Organizations Need to Take Their Revenue Cycle Operations to the Next Level
Posted on Tuesday, December 27, 2016 7:13 PM
Providers need to focus on revenue cycle optimization by continually looking for ways to improve revenue cycle efficiency, reduce error and decrease the overall cost to collect.
In order to enable current financial success, providers must focus on improving revenue cycle performance to help organizations prepare for what’s to come. For example, physician practices need to make sure their revenue cycles are in order with effective processes across the board.
The following best practices could potentially help organizations take their revenue cycle operations to the next level:
• Reinforce patient collections
• Expedite accurate claims submission
• Leverage data
In order to maximize staff’s time and make sure all aspects of the revenue cycle are working together, this requires constant work in progress with a focus on leveraging automation. Organizations could potentially set themselves up for success by choosing to leverage data and focus on improving patient payment and payer reimbursement.
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