Revenue Cycle Management. What does it really mean? In a nutshell, it means taking the right steps to assure that you get paid for what you provide and that you get paid on-time.
As a member of the healthcare industry, you may already be aware that the revenue cycle starts when the patient calls your office for an appointment, and your staff captures the patient's name and contact information. And the cycle officially ends when the balance on their account is zero.
So how can you strive for “zero”?
Here are a few ways to improve your healthcare organization’s’ financial management:
- Offer a Variety of Payment Plan Options. Unpaid medical bills can arise when patients don't understand the statement, or owe more than they originally anticipated. Offering payment plans can help in this department. Think about it: When patients know what to expect, they are more likely to pay. Maintaining a card on file can also prevent bills from going unpaid.
- Ask for Payment Upfront. An inefficient collections process can stall efforts to streamline revenue cycle management. Enhancing upfront collections practices can prevent medical bills from ever going past due in the first place. So be sure to train staff members to better communicate financial obligations to patients in advance. Additionally, by giving patients user-friendly tools to pay before they even come in for treatment, you also can improve upfront payment.
- Aim for Increased Patient Engagement. This is more important than ever before. Many revenue cycle tools can help a provider increase engagement.
Collecting on past due balances and Early Out requires the kind of wealth of industry knowledge that only comes from years of experience within the healthcare payments space. BillingTree offers a unique opportunity for providers to expand their online billing solutions and payment footprint with their hospital and physician accounts. Contact us today for details.