Revenue Cycle Management (RCM) is a financial process used by emergency departments and other healthcare facilities to track episodes of patient care. This includes everything from initial registration to the procedure and healthcare services, to the final payment of the balance.
Having an effective RCM solution can streamline both the clinical and business sides of healthcare. A good RCM solution can save time, as the process automates a lot of administrative tasks for the practice: informing payers of existing balances, interacting with insurance providers, and so much more.
For ER departments to know how to make the most of their Revenue Cycle Management solution, below we’ve listed the Top 3 Steps to improve their RCM solution’s functionality and streamline the practice’s operations.
Let’s dive into the details!
#1. Offering Structured Payment Plans
Not everyone can afford to pay the full hospital bill at once, but have to set it on a payment plan with their credit card or insurance provider. Structured payment plans are a simple solution for emergency departments that want to simplify payments.
With the structured payment plans, hospitals can set up ways to work directly with credit card companies, insurers, and banks to simplify the process—i.e., a fixed amount charged to the card every month for a specific period.
It can speed up the process of payments and make it easier for patients to pay for services without having to try to “figure it out”.
#2. Know Your Numbers
It’s vital that you take the time to analyze clinical and financial data you collect on a monthly basis. When you analyze the data, you can identify trends that are affecting your revenue cycle. You’ll be able to pinpoint the areas that need improvement.
Perhaps you’re experiencing a loss of revenue in a certain sector or with a specific payment plan structure. By looking at the data, you will be able to find the problem areas and take steps to prevent further losses or obstacles to a smooth revenue cycle.
What sort of data should you analyze?
- Procedure Count
- Visit Count
- Payment Methods
- Adjustments (for insurance, CC companies)
- Turnaround Times
All of this data will provide you with the information needed to evaluate the effectiveness of your current business practices. Not only will this help you to understand how your assets have been used to date, but you’ll be able to make smarter choices for your ED’s future.
By digging into your numbers and really understanding them, you’ll identify the areas that need changes or updates.
#3. Offering Online Bill Pay
This is another way to streamline the RCM process. Many payments are conducted online, so it makes sense to allow your customers to pay the way they feel most comfortable.
You may be thinking, “I know most millennials and Gen Xers will make payments online, but what about the older generations (which often make up most ED clients)? Are they comfortable with the online bill pay?”
The good news is that even older generations are getting comfortable with modern technology. While 47% of millennials will make payments online, Gen Xers actually lead the way, with 49% of them using online payment portals. Even Baby Boomers aren’t far behind, at 44% willing to set up online bill pay.
The beauty of online bill pay is that it’s beautifully easy to set up, and it allows for a much easier payment process. The RCM solution can send out the paper bills and connect to the payment portal of the customer’s choice. It’s a good way to streamline the payment process for your clients’ sake.
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start an emergency department medical practice - 6 easy steps
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Awareness of your practice’s financial health will help determine just how profitable your practice can be. The team at DuvaSawko knows what it takes to be a successful Emergency Department practice.