Healthcare providers have shifted their focus to elevating patient engagement and streamlining internal operations. When it comes to increasing your practice’s profitability, practices must not only facilitate innovative care but also streamline their RCM workflows.
In order to achieve these goals, we wanted to provide you with some advice, so that your practice can support growing demand with a more streamlined experience for patients and admins.
1. Choose the Right RCM Workflow Management Software
Make sure your RCM and Billing software is tailored to your needs and helps you minimize mistakes and can alert you when errors are made. You should also utilize a platform that features integrated Business Intelligence and Analytics tools that provide you with key insights that influence informed decisions as well as track productivity metrics.
It is important that your business uses a system that features interactive reporting modules that make it easy for your staff to manage appeals, denials, exceptions and payments. With a simplified ledger and customizable reporting data filters, your business will be better able to pinpoint issues with AR and efficiently fix any problems with your RCM processes.
2. Eliminate Manual Processes
High level automation makes revenue cycle management simpler for your staff and easier for your patients, but if your employees are constantly logging into a payor’s website or calling insurance companies for patient information, your business is wasting time and losing money.
In order to substantially increase productivity, be sure to utilize a billing software that features automated insurance verification and eligibility processes, so that all of your patients’ important information regarding demographics, insurance, contacts, etc. are kept up to date for follow ups and other billing claim data.
3. Minimize Time in Accounts Receivable (AR)
Ensure that aging AR and denied claims are being proactively reviewed and processed. If not, claims will lose their chance to be submitted and appeal packets will be rushed. That is why comprehensive, easy-to-use dashboards are critical in order to help maximize your RCM as well as avoid preventable errors, omitted information, and expensive denials.
4. Patient Payments Must Account for Patient Preferences
While your business may already have the ability to process patient payments in various formats, you should also prepare to initiate payment plans that accommodate your patients if they are unable to pay their entire bill at once.
Make sure your software has a payment processor functionality that allows your patients to easily access their accounts and schedule personal payment plans all from the convenience of their mobile device. By offering your patients preferred, flexible options, you can stabilize cash flow as well as improve patient retention.
5. Support Your RCM Workflows with Raintree
All of these features and more are possible with Raintree. We want to make sure you are best informed about what your RCM software needs in order for you to take full control of your business operations.
If you are interested in learning more about Raintree’s RCM, Billing and Collections solutions, reach out today!
