To maintain a steady income for your health facility, you need to counter the effects that come with cash flow declines as well as changes in margins and the accumulation of bad debts. This may seem challenging, but with a good revenue cycle management plan, you will be able to achieve your goals. Here are a few solutions you can use to improve the revenue cycle management of your hospital:
Utilize an enterprise data warehouse (EDW)
This is an effective solution that helps you identify roadblocks and improve your system. You are also able to mine data for your hospital, something that helps you while making decisions.
Ask for suggestions
Although an EDW system is effective, it is good to get information from your front-line staff. They act as a useful tool to help you see things you may not identify on your own. You can try to find out what roadblocks they think should be eliminated, as well as suggestions for general improvement.
Benchmark your data
You can hardly measure something you don’t manage. For this reason, you need to benchmark your data as this helps you identify areas that need improvement. You will eventually improve your revenue cycle.
Monitor payer contacts
Remember: it is necessary for health facilities like yours to maintain communication with payers. This helps you to understand whether payers are under-reimbursing or presenting claims that may be deemed unreasonable.