Advanced Revenue Cycle Analytics: An Overview
Every physician-owned practice knows the specific difficulties that they face when it comes to revenue cycle management. Limited resources make revenue cycle management a huge challenge. Because of the strain of keeping up with this, many physician practices have been bought out by larger health systems. Our solution is to use automation software to maximize the efficiency and productivity of a small team of revenue cycle staff.
Make Wise and Minimal Hires
For physician practices, the only direct source of revenue comes from seeing patients. This means that the only staff members who actually bring in direct revenue are providers. Because of this, it is important to use discrepancy when hiring revenue cycle staff. While they don’t actually bring in added revenue, they are a vital part of getting revenue back into your practice.
Making wise hires is important. You need a team of revenue cycle managers, billers, and coders who understand the importance of their job. Their job is to get claims out the door and back again as quickly as possible, and with as little denials as possible. Someone needs to be in charge of a system of checks and balances for your claim denials. If there isn’t a closed-loop denial system in place, your coders will continue to code incorrectly and create more denials, which is just lost revenue.
Here’s the bottom line: Revenue cycle staff is ancillary but critical. The best strategy for physician practices is to keep revenue cycle staff to a minimum number of high quality people.
Use Automation Technology with Real ROI
The other challenge physician practices face is that while reimbursements are flatlining, revenue cycle work is increasing. Keeping a slim revenue cycle team and then loading them up with prior authorizations, denial management, appointment management, negotiating with payers, and more could lead to burnout. You don’t want to cause your team to burnout or turnover too quickly. That only leads to the added costs of rehiring and retraining more staff.
Automation software helps streamline some of those revenue cycle management processes. For example, your coders spend a lot of time making sure each claim submitted is clean and accurate. With software like AccelaSMART, you can build rules that will only flag the claims that include errors. That saves so much time for your coders.
With cash flow tight, it can be difficult to commit to investing in new technology. But when the ROI means that you don’t have to hire more staff, it’s worth it. It is way easier to invest in technology costs than the costs of salary and benefits for new staff. Use the incredible staff that you already have wisely, and streamline their workflows with White Plume.
Here’s the bottom line: Using software to streamline revenue cycle workflows helps you keep a lean and efficient revenue cycle staff, saving you time and money.
We provide our clients with revenue cycle outcomes, not simply software. Schedule a free revenue cycle analysis to see how much you could save with White Plume.