For a hospital to continue providing quality healthcare for its patients, it needs to make profits, and these earnings are dependent on the revenue cycle. The revenue cycle involves several processes, from the time a patient comes in to get treatment, up to the time he is billed, and until he or his insurance provider makes payment for such services. There are instances, however, wherein a hospital faces challenges when it comes to revenue, further stressing the need for decisive action on the part of the management.
Errors in Data Gathering Revenue cycle management often involves pinpointing the cause of lost revenue or potential debt in a hospital. At times, this happens when front line staff make errors when interviewing patients as soon as they enter the facility. They make mistakes in inputting the correct data about a patient’s personal info, contact details, his condition and meds, and others. Errors in patient records in turn translate to errors in billing and collection. Impact of Problems with Billing and Collections Delays in payments from patients can also leave a huge impact on a hospital, and if left unaddressed, this issue can cost the organization hundreds of thousands of dollars per year. Costly errors may even shock patients when they see that their bills have piled up all of a sudden. Revenue cycle management companies explain that, in most cases, the payments are not collected in time because the patient was not informed of his expenses, or was unaware of hospital policies on billing. To correct such issues in patient data gathering as well as billing, you can help your hospital staff stay sharp through adequate training. Staff should taught about the proper use of software or data collection systems. At the same time, they should also be trained to converse properly with every patient, providing them with correct information on your billing process, while still being sensitive to their medical needs. Solutions from Specialists These experts can best explain to you the answer to the question, “What is revenue cycle management?” Furthermore, they can inform you in detail about these issues and their impact on your hospital, its earnings and its ability to continue providing healthcare for patients. Through their expertise, they can tailor an efficient system for your hospital, improving data collections, billing and monitoring of patient info. If you have any concerns about making more profits for your hospital, don’t hesitate to reach out those who have mastered the revenue cycle. They will be your partner in staying true to your mission of serving patients in the best way possible. Sources: Hospital Revenue Cycle Management: 5 Ways to Improve, healthcatalyst.com 5 Most Common Hospital Revenue Cycle Management Challenges, revcyclintelligence.com