How communications can help revenue cycle management

Jun 30, 2015 | Hospital Finance Efficiency

The Healthcare Financial Management Association's Patient Friendly Billing Project is an initiative that was launched to help direct decision makers at health care facilities like hospitals, clinics, private practices and medical centers maximize the value of revenue cycles. In a paper titled "Strategies for a High-Performance Revenue Cycle," the association identified six different categories to effect positive change in hospital finance management. One of those categories was communication, and the source suggested considering making the following changes at your facility:

  • Drive a positive scheduling/registration experience. From the outset, patients should notice an ease and convenience of requesting, scheduling and obtaining care from medical professionals. With less red tape on the front end, individuals will feel empowered throughout the process without getting lost in a maze of bureaucracy. 
  • Provide estimates of financial obligations. On this blog, we've discussed cost comparison tools and other methods of boosting transparency throughout the billing cycle. The more a patient knows up front about his or her financial responsibility, the better prepared the patient will be to address payments later on. 
  • Promote financial assistance. There are a host of public resources available to help citizens afford health care needs and the Patient Friendly Billing Project suggests that care facilities work hard to connect patients with the assistance they need to afford care. From disseminating literature to counseling patients through the finances of their treatments and procedures, the patient base will be more informed about options. 
  • Support clear and simple billing and collections materials. The easier to understand a collection method is, the easier it is to integrate into a typical personal finance structure. 

When care facilities outsource receivables management, they reduce the burden of administrators to address a high volume and backlog of claims. Contact Professional Medical Services today to learn more about how our solutions can help your facility run efficiently.