The way hospitals incorporate revenue cycle into their practice affects the overall prosperity of their organization. Few studies have traced there is some kind of consistency among successful hospitals. Most of these consistency is related to the revenue cycle. Here are the 3 top secrets of the successful hospitals.
YOUR MEDICAL STAFF
Most successful hospitals are aware of the fact that their medical staff influences the functionality of the revenue cycle. Hospitals should take appropriate time to hire the right employees for their company. Hiring managers should put the right skilled that are required by the organization. For attracting and maintaining higher retention rate, successful hospitals offer their medical staff with performance incentives and compensations.
This is not the stop point for high performing hospitals. Your medical staff requires regular training and continuous education on the new reforms introduced in the healthcare industry. Healthcare industries that are embracing the new reforms and regulation at a faster rate. Make your staff competent of fulfilling all the demands of their positions to maintain the competitive edge over other competitors.
Many successful organizations have applied career opportunities that are associated with maintaining the revenue cycle. In case you fill the important vacancies with employees who have less experience can result in high turnover rate.
Build the motivation of your employees by creating promotional opportunities for personnel of revenue cycle. This is the best way to keep your staff motivated for staying with your organization, improving training and keeping in touch with the new reforms and regulations.
CONTINUALLY REVISING PROCESS
Healthcare industry is witnessing continuous change which is resulting in pushing the medical practitioners to revise their process for maintaining the effectiveness and efficiency of their revenue cycle. For successfully maintaining a thriving revenue cycle, you need to push yourself one step further. This one step should be aiming at improving overall patient experience. There is a shift to value care service in the past few year, resulting in making patient’s experience an important part of healthcare service.
You need a formalized structure which should be based on maintaining the efficiency of revenue cycle. This can result in having great impact on consumer’s experience. This includes service collection, front-end processes and charity care.
Medical organizations that are embracing technology are witnessing effective result in their revenue cycle. Improved communication will help in improving your communication and offer decision support. It’s high time for you to realize that investing on technology is not just a simple investment. You have to become much more purposeful while making your selection for investing. Successful healthcare organization knows how to make use of technology for selective processes and omit it in others.
Many hospitals hires medical coding and billing company to save themselves from making heavy investment on technology. They avoid the risk where their technological investment doesn’t compliment with their practice.
CMS almost rejected 26% of claims of which 40% were never even submitted. This in a way means 10% loss of revenue per physician. You need a trained staff, continuous revision of your process and investing in the new technology to make yourself count in the list of successful hospitals. You can even outsource your medical coding and billing part to an agency that have certified coders who are expert in their field and are well trained to operate the new technology for reaping the complete benefits of the technology.