High denial rates are the canary in the coal mine telling providers that their healthcare revenue cycle system is broken.
How's your revenue canary singing these days? How do your denial rates compare to those of your competitors?
Where payer denial rates once hovered between 9 and 10 percent, the 2022 Change Healthcare Revenue Cycle Denial Index put the average at 12 percent of in-network claims in 2022. These denials range widely with some insurers denying just 2 percent of claims and others denying 49 percent.
Provider denial rates vary by specialty. A MedScape Physician Compensation Report cited in Becker's ASC Reviews lists 27 specialties’ denials rates. The top 8 are:
- Plastic surgery: 28 percent
- Emergency medicine: 22 percent
- Radiology: 20 percent
- Critical care: 20 percent
- General surgery: 19 percent
- Physical medicine and rehabilitation: 19 percent
- Anesthesiology: 19 percent
- Orthopedics: 18 percent
Numbers 26 and 27 on the list are endocrinology and ophthalmology, both with 13 percent denial rates, still historically high. The Becker’s list is incomplete.
If denials are draining your revenue, shoring up more aspects of your revenue cycle could limit these losses. Here, we cover just how you can tighten up front-end, mid-cycle, and back-end workflows to optimize revenue. A streamlined, well-managed revenue cycle system will improve net revenue, cut costs, and even improve patient financial experiences.
Front-End Revenue Cycle Optimization Best Practices
All providers and medical practice leaders strive to provide high-quality care and excellent customer service to their patients from the moment they walk in the door.
The three key revenue cycle players – staff, management, and technology – can work together to provide positive patient experiences while also protecting provider revenue. Use these tips to improve your front-end or patient access processes.
When insufficient staffing pushes patient appointments out, providers risk patient frustration and appointment abandonment. Unfilled slots and lower patient volume diminish revenue. Synergize staff, management, and technology to optimize your scheduling process.
Staff - Issues like patient no-shows are out of staff control, but these tips help staff improve scheduling.
1. Schedule from noon. Healthcare staffing professionals recommend scheduling morning appointments starting from noon backward and afternoon appointments from noon forward. This approach gets the bulk of the day filled up.
2. Prioritize serious medical issues. It’s up to front-office staff to determine whether an in-person, telehealth appointment or phone consultation is the most appropriate intervention. Patients with serious or complicated challenges of course need to be seen. If the patient’s primary doctor is not available, get the patient in with another practice physician.
3. Create a wait list. Stem the outflow of revenue due to patient cancellations with a stored patient wait list. A quick text message prompting patients on the list to call you should they want to take the slot saves you time.
Management - Consider a digital patient self-scheduling program. While some patients are still intimidated to make their own appointments online, many clinics find a portion of patients appreciate the convenience and flexibility.
Particularly for multi-location practices, a standard scheduling protocol can save time and confusion. This standardization may require getting all staff and clinicians involved in scheduling to sit down together to create how patients will be scheduled by specialty. When scheduling templates are inconsistent and vary by provider, administration can become chaotic.
Technology - Particularly when many clinicians are involved, having staff juggle schedules can result in chaos.
A reliable healthcare workforce scheduling program automates centralized scheduling, ensuring standardization across front-line schedulers and facilitating staff requests within the overall workflow.
Automation is crucial in clearly communicating personnel allocation, accommodating last-minute changes, and optimizing staffing through rapid scenario generation and evaluation. Adopting automated scheduling in healthcare improves facility efficiency and compliance with local and federal labor codes, ensuring a balanced workload for medical professionals and maintaining quality patient care.
At the registration point, billing and collections may seem far off, but smart orchestration of the registration process can support net revenue. After all, patient information inaccuracy makes the top 10 reasons for payer denials year after year (and some years the top 5!). The more accurate and complete information obtained at registration, the better chances a clean bill is submitted on the back end.
The majority of healthcare organizations now require pre-service registration.
Staff - When staff gathers accurate and comprehensive information during registration, the workload involved in billing and collection processes drops drastically.
