Bolstering Revenue Cycle Management (RCM) is the Holy Grail of goals for all healthcare providers today.
According to MedData, 83% of practices with less than five physicians named slow payment by patients with high-deductible plans as their biggest collection challenge. This was followed closely by difficulty in communicating with patients about their payment obligations (81%).
Solutions Are Available
There’s a host of other complicated factors, as well. It’s clear that strengthening RCM capabilities is a powerful way that healthcare providers can increase collections, including those from insurance providers, government entities, and the patients themselves.
Some RCM solutions include capturing insurance coverage at the benefit level. Another is to pre-validate patients and their insurance providers for services that are considered “high-end.”
Helping Patients Pay
Another solution is to set up a program that will help patients pay. One example of a way to do this is to give a patient a clear idea of how much their recommended procedure will cost before they opt-in. If a patient can plan better, he or she can pay better.
Powerful RCM software can help determine how capable a prospective patient is likely to be in terms of paying. A software provider can offer patient analytic systems that can classify accounts for optimal payment ability. Each patient can be rated on a “propensity to pay” scale.
Simple Solutions, Powerful Results
Some RCM solutions seem simpler, but they produce results. An example is to standardize and automate the registration process. The data clearly shows that streamlining registration will eliminate revenue cycle errors.
Another huge factor for RCM solutions is what a healthcare provider is all about in the first place – doctors treating patients. The ability to unburden physicians as much as possible from EHR tasks is effective in increasing revenue. When doctors spend less time coding, they make fewer errors and they can treat more patients.
Firms such as GeBBS Healthcare Solutions have powerful RCM solutions for healthcare providers that can bolster the profit bottom line.
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