Most practices face the challenge of managing their revenue cycle well. With more work, flat reimbursement rates, and staff turnover, it is difficult to break even, let alone increase revenue. Many practices accept that these are their circumstances and just try to get by. However, there are others who have discovered how to not only master managing their own revenue cycle, but offer revenue cycle management as a service to other practices who are struggling.
Be Your Own Catalyst For Change
The trend we have seen among these practices who have turned their revenue cycle into a profit center is that they had a physician increase, either organically or through a merger. These are the practices who couldn’t keep the status quo and survive. They simply couldn’t hire enough new billing staff to keep up with the amount of physicians that they had on staff.
This was the catalyst that made these practices figure out how to think creatively, to use the resources that they already had to improve their revenue cycle. If your practice is able to keep up with the status quo, don’t wait to hit the point where you can’t survive on your own anymore. Resolve today to make the changes within your revenue cycle to improve efficiency, outcomes, and even diversify your revenue.
Use Automation & Analytics to Improve Your Revenue Cycle
Once you have resolved to no longer accept things as they are, you can take real steps to improve your revenue cycle efficiency, productivity, and outcomes. There are two key steps that allow you to do this: automation, and analytics.
Automating your coding processes allows your coding staff to work more efficiently. This is a way better method than continually hiring new coding staff. Throwing more staff at a problem will never fix the problem. Instead, automate on an exception-only basis. If your coders stop reviewing every single encounter and only stop when there’s a problem, this will greatly improve their efficiency. This frees up their time to focus on other revenue cycle tasks.
Analytics allows you to see inside your revenue cycle. Without analytics, you may know that you need to improve your revenue cycle, but you have no idea how. Use analytics to see which coders are most productive and why. Use analytics to figure out what other coding tasks can be automated. Analytics allows your practice to work smarter, not harder, in the revenue cycle.
Set Up an MSO to Diversify Your Revenue
At this point, you have become a pro at managing your own revenue cycle. You have increased your own revenue, and you see that there are many other practices around you who are struggling. Why not set up your own MSO? Use your newfound revenue cycle management prowess to help struggling practices for profit. Top performing practices are already doing this, and the gap between average and successful practices is growing.
For more revenue cycle tips and trends for 2019, view our webinar on-demand.