Practices failing to prioritize their revenue cycle may detract from their bottom line.
In an article published in Healthcare Finance, Thom Schildmeyer, vice president of revenue cycle management, strategy and development at Modernizing Medicine, and Tom Schaal, director of product management at Medeanalytics, give key ways to improve RCM processes.
1. Practices should first and foremost get their physicians on board with a practice’s financial aspects, which Mr. Schildmeyer noted may be challenging. Giving physicians the technology to improve RCM practices may be successful in reducing RCM costs.
2. Practices should select technology available for a physician’s specialty to ensure the technology is natural and seamless.
3. Mr. Schaal said a physician’s quality will play a key role in a practice’s success. He said, “Making data meaningful is really where you move the needle. As you draw insights from the data to drive business initiatives and business decisions, that’s where it gets really powerful.”
4. There are many parts of the RCM process where leakage can occur such as patient check-in and billing. Data can help providers locate the leakages and devise strategies to minimize them.