To keep patient information clean, patient registration staff cross-reference patient provided details with the patient’s state ID, driver's license, insurance card, or other official cards. If they resist showing you these documents, remind them that you need the most accurate information to get them their medical updates. Also, explain that the most accurate information ensures their lowest costs.
You should double-check every piece of data you’ve entered as well. A transposed letter or digit can mean the difference between insurance payment and denial.
Finally, don’t forget to double-check the payer’s address as well. Many payers have multiple addresses, and the corporate headquarters isn’t where the bills go. Get the address intended for billing purposes so you avoid delays.
Management - While much of the above may land as common sense, giving staff clear direction on registration protocol helps reinforce your revenue cycle. Healthcare leaders lament that there isn’t sufficient education for provider administrative teams. Practice leaders need to make sure staff is clear on the above points, even if it takes an educational session. Consider these education sessions as investing in the staff.
Tech - Another way to support registration staff is to use an EMR and/or RCM solution with functionality that decreases data entry errors. These solutions may include fields with pre-determined character limits and restricted character types that flag errors before they’re passed onto the next step.
Many organizations have turned to digital registration which captures all patient information in one central location. Most solutions today have user-friendly interfaces that make registration simple.
Still, patients sometimes make mistakes with their own details. For this reason, as mentioned above, it’s best that patient registration staff double-check physical driver’s licenses and insurance cards at check-in.
Because of the healthcare staffing shortage, sometimes providers see patients before eligibility and benefits have even been established. When that happens, claims get denied. The Kaiser Family Foundation found that 14 percent of all payer denials occurred because services provided were actually excluded. That means eligibility had never been established.
Thoroughly verifying insurance and benefits preserves claim reimbursement downstream. When verifying every time before service, staff and management – supported by technology – have a powerful impact on revenue.
Staff - Sometimes patients aren't sure of their eligibility or even if they're in or out of network at your practice. It’s best practice to run patient eligibility checks at least 48 hours before scheduled appointments. Organizations that accept walk-in or emergency patients have more complex tasks to establish eligibility on the spot, leaving patients with longer waits. Still, this step must be taken to preserve revenue integrity.
Finally, try to take a compassionate, understanding approach with patients when establishing eligibility. A patient’s negative financial experience can lead to bad online reviews or a loss of the patient.
Management - As management, your input on how to conduct these sensitive conversations provides staff with the guard rails necessary to complete the task without offending patients. Once again, training and clear protocols are necessary.
Technology - EHR and RCM solutions both offer eligibility and benefits verifications.
In fact, the 2022 CAQH Index report found that electronic verification saves 14 minutes per transaction over manual verification. In total, electronic verification has the potential to save the medical industry $12.8 billion.
Real-time benefits verification collects patient information, applies predefined rules to validate the data, and transmits it to the payer's system. The payer verifies the data and provides confirmation of benefits. The software analyzes and interprets the data to estimate reimbursements for the provider and costs for the patient.
Some RCM tools even come with the functionality to track down coverage for self-pay patients and those who don’t know they have insurance (sometimes Medicare / Medicaid patients). These modules, often termed “insurance discovery” leverage a mix of proprietary data sources, internet search, historical information, and demographic validation to provide undisclosed payers in real-time.
Today’s patients are acting more like consumers when seeking healthcare, comparing provider ratings, and insisting on cost transparency. More want hospitals and clinics to provide upfront and accurate payment estimates prior to receiving medical services. Of course, the No Surprises Act now mandates that healthcare organizations provide self-pay and uninsured patients with good faith estimates.
While this rule does not apply to patients using private insurance, to remain competitive and “patient-centric,” providers should be ready to create patient estimates for these individuals as well. Some healthcare leaders believe it’s only a matter of time before every patient will get an upfront estimate.
Staff - Staff is on the front lines of providing patient cost estimates. If you’re conducting this task manually, it’s an intensive process, involving reviewing payer contracts, patient details, and explanations of benefits. You’re also responsible for letting patients know their payment options and whether they qualify for financial assistance programs.
