The revenue cycle begins with the scheduling of an appointment and ends with the payment collected for services rendered.
It sounds simple, but there are crucial steps in between that if not performed accurately, may delay payments. And with coding errors, data duplication, or missing information, you may lose revenue that your facility depends on to stay afloat. Implementing efficient revenue cycle management is an invaluable component of your facility’s success.
Coronis Health is composed of the top medical billers in the country pooling their global resources to bring customers the best in medical billing and revenue cycle management. We understand the value of a structured revenue cycle management system, which is key to helping your facility operate more smoothly and optimize your cash flow. Below, we list 5 benefits of effective revenue cycle management in healthcare.
1. Optimize Workflow to Maximize Cash Flow
When you automate your process, you can bring efficiency to the system so payments can be made in a timely manner, while minimizing errors and denials and improving your cash flow. If you utilize an Electronic Health Record (EHR) system, for instance, you can simplify your facility’s workflow. And by improving tasks such as scheduling, coding and billing, and payment processing, you get to achieve a more effective and efficient system that saves you time for non-administrative tasks like caring for your patients, allowing you to do what you do best and meet your revenue goals.
2. Streamline Processes to Lighten the Load
A facility that runs like a well-oiled machine will not only ensure steady collections that make your organization financially viable but also lowers the administrative burden on your staff. An electronic workflow, in particular, can help streamline all system facets, such as coordinating front and back communication, concluding a patient’s journey with timely payments, and eliminating lost paper documentation. This frees up more time for you to focus on delivering quality care.
3. Enhance Patient Experience by Improving Touchpoints
Skilled revenue cycle management professionals and the right technology will contribute to an efficient process that minimizes standard billing and coding errors. This means simplifying the process and improving all the touchpoints involved in the patient experience. This reduces unnecessary stress to your patients, resulting in higher patient satisfaction –which you know is a factor in assessing the quality of care in hospitals. More importantly, patients benefit from improved care as your staff can devote more time to focus on them.
4. Better Claim Scrubbing for Fewer Denials
Denials are the result of payment claim errors. Optimized revenue cycle management brings accuracy to your facility’s system, leaving little room for mistakes. By getting coding right the first time, you get to reduce claim denials and receive your reimbursements faster.
5. Faster Collections Process to Improve Revenue
When you combine the right set of software solutions with automation tools, all the time-consuming tasks such as data collection, insurance verification, and coding will take significantly less time compared to doing them manually. By automating the cycle’s steps, from eligibility checks and payment follow-ups to data charge entry, you are able to expedite the entire process. And when you streamline tasks, you become more efficient and effective as you provide a more straightforward system to your administrative staff and fellow physicians, resulting in faster collections and improved cash flow.
How Coronis Consultants Can Help
Revenue cycle management is every step of the claim lifecycle, and Coronis looks at every portion of your billing process as an opportunity to increase revenue by identifying and then correcting the root cause of any problem. We understand how medical billing and collections are critical to the survival and growth of your facility, and patient collections are becoming a daunting task for your staff. As your consultant, we can work with you to create a process for collecting at the front and back end of the revenue cycle, and even provide staff to take care of collections. We are equipped to help you manage various revenue cycle problems, no matter what you might be facing. Our top revenue cycle management can help your facility find lost revenue, lower your time in AR, close aged payments, and handle collections efficiently.
Coronis Health provides tailored and flexible solutions to meet the needs of your facility. With more than 100 years of combined experience in various niches including hospitals of all sizes, our experienced consultants understand the importance of working down AR. As technological innovators, we utilize the latest software and employ actionable intelligence so we can assist you in getting your AR under control and most importantly, get you paid.
As a devoted healthcare revenue cycle management and medical billing company offering global capabilities and specialized solutions, we can make your workflow and processes more transparent and controllable. Our accurate coding and billing practices along with financial analysis and reporting will lead to your facility’s improved performance. We want to create endless opportunities for your facility and realize your full potential by helping you see how an efficient revenue cycle management process can benefit your facility.
Let’s Work Together To Build the Best Revenue Cycle Management System
Are you ready to increase your revenue, reduce denials, and accelerate your cash flow? Contact Coronis Health to learn more about how our data-driven solutions and consulting services can help optimize your revenue cycle. You may also request your free financial checkup today.