While it used to be a well-kept secret, now more and more people are talking about revenue cycle solutions and how they have impacted the healthcare industry. Thanks to the Affordable Care Act and more people taking charge of their health, the industry has a greater need for methods and processes that work for us – not against us. They need to be integrated systems that help our days go more smoothly, not just something that is busy work.
So have we finally found something that works? Revenue cycle solutions aim to mitigate some of the problems that physicians, dental offices, and just about anyone that deals with the public in terms of their healthcare. There is no refuting that many people are already making money. However, it is a fact that many people are leaving money behind due to worker error, insurance problems, and patient neglect. This is something that we need to handle as soon as possible, especially with the somewhat foggy future for healthcare at this time.
Revenue cycle solutions aren’t one size fits all – instead, they approach the revenue cycle of each individual practice as a challenge to conquer. Of course, there are overarching schemas and methods in place that have been proven over time to work for just about any office or practice. Still, you are able to work them and mold them into something that will work for you.
Everything from getting in touch with insurance companies, filing, calling patients, authorizations, and scheduling appointments can fall into the revenue cycle – and therefore, there are automated solutions to solve that problem.
So what’s the big fuss about revenue cycle solutions? Here are a few things it approaches in new and exciting ways:
Revenue Cycle Solutions Improve Your Margins
For most people, the most important thing that revenue cycle solutions do is enhance your bottom line. Simply put, you will be collecting more money on a quarterly basis, putting in less time and effort, retaining employees, and drawing in more qualified and skilled employees. All of these factors work together to enable you to get where you want to be in terms of staffing and practice. Over time, you will feel a lessened amount of stress in your office – something everyone will appreciate.
Revenue Cycle Solutions Makes Collections Easier
Of course, collections will make or break your revenue cycle – it is what everything from paychecks to buying new machinery depends upon for most practices. Reliable revenue cycle solutions will regularly include a proven, effective process for collections, an approach that is easy to implement and that they will work for you from the start – but the most important part is that they are easy to change and develop as your practice grows of shifts. Look for a revenue cycle solution that will do that for you – not all are created equally and will be able to do that for you.
The best revenue cycle solutions will include timely reminders, many different payment choices, and always follows best practices for collections. Make sure to do research because this is one of the most important components. If a revenue cycle solution doesn’t make your collections easier than ever, it might not be worth your time.
Revenue Cycle Solutions Make You (And Your Staff) More Productive
If your staff isn’t as productive as you would like them to be, you aren’t alone. Many offices see this, especially in those months where most people would prefer to be anywhere else – namely, May-August and November -January. So basically, half of the year. Your personnel will feel much better at work, of course, because they aren’t bogged down with small things. Your team will be able to spend less time chasing down smaller items like collections, fixing system codes, and getting in touch with patients.
While revenue cycle solutions won’t solve all of your problems there, it can help to kill some of the monotony of the day.
Revenue Cycle Solutions Improves Team Drive
Like mentioned above, your team will feel better and work together better thanks to proper revenue cycle solutions that are effective. When employees feel better, they are more productive and tend to do a much better job. While this isn’t constantly the case, it is something that you notice. Even more, your patients, insurance companies, and anyone else you come into contact with in a day will be more satisfied and in superior moods.
When your staff is happy, everything seems to go much, much better and everyone is more engaged. This may even impact other areas of your office – from call-offs to silly mistakes that can risk your reputation.
Revenue Cycle Solutions Improve Patient Happiness
Probably the most important part of the revenue cycle is the patient, as mentioned above – even if you don’t want to hear it. While they may sometimes cause problems, and make things harder for you, you wouldn’t be anywhere without your patients. When you have a well-formulated revenue cycle solution that ticks all of the boxes, patients will detect the change and be more likely to stick with you. Even more, they are more likely to listen to what you say because they have confidence in you overall.
So, what is the fuss about revenue cycle solutions? They do all of the above and even more – they can completely change your office within just a few weeks. Since many solutions offer free trials or demo periods, it is certainly something that you want to look into – especially if you can customize your solution to fit your needs better.