Strategies for Revenue Cycle Management Optimization
Strategies for Revenue Cycle Management Optimization
As healthcare providers emerge from the challenges associated with the pandemic, revenue cycle management optimization has become a top priority. Healthcare revenue cycle optimization is imperative for recovery from past year’s drastic effect on the organization’s revenue. With the volume of patients and potential revenues nearing pre-pandemic numbers, the pressure is even greater for healthcare organizations to revamp their processes to ensure a smooth revenue cycle in the future.
There are several ways businesses can optimize for revenue success, but a few impactful key adjustments to the financial management of a practice will go a long way towards reaching peak financial performance goals. Just as many businesses have adapted to what the post-pandemic business model looks like for them, health care providers must also embrace the future of the industry and optimize the revenue cycles for continued growth and success.
What are some of the steps to make this happen?
Front-end Optimization
Optimizing front-end revenue cycle processes can reduce headaches on the backend. The ability to enter the correct insurance, verify accurate demographics for the patient, and collect the patient’s financial responsibility at the front end all reduces rework throughout the revenue cycle, and ultimately reduces potential denials. This can be incredibly tedious. Practices can optimize this process by bringing it into the digital space through client portals, and other platforms suited for patient interaction.
Find a Partner
Revenue cycle management optimization can be a daunting task, especially for smaller healthcare organizations. Physician practices do not always have access to capital, technology, people, and other resources to dive into an end-to-end optimization project. Additionally, rapidly growing organizations may find themselves with a patchwork of revenue cycle processes and technologies that can impede enterprise-wide management.
For some organizations, these can be signs that a partner is needed. Revenue cycle management outsourcing has become increasingly popular as a solution to common revenue cycle challenges, such as slow reimbursement, inefficient workflows, and lack of technology.
Trained billing experts utilize a practice management system and work with your practice to handle complicated billing and coding, to submit cleaner claims and optimize your return on investment.
Outsourcing Revenue Cycle Management services also benefit providers by helping them achieve 99% first pass acceptance rate. Claims tracking and denial management ensure that your claims are coded accurately the first time, helping you bring in more revenue by never letting a denial slip through the cracks.
We are here to help
Alta RCM Solutions provides solutions that meet the needs of practices and providers, without all the extras they don’t require. One of the hurdles that keeps practices from adopting a Revenue Cycle Management partner is the cost and “bundled” style selling of the services.
At Alta, we are pleased to say, “We can do it YOUR way.” We are about solutions that blend with our clients’ systems and provide a financial health audit to get them started in the right direction. As a leader in revenue cycle management right-sized solutions, we are focused on the success of our partners and providers, because their success is our success too.
Are you interested in learning ways to Optimize your Revenue Cycles? Contact us for a free consultation and financial health assessment.