If you're a healthcare leader and manage a hospital, a huge responsibility you're tasked with is overseeing the revenue cycle management. The success of this financial process dictates whether or not your hospital will be long-lasting. Here are some tips that can help with RCM to keep your hospital profitable.
To see what RCM strategies and practices are working and what aren't in your hospital, you must first create benchmarks. Only then will you be able to measure these benchmarks effectively and make the necessary changes.
Whatever benchmark you create, it should have a large impact on your hospital and the patients it treats. For example, you can create benchmarks for patient wait times and patient satisfaction scores. Tracking this data month to month lets you see what mistakes are being made. You can then address them, helping patients and allowing your hospital to grow going forward.
Improve Patient Collection Rates
Where a lot of hospitals fail is not putting enough focus on their collection rate. A hospital sees literally hundreds of patients each day and provides them with various complexities of care. As such, it's easy for patients to fall through the cracks and not pay for their services.
Improving collection rate starts with the front-line employees, the people who greet and gather data from patients. Get them in the habit of reminding patients of how much they owe on outstanding balances, ever before they receive treatment. You can also improve collection rates by offering more than one payment option that works for each patient's particular financial situation.
Take Advantage of Automated Outreach Reminders
An integral part of RCM is making sure patients know when their appointments are so that your hospital's time and resources are not wasted. With the ever-growing technological advancements in healthcare, now your hospital can more readily use automated outreach reminders.
They help your hospital operate much more efficiently. For example, instead of having a staff member call a patient to notify them of a follow-up exam or check-up, a program does this automatically. It can do so through emails and texts, or whichever approach that works best for your patients.
As healthcare trends and legislation change from year to year, it's becoming more important to take proactive measures to better your hospital's RCM. Only then can you implement the necessary changes that keep your hospital thriving and improve systems overall for patients. Contact a service, like Digital One World, for more help.