4 Ways to Make Your Revenue Cycle More Predictable for Your Medical Practice
February 6, 2019
In the healthcare landscape, revenue cycle management is something that every practice strives for, but many struggle to achieve. When you are unable to successfully communicate with payers and collect on overdue payments, it’s impossible to get ahead. However, with the right partners and plan on your side, there are numerous simple ways you can make your revenue cycle more predictable.
Stay on Top of Patient Education
Many patients fail to understand insurance benefits and their personal liability for any given service. While that isn’t necessarily your fault, educating your patients about their responsibilities before and after services and procedures is a great way to ensure prompt payment. If a patient knows to expect a $1,000 bill for a procedure at their pre-op appointment a month in advance, they will not get sticker shock when the bill arrives. Your staff should be prepared to help estimate the cost of medical care before a patient arrives and during the visit. Call ahead to verify insurance benefits and coverage. The effort you invest beforehand will pay off in helping make your revenue cycle more predictable.
Utilize Analytics to Get a Clearer Picture
Depending on what practice management software you use, there are different ways to view your revenue cycle analytics and financial data. Analytics give you insight into whether you’re headed in the right direction and where things could improve. Do you experience denials more frequently from one insurance provider? Are there certain codes you struggle to get approval for? Are you properly following up when things are denied? Many practices are surprised to see trends in their approvals, denials and revenue when they utilize analytics for the first time.
Think Like a Business
You went into healthcare to offer patients compassion and help people, which can seem contrary to the concept of operating your practice like a business. However, traditional retailers are able to collect payment without annoying customers by offering a great experience and establishing expectations right off the bat. Ultimately, establishing expectations will not only help make your revenue cycle more predictable but also increase patient satisfaction.
In line with that retail mindset, you should accept multiple methods of payment and make paying as easy and convenient for the patient as possible. If you only accept cash or one type of credit card, you are preventing yourself from collecting payment in a timely fashion. When patients visit your practice, you can make payment part of the registration or check-out process by stationing your payment area in a location where patients will stop by before leaving. That way your first attempt to collect is made before the patient leaves the building.
Improve Your Collections
Even if you are doing everything else promptly, an inability to collect can ruin your revenue cycle. If you are still sending paper invoices after appointments, try collecting payment immediately after the appointment or billing right away. The longer you wait to collect a payment, the lower the chances are that you will collect in a timely fashion – or at all. Partnering with a professional collection service like Alacrity Collections Corporation can be an effective way to increase your rate of collections and make your revenue cycle more predictable.
Partner with Alacrity Collections to Make Your Revenue Cycle More Predictable
Alacrity Collections is proud to be a leader in the collections industry. We achieve great results that are over twice the national average and treat all of our customers with dignity and respect, on social media and offline. We work tirelessly to protect your brand and improve your net returns. To learn more about our offerings and get in touch, please call us at 1-800-752-9663 or set up a phone appointment directly on our representative’s calendar via this link: www.calendly.com/hheemann.