As health care costs have risen, one of the biggest criticisms of medical facilities has been a lack of transparency about cost. As a result, new cost-comparison tools from insurance companies and networks of providers have aimed to illuminate the real price of treatments and procedures.
In Healthcare Finance News, Henry Powderly says these new platforms can create tension in the revenue cycle. On one hand, hospitals and practices want to provide as much information as possible to patients. On the other, more transparency makes it more difficult for some decision makers to justify price increases, which may be necessary.
One of the best ways to improve your revenue cycle is to outsource receivables management. This alleviates the burden on administrative offices and allows administrators to focus on the most high-priority claims.