Staff intervention also impacts revenue during the patient estimate process by determining which patients may have payment issues. Early intervention where you can explain to the patient any financing available ensures the patient gets the care they need while also paying what they owe on a reasonable schedule.
Management - Managers need to make staff aware that patients are now shopping around, looking to maximize their healthcare dollars. Impress upon them that the viability of the organization depends upon staff demonstrating a willingness to explain – early and clearly –- what patients will owe. Here, patient education again can make a big difference in patient satisfaction and net revenue.
Technology - Some revenue cycle management solutions include modules that analyze payer contracts and patient information to generate estimates. These estimates – which include deductibles, copays, and coinsurance – get sent to patients through text, phone, or email. The estimate may include details about payment plans, financial counseling, and links to an online portal for secure deposits.
Automated estimates help providers standardize their pricing transparency efforts, an important step for meeting regulatory requirements.
Mid Revenue Cycle Optimization Best Practices
The middle of the revenue cycle includes “background” tasks like coding and charge capture. As with all front-end revenue cycle tasks, optimizing mid-cycle steps can go a long way in enhancing net revenue.
Staff - There is only one best practice when it comes to coding - get experienced, competent coders or outsource to a third-party vendor with a strong coding reputation. The shortage of healthcare coders has prompted many providers to use vendors that employ off-shore coders to handle this aspect of the revenue cycle. Keep in mind, however, that even the best coders make errors.
Management - As management, you can support staff by creating a standard coding protocol. Following the protocol should minimize errors.
Your staff also needs to feel comfortable talking to clinicians. Encourage them to seek clarification or request additional information from clinicians should they be confused. Normalizing clarification improves coding accuracy.
Technology - The majority of all claims submitted to payers contain errors. Why? The AMA updates ICD and CPT codes yearly (225 new codes, 75 deletions, and 93 revised codes just this year). The majority of providers do not have the budget to keep staff current, and the staff members themselves have little time to update their skills, given an already heavy workload. And overburdened staff makes errors, especially at the end of the day.
When revenue cycle software programs incorporate coding changes into their functionality, providers escape the need to constantly train staff. Instead, the solution flags issues or even automatically enters the correct code. The latest technology handles even complex coding cases. With the right software, you can improve clean claim submission rate and reduce coding-related denials.
Management can also support coding by reviewing all denials. Often, staff make the same error multiple times. With a review of their process and the root cause rectified, you can knock out a significant portion of denied claims.
Revenue loss because of missed charges, often referred to as charge-capture leakage, frustrates revenue cycle managers. While every system is different, missed charges occur most often with:
- secondary procedures
- administration of pharmaceuticals
- interventional cardiology service lines
- complex drugs
Staff - Ensuring accurate charge capture can take a lot of effort. You have to juggle patient care with pursuing clinicians for complete charges. These clinicians sometimes do not understand the importance of knowing and including all charges involved in procedures, leaving you to oversee this step. It may take a manager to educate clinicians that they must take responsibility for including all charges.
Management - Many organizations do not clearly delineate who is responsible for charge capture. This lack can put staff in a tough position should clinicians fall short in including all aspects of care. Creating protocol and standards for all procedures can make the charge capture process less taxing for clinicians (prompting them to do a more complete job). List all charges typically included in each procedure or service and present them as a checklist to staff and clinicians.
Setting up an environment where staff feels comfortable checking with clinicians on charges also helps the organization diminish missed charges.
Take these steps to enhance your charge capture and coding workflows:
- Assess the current charge capture state and identify the underlying issues. Conduct a thorough audit of your workflows, involving people, processes, and technology, and measure important metrics like charge lag, coding accuracy, denial rate, and days in accounts receivable (DAR).
- Compare your performance against industry standards and best practices, and gather feedback from your staff, providers, and payers. Identify areas for improvement, and determine goals and workflows for achieving them.
