The healthcare revenue cycle is made up of several important steps that all work together to increase cash flow within a medical practice. There are a couple of statistics that demonstrate several key points within the revenue cycle.
- According to an article by the AAFP, over 50% of denied claims never get reworked. That is a huge amount of money that leaks out of the revenue cycle, so denial management is important to ensuring you get the maximum amount of revenue.
- As the consumerization of healthcare increases, it’s important to note that 65% of patients would switch providers for a better payment experience. To keep from losing patients and ultimately revenue, make the payment experience as positive for patients as possible.
- 73% of providers report that it takes one month or longer to collect from patients. As high-deductible healthcare plans increase, checking patient eligibility before they go in for their exam will prevent headaches later on.