4 Tips for Finding Overlooked Revenue Sources in Healthcare

At the Becker's Hospital Review Annual Meeting in Chicago May 10, Vince Pryor, CFO of Edward Hospital in Naperville, Ill., and Bruce Shapiro, senior vice president of operations at The CCS Companies, parent company of CCS Revenue Cycle Management, discussed commonly overlooked revenue sources.

"I don't think you can go into a revenue cycle and not find at least 1 or 2 percent," Mr. Pryor said. "There's always something you can work on."

The session, which was moderated by Scott Christiansen, president of CCO Healthcare Partners, offered the following tips:

•    Separate days in accounts receivable into different categories to gain a better understanding of what comprises A/R.

•    Ensure the front-end is staffed with skilled people who can effectively collect information and payment upfront.

•    Consider automated voice messaging for appointment reminders, marketing and payment reminders.

•    Consider partnering with companies to help manage the revenue cycle and maximize collections. Mr. Shapiro said organizations should define success and establish expectations when looking for a revenue cycle management company.

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