spend as much or more time interacting with revenue cycle teams than their provider. When the revenue cycle is functioning efficiently, patients have low stress and consistent experiences whenever they seek care.
Healthy revenue cycle management is crucial, not only during times of economic recession, but also in enabling organizations to create steady revenue flow, save time and money and improve patient experience, fueling long-term stability and growth.
Read our Comprehensive Guide to Outsourcing Revenue Cycle Hiring here.