- Check that proper reimbursement aligns your charge capture and coding workflows with payer policies and regulations. Stay informed about changes in payer contracts, billing rules, coding standards, and compliance requirements. Educate your staff and providers on adhering to these guidelines.
- Finally, verify patient eligibility, authorization, and coverage before providing services to be charged, and submit claims promptly and accurately. Follow up with payers to quickly resolve any issues or disputes.
Technology - Only when the organization accurately records and bills for all services provided can it achieve optimal reimbursement. Charge capture modules in revenue cycle solutions carry out these tasks.
Charge capture technology can assist management, staff, and clinicians by identifying all possible billable services involved in each encounter. It also flags any charges listed incorrectly before the claim is sent to the payer. Flagged bills can go to staff or to a vendor’s charge auditor, both of whom cross-reference billing compliance with the charge description master. Should missed charges become apparent, they can be re-billed either in-house or via the vendor’s team. This technology improves operating margin often by 2 percent to 5 percent over baseline revenue.
Back-End Revenue Cycle Optimization Best Practices
The back-end revenue cycle comprises several components that work together to collect payments. These components include:
Providers keep denials at the lowest possible level when they submit clean claims the first time. Staff, management, and technology all help to achieve claims submissions with the following best practices:
Staff: You know well that it takes analyzing and cross-checking huge amounts of data to submit a claim correctly. A claim can only be clean when patient details collected at registration are accurate, eligibility is verified, any necessary prior authorizations have been submitted and approved, all coding is accurate and charges are captured appropriately. That’s a tall order. Improve your clean claim rate when you first with management that all aspects that come before they claims submission are operating optimally.
Management: You can improve first-time submissions and lower denials when you:
- conduct regular training sessions that cover updates in coding and billing guidelines, payer requirements, and any changes in the claim submission process.
- conduct patient registration and coding accuracy training
- automate claim scrubbing - to identify errors and inconsistencies
- use standardized coding
- review rejected claims to identify common errors and rectify
- monitor and track claim rejections, denials, and appeals
When even the smallest error can get a claim rejected or denied, providers need all the support they can get. Revenue cycle management technology automates claims management. Providers can integrate their electronic health records (EHR) or practice management systems with a claims automation solution that automatically processes claims, verifies patient eligibility, and adjudicates claims with payers. This technology can also catch possible errors staff commits.
Software-led workflows help providers:
- prevent data errors and duplication
- improve accurate patient identification
- track payer policy updates
- assign tasks to the appropriate specialists
- automate batch submissions
- track claim status
All of these tasks speed claim processing and reimbursement.
Revenue cycle managers looking for leakage points appreciate that claims automation systems provide real-time access to key performance indicators (KPIs). These KPIs track the revenue cycle's performance and identify bottlenecks and trends, helping you make informed decisions about faulty claim submission root causes and workflow optimization.
Claim Status Inquiry
Staff - Manual claim monitoring strains your teams. As with most aspects of the revenue cycle, having a standardized claim status inquiry protocol streamlines and speeds this important revenue cycle task.
No matter your protocol, however, manual claims inquiries consume significant time and resources. According to the CAQH study mentioned above, manually checking claims status takes an average of 14 minutes and costs $7.12 per inquiry (and that’s only the cost of labor.) These estimates exclude overhead, transactional costs, and the opportunity costs of diverting staff from higher-value RCM tasks.
Additionally, many claim status inquiries do not yield actionable outcomes. Payers impose limits on the number of inquiries per call, making getting through your list a slog.
Management - Yes, even claims status inquiries should have a documented workflow. Set up meetings with leaders from various departments to ensure your staff is connecting with payers at critical points.
Technology - Claim monitoring software can help providers automate and streamline their RCM process, leading to fewer errors, faster payments, and ultimately, increased revenue.
Claim monitoring software identifies errors early in the claim submission process, reducing the chances of claim denials or rejections. Claim errors arise from data entry mistakes, incorrect coding, and non-covered services. Claim monitoring software reviews claims for these errors and notifies providers of any discrepancies before submissions.
