Why Effective Revenue Cycle Management is Critical for Success

Posted by Dawn Lunde on Tue, Jul 19, 2016 @ 08:30 AM

Healthcare facilities need to accept a range of payments to positively influence revenue cycle management.
Healthcare facilities need to accept a range of payments to positively influence revenue cycle management.

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.

Tags: Revenue Cycle Management

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Testimonials

  • "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
  • "The staff at Secure Bill Pay have been an excellent revenue cycle partner in assisting us with setting up our processes, helping us review and analyze our results and identify opportunities at our various locations. They partner with us to identify new solutions and services as we have grown. The reliability for payment processing has been very good and our requests for Customer Support are handled very timely and thoroughly."
    - Kathleen J.
    Central Business Office Manager
    Multi-Hospital & Clinic Health System
  • "Our volume of patient credit/debit card payments increased by 44% in the first month of the service compared to that same month a year prior (with the same patient volume). We attribute that to now having online bill pay and better ability to collect at the POS for all of our locations [where we had not been before], even the outreach sites!"
    - Terry M.
    Practice Administrator
    Orthopedic Spine Surgery Group
  • “I’ve been shocked with the success of the online bill paying program... Patients come to us in acute health care situations. Bill paying is not their highest priority. We didn’t expect so many patients to use Secure Bill Pay so quickly, but the statistics speak for themselves.”
    - 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
  • "Senior Management is thrilled with the numbers coming through due to our implementation of Secure Bill Pay."
    - Kim W.
    Business Office Supervisor
    Inpatient & Outpatient Psychiatric Facility
  • "The system was received with open arms at each clinic. All had a few questions at first, but as you said, it was simple to get comfortable."
    - Sue C.
    Practice Manager
    Large Nephrology Practice
  • "Secure Bill Pay has streamlined our credit card process. It has been beneficial from a processing end to a storage and search of record end. Certainly saves us time!"
    - Jackie F.
    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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