7 strategies to transform your revenue cycle
TRANSCRIPT
The healthcare landscape is changing with the times—can your existing processes support the new normal?
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You know the old saying about change, right?
It’s the only constant in life.
Healthcare has been going through a lot of change over the last several years
The passage of the Affordable Care Act
The development of health care exchanges
The transition to value-based payment models
The rise of consumerism
7 STRATEGIES TO TRANSFORM YOUR REVENUE CYCLE
When change happens this quickly, you need to ask…
Does the way I manage my revenue cycle reflect where the industry is moving? Or where it once was?
Our eBook, 7 Strategies to Transform Your Revenue Cycle, offers ideas on what you can do to manage a changing healthcare environment. Download it now
7 STRATEGIES TO TRANSFORM YOUR REVENUE CYCLE
ONE Track Yield as a Metric Tracking yield provides an indicator of how your revenue cycle processes are contributing to the overall financial performance of your organization.
TWO Understand and Address Denials Preventing denials requires a dedicated effort. Start by focusing on:
• Where the denial originated • Why it was denied • How you will address it
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7 STRATEGIES TO TRANSFORM YOUR REVENUE CYCLE
THREE
Streamline and improve the patient access processes, including:
• Admission and registration • Eligibility and benefits • Pre-authorization • Point-of-service collections
7 STRATEGIES TO TRANSFORM YOUR REVENUE CYCLE
Focus on Upfront Processes
FOUR Make sure your infrastructure supports:
• Automated back-end functionality • Access to real-time data • Mobile and digital technology
Integrate and Automate Systems
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7 STRATEGIES TO TRANSFORM YOUR REVENUE CYCLE
FIVE Engage and Educate Patients Helping patients understand what they owe and why can streamline collections.
7 STRATEGIES TO TRANSFORM YOUR REVENUE CYCLE
Just 14% of survey respondents accurately understood the concepts of deductible, co-pay, co-insurance and out-of-pocket maximum.
SIX Collect More Upfront Implement programs that make it easier for your staff to collect from patients at the point of service.
SEVEN Commit to Ongoing Staff Training
Launching a new program? Or process? Or technology? Make sure your staff has the skills necessary to successfully handle required tasks.
Download 7 Strategies to Transform Your Revenue Cycle And change the way you think about healthcare.
© 2016 Availity, LLC