The Importance of Effective Healthcare Revenue Cycle Management
While treating patients is the highest priority for all healthcare providers, the importance of effective healthcare revenue cycle management should not be underestimated. Whether saving lives or carrying out routine procedures, medical practices, doctors’ offices, and hospitals of all sizes and types must develop a successful process to make sure the financial health of their organization, especially in today’s highly competitive healthcare marketplace where patients have a wide choice of medical providers.
Healthcare revenue cycle management is the process used to manage clinical and administrative functions that are linked to payment, claims processing, and generation of revenue, encompassing the management, collection, and identification of all patient service revenues. Unfortunately, it is one element of supplying healthcare services that takes up a lot of staff time. It cannot be overlooked without an effective process in place, or healthcare organizations will eventually be unable to survive financially. A lack of regular cash flow will mean, eventually, any practice that fails to handle this element of its business properly will have to close its doors to patients. This is clearly something that all healthcare organizations wish to avoid.
The Increasing Popularity of Healthcare Revenue Cycle Management Solutions
Evidence from recent studies has shown that investment in healthcare revenue cycle management solutions is becoming more prevalent, and it is predicted the amount that will be spent on this type of service will reach more than $7 billion by the year 2020. BillingTree’s healthcare revenue cycle management solutions represent a cost-effective and tried-and-tested solution to the problem of maintaining cash flow, having been implemented thousands of times across the healthcare industry with great success.
By automating many of the common problems that occur in healthcare revenue cycle management, BillingTree’s solutions enable healthcare providers to focus on their area of specialty rather than devoting staff time to searching for outstanding money and dealing with all the complexities of the revenue cycle. By taking the most onerous and time-consuming tasks out of employees’ hands, BillingTree allows practices to maximize their revenue while smoothing patient-provider relationships for a more positive experience all around.
Embracing Technology for A More Effective Management of The Healthcare Revenue Cycle
BillingTree’s solutions harness the latest cutting-edge advances in technology with the result that its payment systems are innovatively designed to cope with the needs of 21st-century medical practices. By seamlessly facilitating provider-payer interactions, BillingTree’s solutions ensure that patients are able to make payments via the method of their choice and at the time and place of their choice without having to jump through hoops or use methods that they would not normally employ. By accepting ACH, HSA, FSA, and credit card payments, healthcare providers ensure patients are more willing and able to pay the right amount at the right time. Because the online portal and telephone IVR service is also available 24 hours a day, seven days a week, patients no longer have to wait until office hours to make their payments, thus improving the provider’s revenue collection procedure.
Maintaining compliance with current regulations is essential, especially in the healthcare arena. However, when adopting BillingTree’s healthcare revenue cycle management solutions, providers can be confident they are choosing a service that is not only HIPAA-compliant but is also SSAE-16- and PCI-certified for complete peace of mind. Not only can patients be confident that their payments will be secure, healthcare providers themselves can rest assured that they are operating within the confines of the law.
Automation for A Streamlined Approach
Streamlining of healthcare revenue cycle management services not only frees up employees to handle other more pressing matters and improves patient-provider relationships, but also ensures the practice is ready to face the challenges of the 21st century. Thanks to BillingTree’s dynamic code base, it’s possible to adapt to future coding changes for maximization of revenue while the centralized reporting facility ensures a more comprehensive approach to revenue collection so medical practices are able to focus on what they do best – supplying quality healthcare services. Also, as BillingTree’s healthcare collections solutionsensure real-time authorization of payments, there is no more waiting for checks to clear or payments to be received in the mail, ensuring better cash flow and faster receipt of money owed.
BillingTree’s innovative approach to healthcare revenue cycle management makes the entire process of receiving amounts owed from patients much easier to manage, ensuring practitioners are able to streamline their processes for a more cost-effective way of handling patient payments. A high-quality and convenient alternative to traditional ways of receiving payment and dealing with the revenue cycle, BillingTree’s solutions represent the perfect way to speed up cash flow without increasing the workload of the employees.
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