Customer satisfaction and quality patient care are two major priorities for healthcare organizations. To ensure this, it’s important to evaluate patients from a perspective focused on financial, administrative, and clinical. With this perspective, there is greater room for making informed decisions, boosting patient satisfaction, and delivering quicker, accurate payment.
By not focusing on patient care interactions, there are greater odds for only tackling a small portion of everything revenue cycle management (RCM) is capable of. RCM is already complex with the multitude of factors such as clinical reporting that can affect revenue collection efforts. The more time that is spent delivering patient care and payment receipt, the greater the chances of it affecting a hospital negatively.
Per a HIMSS Analytics report, close to eighty percent of hospitals with as little as fifty beds or as many as 500 have stated that denials are a major challenge when dealing with RCM. On top of that, those that utilize more than RCM system also show greater denial rates. Streamlining the RCM process as well as focusing on profitability are key factors to consider for 2019 as hospitals continue to seek modern, effective RCM solutions and fewer denials.
This update is by Medical Accounts Systems, a full-service healthcare revenue cycle management company providing a number of services including insurance follow up and managed care disputes, physician reimbursement, extended business office services, and more. For additional information on our services or for any questions you may have on topics such as medical bill debt collection, please call 877-759-6315.