Tips for Improving Healthcare Revenue Cycle Management
Providers in the healthcare arena spend more time and money on billing and collecting than any other industry today. With constant changes in the economy, technology, and insurance plans, keeping up the pace with revenue cycle management can be an overwhelming task. At StrongBox, our proprietary software can help practice owners increase their medical and dental (M/D) revenue cycle management. As a result, our clients increase their bottom line while enjoying a less stress and a more efficient workflow. Today, we’ll take a look at some common challenges in the field of M/D revenue cycle management and explore ways to address them.
Common Challenges in Healthcare Revenue Cycle Management
As regulations constantly change, revenue cycle management is becoming more complex. In fact, this process encompasses nearly every aspect of a healthcare practice. Below, we will explore a few of the most common challenges facing practice owners today:
- Minimizing cost: While M/D revenue cycle management costs continue to rise, payment per claim is dwindling.
- Optimizing performance: With rising costs and declining reimbursement, practices need to capture every single dollar that is earned.
- Integration: As more healthcare practices become technologically dependent, it can be difficult to ensure that all programs perform seamlessly in conjunction with one another.
- Business intelligence: If practice owners are not effectively analyzing data, business may suffer. Access to sophisticated information can drive business and increase your return on investment (ROI).
- Direct patient payment: As health insurance costs rise, this has never been more important.
- Value-based reimbursement: Times are changing. Fee-for-service modules are being upgraded to allow for value-based reimbursement.
- Employee recruitment and retention: High skilled employees are more difficult to retain and they are in higher demand. Meanwhile, when you pay lower salaries, the workers may not be as experienced. Therefore, it is becoming increasingly difficult to attain and keep reliable talent.
Four Keys to Effective Healthcare Revenue Cycle Management
There are many pillars to successful M/D revenue cycle management. Here, we will discuss the top four:
- Information: Successful revenue cycle management begins at the door. The moment a patient arrives to your practice, your team should collect all relevant data, including insurance information. This will have a tremendous positive impact on efficiency and profits.
- People: It is important to employ individuals who are fluent in healthcare coding, billing, compliance, collections, customer service, and more.
- Process: Organized information is the primary key to successful revenue cycle management. This complex process involves AR processing, claims submission, data collection, and automation, among other things. When proper guidelines are set in place and followed, you will yield results.
- Technology: Today’s technology allows the healthcare team to perform revenue cycle management tasks with much greater speed and accuracy. This helps ensure quality information is gathered consistently.
How StrongBox Can Help
At StrongBox, we partner with professionals who are experts in their field. This helps us identify and address the most common needs within the industry today. M/D revenue cycle management software from StrongBox can help you reduce bad debt expense, enhance your workflow, and increase your return on investment.
Contact StrongBox Today
If you would like to learn more about StrongBox and discover how our software can bring positive changes to your medical or dental practice, request a free demo. You can also call us at our Boca Raton, FL office at 855-468-7876.