We often associate a doctor’s bedside manner with patient satisfaction, but rarely do we consider the day-to-day business operations and the role those play in your patients’ lives. However, when you optimize your accounts receivable department to best manage your revenue cycle, you’re not only doing your hospital a favor, but you’re helping your patients by reducing risk of billing errors and other inconsistencies that lead to patient dissatisfaction.
Revenue Cycle Efficiency
With the many changes to health plans, like much higher deductibles, many patients are finding themselves responsible for much larger portions of their medical bills. With the self-pay segment growing, it’s important to focus on revenue cycle efficiencies that help address that. For example, segmenting your self-pay books by pure self-pay and post-insurance self-pay can help you identify patients that require additional education on financial responsibilities.
Technology is always changing: upgrading, solving more complex problems, and allowing for more opportunity. And while not every tech will be right for your hospital, don’t be afraid to implement new technologies that will help you streamline your A/R department. For example, hospitals with a large network of facilities, labs, individual practices, and clinics should integrate their financial systems to allow information to flow fluidly from one to another. This saves patients time in filling out insurance paperwork and can allow billing to be more accurate across the network, leaving patients happier.
Pre-Registration and Kiosks
Sometimes, patients simply want to do things themselves. Allowing opportunities for patients to pre-register before their first appointment via an online web form can cut down their wait times, especially on a first visit. Additionally, self-service kiosks that allow patients to check themselves in have been shown to reduce patient waiting time by up to 75 percent. This technology also allows for smoother interactions in the back that can allow your staff to spend more time doing other tasks than simply welcoming patients.
Workflow is important to making your accounts receivable department more efficient. In some cases, working with a partner to make self-pay easier for both your hospital and for your patients is the best solution. Contact HCM today to learn how we can help your revenue cycle management.