5 Strategies to Boost Your Revenue Cycle Profitability
March 24, 2021In some hospital areas, such as outpatient, outreach, and ancillary service centers, revenue and profitability suffers when relying on electronic medical records (EMR) systems and enterprise RCM processes.
Why? Using existing EMR technology when handling RCM activity associated with all claims can lead to high-volume, low-value claims being uncollected. Many finance executives see this method as cost-effective; however, RCM team leaders discover firsthand how it affects the hospital’s bottom line.
This eliminates most profit on low-dollar claims and leads to policies of low-dollar threshold write-offs.
In a recent Becker’s Hospital Review-hosted webinar, XiFin subject matter experts discuss how you can turn these write-offs and bad debt into revenue and profit. They presented a five-step recipe for uncovering hidden revenue opportunities and employing process improvement strategies for outpatient-related claims that remove excess costs.
The first strategy centered on automating to improve your clean claim process. Automating and minimizing individual clerical decisions is critical for improving your front-end process and ensuring you achieve clean claims. RCM depends on the physician providing accurate demographics, diagnosis, and insurance information. Missing or inaccurate information leads to front-end errors that prevent claims from being billed. Outpatient revenue can be optimized by using a purpose-built RCM system that includes the following:
One way to improve your clean claim process is using XiFin RPM, a comprehensive, award-winning accounts receivable and financial management solution for diagnostics providers. It optimizes billing and accounts receivable practices, automates billing workflow, and facilitates medical claim filing and cash collections.
Watch the webinar now to gain an in-depth understanding of this and four other strategies that can supercharge your revenue cycle profitability, including:
- Automate to improve your clean claim process
- Enhance your denial management process
- Raise your data IQ
- Complete a compliance review
- Become patient access and physician engagement centric
