CLOSE

Specials

I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

healthcarebusinessreview
US
EUROPE
APAC

About us

  • Home
  • Contributors
  • News
  • Conferences
  • Newsletter
  • Magazine
×
#

Healthcare Business Review Weekly Brief

Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Healthcare Business Review

Subscribe

loading

Thank you for Subscribing to Healthcare Business Review Weekly Brief

  • Home
  • News

Recommended picks

Must-Have Features of An Effective Healthcare Compliance Plan

Useful Tips to Boost Your Mental Health

Uses Of Internet Of Things (Iot) In The Veterinary Industry

Crankfrog, A National Payer Advisory Firm, Has Joined The Chartis Group

Populus Media Introduces HCP Reach Offering Through Partnership With Telerayvertica;

How Pharmacy Management System Turned A Boon For The Medical Industry

What is the Future of Healthcare Supply chain?

Top Cybersecurity Challenges Faced In Healthcare Sector

Must-Have Features of An Effective Healthcare Compliance Plan

Useful Tips to Boost Your Mental Health

Uses Of Internet Of Things (Iot) In The Veterinary Industry

Crankfrog, A National Payer Advisory Firm, Has Joined The Chartis Group

Populus Media Introduces HCP Reach Offering Through Partnership With Telerayvertica;

How Pharmacy Management System Turned A Boon For The Medical Industry

What is the Future of Healthcare Supply chain?

Top Cybersecurity Challenges Faced In Healthcare Sector

Enhancing Healthcare Revenue Cycle Efficiency

Healthcare Business Review | Tuesday, December 01, 2020
Tweet

FREMONT, CA: Manual processes can no longer keep up with the increasing complexity of healthcare revenue cycle efficiency, especially as organizations continue to grow. Healthcare provider organizations must achieve revenue cycle efficiency to ensure that providers are paid promptly. For larger organizations with multiple service locations, achieving revenue cycle efficiency is a significant challenge. To remain financially healthy in the changing healthcare landscape providers must prioritize revenue cycle efficiency.


The key strategies to increase healthcare revenue cycle are:


Automation


Technology and healthcare go hand-in-hand. Providers are using a wide range of technologies to deliver innovative care to patients and document patient encounters. But for many providers, the revenue cycle is still manual, paper-based. Automation of the revenue cycle will significantly reduce the administrative burden, streamline revenue cycle workflows and decrease human error and labor costs. Providers must invest in revenue cycle management technologies that integrate into established workflows and legacy systems if otherwise, it will be an obstacle for collecting revenue reimbursement.


Prevention of Backend Challenges


Experts estimate that the majority of claim denials are preventable if providers take necessary steps to prevent claim denials and backend challenges.


Improving front end processes can assist providers to avoid common errors that lead to claim denials, underpayments, and other backend problems. For instance, incorrect patient demographic information or missing information can lead to claim denials. Automating frontend workflows can effectively prevent these claim issues.


Providers and healthcare employees forced in spending more time on non-clinical administrative activities are an added burden. Automating prior authorizations can help in verification, patient registration, and other frontend workflows to enhance revenue cycle efficiency. Technology promises that employees collect the necessary information for the backend. This will free up staff to focus on tasks that can boost revenue.


Price Transparency and Patient Billing


The rise in patient financial responsibility can retard the revenue cycle as providers wait for care receivers to pay their medical bills. Realigning revenue cycle workflow with the new patient reality can help increase efficiency. Giving price estimates before point-of-service, offering convenient payment options, and automating medical billing is primary to collect quickly from care receivers. Getting price and collection information before care delivery can facilitate faster and more manageable payment.


Revenue cycle efficiency becomes more challenging as the healthcare industry evolves, and at the same time, patients demand new skills from revenue cycle leaders. Using technology to skyrocket revenue cycle speed can aid providers to adapt to the evolving industry.


Weekly Brief

loading
> <
  • Healthcare Facilities Management 2022

    Top Vendors

    Current Issue
  • Healthcare Bpo 2022

    Top Vendors

    Current Issue
  • Veterinary Solution 2022

    Top Vendors

    Current Issue
  • Healthcare Executive Search 2022

    Top Vendors

    Current Issue

Read Also

Five Healthcare Marketing Trends to Watch out for in 2022

Five Healthcare Marketing Trends to Watch out for in 2022

Solv Demonstrates its Commitment to Healthcare Price Transparency with ClearPrice Launch

Solv Demonstrates its Commitment to Healthcare Price Transparency with ClearPrice Launch

Key Medication Management Challenges Facing Healthcare Administrators

Key Medication Management Challenges Facing Healthcare Administrators

Key Trends Transforming the Facets of the Medical Device Industry

Key Trends Transforming the Facets of the Medical Device Industry
Key Challenges Healthcare Supply Chains Faced during the Pandemic?

Key Challenges Healthcare Supply Chains Faced during the Pandemic?

Overjet Obtains U.S. Patent for its Revolutionary AI Technology Enabling Accurate Measurements on Dental X-rays

Overjet Obtains U.S. Patent for its Revolutionary AI Technology Enabling Accurate Measurements on Dental X-rays

Must-Have Features of An Effective Healthcare Compliance Plan

Must-Have Features of An Effective Healthcare Compliance Plan

Effective Tips to Improve Mental Health

Effective Tips to Improve Mental Health
Loading...

Copyright © 2022 Healthcare Business Review . All rights reserved. |  Subscribe follow on linkedin

This content is copyright protected

However, if you would like to share the information in this article, you may use the link below:

https://www.healthcarebusinessreview.com/news/enhancing-healthcare-revenue-cycle-efficiency-nwid-21.html