Missed charges can result in lost revenue. Poof! Your revenue can seemingly vanish into thin air. This is a problem that is easy to acknowledge as well as understand the direct negative results that stem from missing charges. However, there are many other factors in revenue cycles that aren't as easy to spot or measure effectively. These factors include, but aren't limited to, extended days to bill, kickbacks, improper coding, under coding, and FTE costs. With the healthcare industry shifting towards value-based care, there have been numerous challenges that have made maintaining a proper revenue cycle very difficult, a topic that four CFOs weighed in on recently.
Implementing a rock solid charge capture and revenue cycle process can help remedy all of these issues, saving time, money, and allowing for more resources to be allocated towards improving patient care and outcomes. To elaborate further, there are three key areas to focus on when looking to positively impact revenue cycles and maximize revenue.
Capture Charges at the Point-of-Care
In the childhood game of telephone, the last player always has the worst information. In healthcare, the situation can be quite similar. The doctor who just walked away from a bedside has the best chance to properly provide the most accurate clinical data, but it can become somewhat jumbled as that information is moved around. Providers need to be given the best tools to capture charges at the point of care, that way the information is as accurate and relevant as possible. A solid charge capture or revenue cycle management system can allow a doctor to create a charge in a few clicks and have built in tools that create or automatically populate patients. These systems would ideally allow for exact ICD-10 code refinement and the ability to communicate with hospital and billing data systems. All of this helps to ensure a more seamless workflow.
Track and Minimize Time-to-Bill During Revenue Cycles
Highly successful revenue cycles are optimized. For example, having a process in place to track dates-of-service and the amount of time for a charge to be submitted from that date-of-service is a good way to help maximize a revenue cycle. The data gathered can then be turned around and used to remove any potential roadblocks and set up incentives to minimize time-to-bill and accelerate revenue.
Create an Iron Clad Reconciliation Process
The overall goal of any revenue cycle process is to ensure all services are being recorded accurately and reimbursed properly. In order to maximize revenue, there can be no missed or incorrect charges. That's definitely easier said than done. Establishing an effective reconciliation process isn't an easy task. With that being said, there are tools and strategies that allow such tasks to be accomplished with quality and precision. Start with locking down a way to cross reference care given alongside any charges that are submitted. This will allow any missing charges to be accounted for and all charges to be checked for accuracy and totality. Using the data from Medical Documentation and ADT (Admit/Discharge/Transfer) feeds to reconcile all charges comes highly recommended, as it can greatly reduce FTE costs for billers who are reviewing documentation.
At MediMobile, we've managed to overcome this particular obstacle through our personalized solution. If you'd like to see how we can help with reconciliation, you can request an online demo.
Maintaining a Successful Revenue Cycle System
Creating, maintaining, and advancing revenue cycle systems is no small task. It requires alignment within the organization and mandates strict standards be met in an efficient manner. While there are certainly challenges that come with such territory, there are also many solutions to help aid in the process. Aspects such as having the ability to capture charges at the point-of-care, tracking and minimizing time-to-bill, and having a solid reconciliation process in place all have a large role in maximizing revenue throughout the duration of the revenue cycle. Without such features available, doctors and hospitals run the risk of creating more unnecessary labor for themselves and missing out on vital data and revenue.