The Accountable Revenue Cycle: Five New Strategies for a Patient-Centric Approach
In addition to being accountable for clinical care, it is essential that provider organizations establish an accountable revenue cycle across the continuum of care. Insurance exchanges, high-deductible plans and expanding patient satisfaction measures all present new challenges for health systems when managing patient financial clearance and self-pay collections. The industry's leading revenue cycle technology solutions can help address these challenges by consolidating data for a more comprehensive, patient-centric approach to patient financial services.
Some key questions to consider: Do you have the tools to accurately estimate patient liability as well as communicate outstanding patient balances? How do you aggregate self-pay patient and guarantors across hospital and physician settings? What information is available to staff to optimize self-pay account follow-up strategies?
In this session, you’ll learn:
- Best practices for consolidating patient financials and improving POS collections across your care network
- Strategies for consolidating self-pay patient account data across hospital and physician settings
- How to use third-party demographic and financial data to support patient interactions
- Tools for proactive financial assistance screening and charity care workflows
Patient Access provides critical real-time analytics information during the patient registration and payment clearance processes. With intuitive dashboards and simple step-by-step checklists, front office staff are able to accurately estimate patient cost, improving pre-service collections and reducing back end denials.
The powerful Population Health analytics tool provides unmatched insight into understanding high-risk patient populations. By aggregating data on costs, quality and efficiency measures across multiple sources, it proactively identifies gaps in care and segments at-risk populations, cutting clinical costs and ensuring viability in a fee-for-quality system.
To ensure your financial viability, you need insight into the revenue cycle so you can boost cash collections, reduce bad debt, stop denials, enhance productivity, and guide business strategy. Business Office provides the analytics you need to identify revenue bottlenecks and manage reimbursement trends so you can focus your resources on what matters most: providing quality patient care.
Healthcare reimbursement is changing. By 2020, fee-for-value reimbursement is projected to represent 83% of your revenue—up from 43% today and 14% in 2010. Clinical operations will become vital to your bottom line. It is at the mid-cycle—the point between patient access and the business office—where improvement initiatives will have the greatest impact. Revenue Integrity gives you complete visibility into documentation and coding performance—and that of your peers. So you can quickly spot opportunities to improve revenue capture, minimize audit risk, and measure and monitor the impact of ICD-10 on your revenue.