3 Tips for Revenue Cycle Solutions
When we think of health what do our thoughts normally turn towards? Losing weight? Eating better? When you think about your business health, what comes to mind? A sustainable budget? Quicker remittance on claims?
Your revenue cycle is the heartbeat of your practice and maintaining its health is vital to keeping your organization running at full speed. When your claims are denied or are held up from being processed quickly and accurately it keeps your business from being effective. So how can you ensure your organization continues to run at full speed?
1. Reduce Denials
With denials rising in frequency every year, it’s important to understand where they are coming from and how they can impact your patient experience. Administrative expenses for hospitals, medical practices, and health agencies are approaching $360 Billion a year – most of which is billing related. As we move further into value-based care and mandated transparency, it’s becoming more important than ever to process claims correctly the first time.
Your front office is the first line of defense in reducing denials. Are they collecting the correct information? Are they processing payments upon check in? Do you have a system that checks for eligibility and estimates coverage up front? These are all helpful steps to ensure your practice isn’t writing off bad debt.
2. Quick Claims Processing
Most healthcare organizations understand the need to get a clean claim through the system as quickly as possible, but if you still relying on manual processes, human error comes into play and can be costly for your practice. Most billing companies can process claims the same day or within 24-48 hours of the office visit. By employing a revenue cycle partner, it ensures that you’re compliant with time-sensitive billing requirements and can follow up on denials and rejections under one dashboard.
3. Positive Patient Financial Experience
Providers that deliver financial transparency are aiming to attract, acquire and retain the loyalty of these patients by providing a seamless financial experience. Without a smooth financial journey, patients are overwhelmed by multiple bills and statements, and are left feeling unclear regarding their financial responsibility.
This is why ImagineSoftware’s revenue cycle solutions work seamlessly together to create a healthy revenue cycle for your practice. When ImagineAITM, ImagineDiscoveryTM and HonorCare® are employed in your office your patients discover that their coverage questions have been answered before their visit begins. You can uncover missing demographic details, find missing insurance coverage, estimate patient responsibility, and offer reasonable payment plans and options to ensure that not only are the bills paid – but your patients feel taken care of long after they’ve left your office.
If you practice needs help caring for your patients, get in touch with us today. We’d love to help you find the custom solution that fits your healthcare billing needs.