Maintaining a successful revenue cycle in today’s healthcare environment is no easy task. With so much on the line, healthcare organizations are on high alert for new ways to optimize their revenue and reduce costs.
In order for healthcare revenue cycle teams to be successful in 2022, there needs to be a big focus on small staff. Even as the industry advances technologically and patients become increasingly savvy about their healthcare options, it is more important than ever that healthcare organizations stay ahead of the curve and maintain a successful revenue cycle. This means having a lean and mean revenue cycle team that can quickly adapt to change while providing quality service to patients.
With the right strategies in place, organizations can ensure a successful future in healthcare revenue cycle management. In this blog post, we’ll explore some of the key trends that will shape the revenue cycle in 2022 and beyond, and how small staff sizes could be a major factor in success.
Efficiency is Key – Eliminating Repetitive Tasks and Leveraging Minimal Staff
Staffing shortages continue to be a detriment to the healthcare industry, and revenue cycle teams are no exception. In fact, healthcare is the second largest industry hit by the Great Resignation. With increasingly high attrition rates, it is imperative that revenue cycle teams change the way they work.
In the last year alone, automation in revenue cycle operations jumped from 66% to 78% throughout health systems. Ditching manual processes and moving to an automated solution will take revenue collection to the next level.
Is an automated solution truly worth the ROI?
A robust patient financial engagement platform enables healthcare organizations to automate workflows, offer beneficial financial services and entice patients to pay their bills faster. Improving the financial experience for patients and healthcare organizations provides the additional insight, features, and revenue needed to maintain a profitable business.
Streamlining Revenue Cycle Processes to Give Staff the Relief They Need
A financial engagement solution that can be integrated into existing operations allows revenue cycle teams to relegate many of the more time-consuming aspects to an electronic system. In other words, the seemingly small tasks and paperwork responsibilities that front office staff would normally be required to complete – and which add up quickly in both time and cost – can be done automatically.
The integration of a financial engagement solution can help healthcare organizations achieve less operational cost and downtime. Significant workflow improvements come from eliminating the need for time-consuming tasks for both patients and staff. With this type of solution in place, most of the answers to patients’ common billing questions can be found in the portal. Now less time is spent by staff responding to customer service calls, allowing them to focus on more value-added tasks.
Additionally, this significantly reduces or eliminates the need for staff to take time seeking out patients to collect payment – with automated reminders and clear access to patient balances, the portal takes care of that for you.
When revenue cycle teams are free of these manual tasks, they can shift their focus to making lasting impacts on the patient experience.
Maintain a Successful Revenue Cycle with Higher Levels of Resilience and Reliability
A streamlined payment system allows for ease of reconciliation for the provider. With automated tools in place, your organization can enjoy improved cash flow, reduced billing costs, simplified and accurate refund posting, and significantly less paperwork.
Learn how we helped Bingham Memorial Hospital collect payments more seamlessly and reconcile balances automatically in our free case study.