Major changes to the way healthcare facilities engage in revenue cycle management means leaders need to understand the many different aspects to this portion of their business. As RevCycleIntelligence said, revenue cycle management is making a major shift thanks to the ongoing industrywide switch from fee-for-service care to value-based care.
"Healthcare is constantly changing so maintaining financial stability is challenging…," said Neerav Jadeja, administrator at Paradise Valley Hospital, to RevCycleIntelligence. "We are always looking to ensure we are reimbursed for the services we provide and to improve our communication with our payers on claims to ensure financial stability and balance our large charitable care contributions."
Claims reimbursement, issues related to ICD-10 coding and other concerns all have to be considered to be successful in revenue cycle management. However, RevCycleIntelligence said collecting patient payments before they arrive at the facility or at the point of service directly after receiving care is a critical aspect that can't be overlooked. Without strong management of payments patients are directly responsible for, revenue cycle management becomes more difficult and serious financial problems can arise. What can health care providers do to ensure a higher rate of collection at the point of service?
"Our clients realize significant reductions in their accounts receivable - 18 percent on average."
Patient Payment Solutions That Work
When healthcare providers ignore the preferences of their patients, they're reducing their ability to take payments. Handling patients who don't want to or can't pay their bills on time is complicated enough . Don't make it even harder on yourself by missing out on the ones who can. Your facility needs to understand how using advanced payment solutions will make the payment process easier and more efficient.
Accepting a wide range of payments at the point of service gives you a wider range of patients who have a payment method your facility accepts. Providing these options is a relatively minor process in terms of implementation costs and labor, but it pays off on a daily basis thereafter. Our own clients realize significant reductions in their accounts receivable - 18 percent on average - after moving to a more comprehensive approach.