Communication is key when it comes to revenue cycle management

Although technology might seem like the solution to solve any revenue cycle challenge, hospital leaders should first focus on improving communication.

During a session at Becker's 5th Annual Health IT + Revenue Cycle Conference, Oct. 9-12, panelists gathered to discuss the how hospitals can use technology and transparency to improve patients' experience with payments. The panel featured: 

  • David Kelly, director of revenue cycle at Premier Physician Network and Premier Health Partners. 
  • Kristine Monus, administrative director of finance, physician and continuum care revenue cycle at ProMedica Health System. 
  • Ashley Allen, vice president of solution strategy at Waystar. 
  • LaToya McGhee, vice president of business operations at Boncura Health Solutions. 

Here are three takeaways: 

1. One way to bring more efficiency to the revenue cycle is to get everyone involved, from the front, middle and back end of the revenue cycle process. With everyone hearing each other, hospitals could reduce a significant percentage of denials. 

2. Hospitals should consider automating their revenue cycle. Payers are ahead of providers when it comes to technology. Machine learning can be leveraged to stay on the same level as payers. 

3. Patients are often very confused when they receive their bills. To improve the patient experience within the revenue cycle, hospitals should consider building a contract management within their EHRs. This would show patients price estimations and create an open communication model when it comes to patients and the price of their healthcare. 

More articles on healthcare finance: 

10 hospitals seeking RCM talent
Analysis: New York's surprise-billing solution is causing healthcare costs to climb
Missouri hospital's finances dragged by unpaid patient debt

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