3 Tips for Making Your Revenue Cycle Efficient

Posted by Dawn Lunde on Thu, Jun 30, 2016 @ 08:00 PM

Making the right decisions about revenue cycle management helps healthcare providers grow.
Making the right decisions about revenue cycle management helps healthcare providers grow.

The revenue cycle is of utmost concern to executives and leaders of healthcare facilities. An efficient revenue cycle means low accounts receivable, speedy receipt of patient payment and few complications, all of which make a provider more agile and responsive in terms of operational changes and growth. However, as RevCycleIntelligence pointed out, effective management of the revenue cycle has proven elusive in the current healthcare climate. The good news is there are specific areas providers can focus on to improve outcomes and gain control over patient payments and related concerns. Here are three tips for making your revenue cycle very efficient:

"An average of 30 percent of patient payments arrive through self-service online portals."

1. Modernize the Billing Process
According to RevCycleIntelligence, making it convenient for patients to pay bills is important in building a leaner, more efficient revenue cycle. Part of the benefit comes from simply giving patients options as it appeals to their preferences. This gives them a degree of control over how they settle their medical bills. Statistics from our clients show paying online is a common choice among visitors to a variety of healthcare facilities, with an average of 30 percent of total patient payments received through the self-service online portal. This is just one example of how incorporating advanced payment solutions can make significant and positive changes.

2. Use Recurring Payment Plans
Not all patients can pay their bills in full on time. For those who do fall under into this circumstance, healthcare executive's goal is to have these paid in the least number of payments. Using recurring payment plans, pre-authorized plans linking to cards or bank accounts allow organizations to reach that goal. This strategy is convenient because it automates the process and ensures revenue by automatically charging the desired account.

3. Keep an Eye on the Future
The development of technology associated with general healthcare, patient payments in particular, moves quickly. RevCycleIntelligence highlighted the importance of maintaining a forward-facing perspective on change and development. Having a regular plan for assessment and improvement keeps healthcare providers in the best position to grow. Leaders and executives should recognize the gains they make in terms of improving the revenue cycle while also looking for new ways to improve.

Tags: Revenue Cycle Management

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  • "We have so much more information available to us with SBP than with our previous service. It's offering our patients more flexibility, and happier patients are much more pleasant for our Billing Office to deal with."

    - Kurt A.
    Revenue Cycle Manager
    National Imaging Center
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    - Kathleen J.
    Central Business Office Manager
    Multi-Hospital & Clinic Health System
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    - Terry M.
    Practice Administrator
    Orthopedic Spine Surgery Group
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    - Beth M.
    VP Revenue Cycle
    Large University Health System
  • "Before Secure Bill Pay, online bill pay only accounted for one percent of our payments. After just six months of using Secure Bill Pay’s no-login solution, that number reached 10 percent."
    - Jen R.
    Finance Manager
    Large Ophthalmology Practice
  • “The nice part about Secure Bill Pay is the breadth of tools available to manage the entire patient pay process. But the best part is the outcomes we’ve seen, including year-over-year double-digit increases in patient pay revenue that are not wholly due to industry or volume changes.”

    "The integration with our PM/EMR software is simply icing on the cake."

    - Steve M.
    Director of Business Services
    Large Integrated Health System
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    Business Office Supervisor
    Inpatient & Outpatient Psychiatric Facility
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    Large Nephrology Practice
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    Business Office Manager
    Dematology Practice
  • "It is easy to talk about a product and service we are totally happy with!"
    - Cheryl M.
    Practice Manager
    Mid-size Ophthalmology Practice
  • "We're impressed. Thank you for not being afraid of any question we may ask and answering it in a straightforward manner. This gives us more confidence."
    - Grant E.
    Revenue Cycle Manager
    Large Dermatology Clinic
  • "Secure Bill Pay  is a much more efficient option for collecting patient payments... It is a forward thinking approach for healthcare revenue. Dynamics have switched where we all need to think and act like a business versus a service."

    - Julie H.
    Director of Business Services
    Large Physician Group

     

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