Providers also appreciate claim monitoring software’s ability to optimize workflows by providing real-time feedback on claims. Providers can use this feedback to adjust their workflows and reduce manual processes while staying compliant with regulations as well.
By identifying errors, maximizing reimbursement, optimizing workflows, and staying compliant, providers can increase the number of claims that are paid on time and in full.
Denials and Appeals
With denials hitting the 12 percent level, only a denials prevention program can help providers recover more net revenue.
Staff - When each rejected claim can cost $25 to $40 in staff time to resubmit, you must determine first whether the claim was submitted correctly or with errors or missing documentation. Always appeal denied claims that were submitted correctly.
To improve your organization’s denial rate, urge your office manager to get you a weekly report on denied claims and the reasons behind the denials.
Management - Job one is to institute and maintain a consistent claim review process. Having a consistent denial appeals process helps staff get appeals back to payers quickly and without extra time spent.
Technology - Automated claims monitoring and appeals modules in revenue cycle management solutions show staff exactly where claims are in the payer adjudication process. They send alerts when claims have been approved or denied so staff can act fast. Frequent status updates keep claims staff working efficiently. Providers integrate these modules with claims submission modules and more.
Payment posting is an integral part of the provider revenue cycle, involving many different internal and external stakeholders. Because providers may focus on RCM areas with more revenue recovery potential, they don’t always maintain a robust enough payment posting program.
Payment posting is crucial because if cash is not posted in a timely manner, revenue leakage occurs downstream. These delays affect appeal timeliness, documentation request submissions, and timely secondary billing, all critical aspects of the revenue cycle.
Worse, when cash is not posted correctly, billing errors with patients, clients, account balancing, and follow-up arise. Then, follow-up claims teams are saddled with statusing claims already paid, and patients who have paid on their accounts but have not received proper credit are calling into your back-office asking why their account hasn't been cleared.
Staff - Once you understand explanation of benefits (EOBs) and remittance advice (RAs), you can handle payment posting with confidence. These documents cover the services billed, denied claims, allowed amounts, and reasons for adjustments or denial. Accurate payment posting arises from your ability to grasp these concepts.
You can ensure you conduct payment posting accurately when you:
- Verify payment accuracy: Double-check all payment amounts, including payer information, patient account numbers, and dates of service. Even minor errors can lead to significant discrepancies in financial records.
- Keep fee schedules updated: Maintain current fee schedules for the services provided. This step keeps patient responsibilities accurate so you optimize collections from them.
Management - Managers support consistent payment posting when you encourage regular communication between billing staff, providers, and front-office staff. This approach ensures you get billing-related issues addressed promptly.
Technology - A payment posting solution helps your organization maintain a systematic approach, so you can improve efficiency, reduce errors, and optimize revenue.
Efficient payment posting, either through your own team or a partner, can lead to:
- enhanced profitability - Once payments are posted to patient accounts, you can analyze your revenue cycle for improvement.
- denial prevention - Accurate payment posting helps identify reasons for denials and resolves them to avoid future denials, reinforcing smooth operations.
- streamlined processes - After identifying issues, payment posting technology helps determine whether processes can be added, improved, or removed to enhance revenue.
- denial resolution - Payment posting technology helps identify denials and correctly re-files them, leading to a significant reduction in accounts receivable days.
- accurate claims submissions - Accurate payment posting keeps claims submissions to secondary and tertiary payers accurate, all of which keeps patient satisfaction high.
Staff - As mentioned earlier, payments go far more smoothly when patients understand from their first interaction exactly what their responsibility will be. Patient estimates delivered to patients during pre-service help improve upfront collections.
Management - Encourage your front-end staff to collect all details accurately so there are fewer issues during payment and collections.
Technology - When you have multiple locations and a complex overall system, a patient payment system provides several advantages.
