Medical practices are no stranger to financial challenges. Rising operating costs, shifting reimbursement models, unknown healthcare reforms and outstanding balances are just some of the difficulties a hospital or healthcare facility may face on a day-to-day basis. These complications and uncertainties leave healthcare companies feeling pressured to improve their revenue cycle and maximize patient collections.
Asking for money - even when the bill is overdue - is never enjoyable. While it can be unpleasant collecting payment from patients, it is essential for the ongoing success of your practice.
Topics: Revenue Cycle Management, Revenue Cycle Services, Revenue Cycle Solutions
Health care companies have faced some of the biggest shifts in operations, regulations, and general practice in nearly any industry. The changes are coming hard and fast and only the most nimble of organizations have been able to navigate them without much interruption. But, nimble and healthcare are not usually synonymous with each other. Aside of insurance regulation and patient satisfaction, many healthcare organizations are finding themselves struggling with revenue cycle management (RCM).
Topics: Revenue Cycle Management, Revenue Cycle Services, Revenue Cycle Solutions
Are you receiving patient payments in a timely manner – or at all? While revenue cycle management systems streamline the payment process, you may still be struggling to collect amounts due from some of your clients. Post-insurance balances often are owed by patients. Sometimes, legitimate insurance claims are denied because of faulty or incomplete information. Rather than initiate a lengthy collections process with patients, dispute insurance payment denials or (don’t say it) write off bad debt, you can take steps to help close the loop on the patient pay revenue cycle.
If you want an effective health care organization, your revenue cycle solution needs to be trusted, proven, and on-point - all the time. Too many companies have ended in financial ruin because they failed to keep their revenue cycle moving in the right direction.
Topics: Revenue Cycle Solutions
When it comes to using healthcare BPO companies to handle your revenue cycle activities, there are a dozens of positive outcomes and advantages. Unfortunately, there are also many myths and misunderstandings when it comes to hiring a 3rd party revenue cycle vendor.
Topics: Revenue Cycle Solutions
