Help You Achieve and Set New Revenue Benchmarks

2. 1. Information Technology Information technology has been enabling healthcare organizations to restructure staffing models, speed up billing process, increase collections and also communicate with patients quickly and efficiently.  It is better that you as a CFO is familiar with your organizational type as this knowledge will help you make a good choice of EHR. An EHR that facilitates easy document and data sharing is essential to improve collections.

3. 2. Operational Budgeting And Forecasting Hospital CFOs are now under immense pressure to contain costs and manage uncertainty. A hospital CFO needs to analyze the productivity metrics of each department and allocate funds accordingly. If you choose to have an in-house medical billing team it’s better to use a performance analytics system, that way a CFO can decide on the allocation of budget to each department and mitigate revenue stream risks.

4. 3. Streamlining patient access functions Revenue cycle intelligence mentions in an article that according to a TransUnion report 68% of patients with medical bills of 500$ or less did not pay their bills in full in the year 2016 The organization only ends up spending more money on AR and AR staff to collect moneythat they may or may not receive. They could use scheduling software to send reminders to their patients about upcoming appointments, collect patient information and check for insurance information using an eligibility management software.

5. 4. Improving physician productivity The valued based reimbursement model has drastically changed physician compensation models. Exploring ways to measure and improve physician productivity is the need of the hour. Running periodical physician productivity reports will result in improved revenue. Running periodical physician productivity reports will result in improved revenue.

6. 5. Implementing a collections module This tracking tool can be integrated into your hospital’s information system. It can also help you achieve and set benchmarks. The productivity reports will also serve as a springboard to develop future physician compensation models. A data analysis and decision support tool that tracked the number of new patient visits, number of established patient visits, visit times and work RVUs of individual physicians enabled the organization to improve physician productivity.

7. 6. Outdated Fee Schedule It is essential to audit fee schedules periodically to avoid underpayments.  Keeping your fee schedule updated can prevent loss of revenue. Reviewing fee schedules regularly will help you ensure that your billed charges are higher than your allowed amounts. As payments come under the scanner of federal agencies it is vital to revisit fee schedules to avoid inconsistent payments, penalty risks, and underpayments.

8. 7. Coding Audits it’s important that physicians employ certified and trained coders as part of their billing team. There are third-party organizations that can do this for you. After teaming up with a third party medical coding audit provider they realized that their medical coding team was repeatedly coding external injury codes as primary codes. The extensive audit also brought to the surface several underlying coding issues.

9. 8. Achieving economies of scale by RCM Experience in processing claims through the hospitals EHR A complete flawless RCM workflow Automation tools to capture data from the healthcare organization’s EHRand assigning it to the right teams (AR and denials). Analytics platform which offers day to day RCM reports. Must be experienced in handling revenue management solutions to various specialties. The revenue cycle management company should be compliant with HIPAA regulations.

10. 9. Billing vendors not meeting the SLAs CFOs cannot just relax after handing over their hospital’s billing process to third-party billing vendors It is important that practice owners check for adherence to SLAs by their billing vendor. A vendor who does not meet his SLAs can land the practice in trouble as a result of the poor billing process. Using a software that can offer visibility into every part of the billing process can ensure safety and control for CFOs.

11. 10. Losing acommon thread with RCM vendors  If every team or group working towards a specific but different goal, the organization’s success will be a question mark. This can not only can serve up to date information to all teams concerned but also help the CFO keep track of the healthcare organization’s performance. There is smart task management software around that serve as a bridge between the CFO and their revenue cycle team. Users can assign tasks, raise tickets, resolve queries and manage events, within the software. It is a wise decision to invest in one.

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