First, a self-service patient payment portal has proven to be a hit with patients. A survey of over 2,500 U.S. consumers, reveals that portals and platforms are catching up to credit cards when it comes to payments for medical care. Nearly one-third (28.9 percent) of patients surveyed in the study used an online portal to pay a medical bill in the past year. Healthcare leaders expect these numbers to grow.
By automating patient payments, providers can reduce administrative burden, freeing up staff time and resources to focus on other important areas of the practice, such as patient care. Of course, through a self-service payment portal, transactions are secure and compliant with industry regulations
Finally, patients view a user-friendly, digital payment solution, as a modern, patient-centric advantage. Medical practices leverage this technology to improve patient retention, referrals, and brand loyalty.
When, from pre- to post-service, payment channels that are centralized and easily accessible, patients associate your practice with simplicity and convenience.
Overall accounts receivable & collections optimization
Now that patients are bearing more responsibility for the cost of care, a new reality has surfaced: providers paying a hefty portion of patient financial responsibility.
It’s easier to get bills owed from payers than from patients.
As, Brian Yeaman, MD, a family physician in Norman, Oklahoma, explains to Change Healthcare, “traditionally, 20 percent to 25 percent of our accounts receivable (A/R) was patient-owed A/R. Now, it’s 40 percent or higher. And that percentage of collections – and thus revenue – is so much harder to get.”
He’s not alone. Linda Glidewell, vice president of consumer payment solutions for Change Healthcare, also explains to Change Healthcare that patients pay three times slower than health plans and it costs twice as much to collect those payments. Providers must stay on top of their accounts receivable to remain viable.
Staff - Clear communication at the outset helps avoid accounts going into aging accounts receivable or write-offs. As mentioned above, patients should be advised of payment policies early on. Creating a patient payment responsibility document up front not only keeps your payment policy transparent, it ensures more net revenue.
There’s almost no other business that bills after all services have been provided. Healthcare organizations are just now switching to creating pre-service estimates and collecting fees up front.
Management - Many practitioners and providers believe that their electronic medical records (EMR) systems effectively handle A/R recovery. However, despite their diligent use of EMR, they constantly find themselves pursuing unpaid bills. They eventually find that their EMR does not provide a robust and comprehensive data source, nor the necessary analytics to derive actionable insights from that data.
EMR systems are structured with numerous separate data silos, whereas having a single universal data source would yield the most accurate results. Moreover, EMRs only offer basic pre-packaged reports, lacking the flexibility for extensive analytics capabilities
The solution here is an AI-driven accounts receivable solution which, by leveraging multiple real-time data points, unleashes the prediction algorithms that accurately predict the recoverability of outstanding claims. These A/R solutions can also create daily work orders that are assigned to team members by prioritization algorithms. Team members can start by working on claims with the highest probability of reimbursement in the shortest amount of time. Too many A/R professionals gravitate to the high dollar claims close to timely filing limits when these may be tough to collect on. An AI-driven A/R solution reveals the various A/R categories, supporting deep analysis across multiple dimensions like payer, facility, denial, and aging categories. Automated status checks help prevent claims from going unworked and aging out, leaving A/R teams free to focus on high-value work and touch more claims.
While your payers may have created your contracts, they don’t always execute them accurately. You are well within your rights to fight for the full reimbursements delineated in their payer contracts.
Research reveals that providers lose one to three percent of their net revenue every year due to underpayments from commercial payers. Proactive contract optimization helps you find and pursue the underpayments that diminish net revenue. Staff, management, and technology all play a role in managing payer contracts and ensuring payers are remitting the maximum reimbursements.
Staff: Start your contract optimization via underpayment recovery by getting clearance to conduct a thorough analysis of your current contracts to understand what services each payor covers, what rates are in place, and if any outlier contracts exist with higher or lower rates. Once you have all the data, you can identify patterns and areas where you could improve negotiation and reimbursement rates.
Management: Find time in the schedule for staff to review contracts. Work with them on standardizing contract terms to create uniformity that alleviates confusion. Make payers' contract language, reimbursement rates, and payment terms should be as similar as possible. By standardizing, you will spend less time creating and negotiating contracts because you’ll work from a template.
Once you have identified areas for improvement and have created standardized contracts with terms that favor your organization, it's time to initiate negotiations. Be sure to do your research and understand the market trends for reimbursement rates. Know your best payers and use their terms to win better terms from less generous payers.
After contracts are signed, watch that your underpayments are declining rather than rising. A lower underpayments rate reveals that payers are paying according to contracted rates. Conduct periodic internal audits which can help you identify and rectify problems before they impact your bottom line.
Technology: Contract management and modeling software supports staff and management in pursuing contract optimization. It tracks and analyzes payer performance to procedure code level to rapidly identify reimbursement opportunities. By digitizing and consolidating contracts, it helps providers benchmark payments against national standards like Medicare. Contract management software also frees your staff for more patient-centric tasks by sending alerts when underpayments occur and when contracts are up for renewal.
Use analytics to understand organization viability and efficiency
Revenue cycle analytics is a data-driven approach used to optimize the financial efficiency of healthcare organizations. It aims to enhance resources, efficiency, and revenue generation. It analyzes data such as patient records, billing information, and clinical documentation to reveal areas where performance can be improved and enhanced. The main goal of revenue cycle analytics is to optimize the financial health of healthcare organizations.
Staff - Revenue cycle analysis is an important tool for healthcare providers to use to improve their financial performance by finding billing mistakes, fixing them, and reducing them. By examining the various processes involved in the revenue cycle, from patient registration and scheduling to claim submission and payment processing, you can identify any areas where errors may be occurring. This allows you to correct the errors and reduce their occurrence in the future.
Because of data analytics, healthcare providers are driving to convert analytics-ready data into business-ready information.
Management - Analytics helps revenue cycle leaders identify revenue leakage, reduce wasteful expenditure, and drive revenue growth. By integrating revenue cycle analytics into their processes, organizations can ensure their financial health is consistently improving without compromising patient care. With revenue cycle analytics, you can determine:
- Important trends: Revenue cycle analytics can identify trends in healthcare data that can help healthcare providers understand the root causes of revenue loss or deficits.
- Accurate patient outcomes: Analyzing patient data can help healthcare providers better understand a patient's health outcome and satisfaction.
- Financial targets: Revenue cycle analytics provides healthcare organizations with actionable insights around future financial targets, allowing providers to make data-driven decisions.
Technology - When selecting revenue cycle analytics software, start by building a list of the problems you are looking to solve and the areas of revenue cycle management you want to improve. Keep in mind, too, that you’ll need a baseline of metrics to measure improvement over time and benchmark against.
Using the appropriate data analytics tools can benefit healthcare organizations in evaluating a patient's financial situation and creating precise estimates and payment plan suggestions. Implementing data-driven technology enables providers to enhance pricing transparency, reduce surprise billing, facilitate patient cost navigation, and improve communication. In fact, you can screen out bankruptcies, Medicaid and charity eligibility ahead of time. Leverage actionable insights to focus on high-value accounts.
Data analytics tools in healthcare not only assist in evaluating a patient's financial situation but also enable accurate estimates and payment plans. Leveraging data-driven technology helps reduce unexpected billing by providing transparent pricing, facilitating patient cost navigation, and improving timely communication.
Optimize your revenue cycle with MD Clarity
With MD Clarity products RevFind and ClarityFlow, you can bring transparency to your revenue cycle, boost your bottom line, and improve the patient experience. RevFind helps you detect, recover, and resolve underpayments efficiently and accurately. It also scrutinizes every payment against contract terms, flagging any discrepancies and potential underpayments automatically. ClarityFlow ensures not only that your patients have 100 percent verification, but that they know their financial responsibilities and can pay upfront via a link to an online payment portal if they choose.
Get a demo to see these products in action.