By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: How Hospitals Can Improve Revenue Cycle Management
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > How Hospitals Can Improve Revenue Cycle Management
BusinesseHealth

How Hospitals Can Improve Revenue Cycle Management

Rehan Ijaz
Rehan Ijaz
Share
4 Min Read
SHARE

 

Contents
  • Think Holistically
  • Use Key Performance Indicators
  • Collect Patient Portions Upfront
  • Automate Prior Authorizations
  • Thorough Clinical Documentation
  • Final Thoughts

According to researchers at the University of North Carolina, the trend for smaller, rural hospitals closing will continue to increase. Hospitals and medical practices spend a lot of time seeking the best outcomes for their patients, but sometimes they?re not looking as closely at their own financial health. Here are five areas to examine for hospitals hoping to improve their revenue cycle management.

Think Holistically

Just as physicians look at the whole patient, hospitals need to view managing revenue as a continuous process that begins with the first patient contact and ends with the final payment for services. Along with that continuum, there must be collaboration among people who handle getting initial patient information all the way to the personnel responsible for collecting full payment for services on the back-end.

Use Key Performance Indicators

Using key performance indicators helps organization monitor trends, so that adjustments can be made anywhere along the revenue cycle before a trend becomes an irreversible disaster. Experts recommend monitoring five KPIs: net days in accounts receivable, cash collection compared to net revenue from patient services, collection costs, claim denial rates, and final claim denial write-off expenses as part of net revenue from patient services. Using KPIs also means that someone knowledgeable about the entire revenue cycle needs to monitor those indicators in real time.

More Read

Stem Cell Treatment Helps Man With Degenerative Arthritis – Video
What Can Healthcare Learn From Manufacturing?
Are Epiphanies the Key to Fixing Healthcare?
“What we need is more regulation . . . .”
Texas Hospital Won’t Hire Employees With BMI Higher Than 35

Collect Patient Portions Upfront

Patients who don?t pay

or are slow to pay can affect the efficiency of revenue cycle management. Experts suggest collecting as much of the patient?s responsibility for the bill upfront as possible. Two ways to improve this outcome are by providing estimates of total cost and utilizing credit card on-file services. Statistics show that when patients have a better idea of what their treatment will cost, there is more follow through in paying for services.

Automate Prior Authorizations

The increase in insurance providers’ demands for prior authorization before treatment can significantly slow down the revenue cycle, mainly if authorizations are being handled manually. Just automating the process keeps revenue moving through the process without putting additional pressure on case management.

Thorough Clinical Documentation

Treatments, diagnoses, and services provided need to be carefully recorded at the time they occur so that mistakes don?t happen during coding. The more thoroughly this happens, the more clearly it can be spelled out on bills and help reduce claim denials and/or patients refusing to pay.

In the past, many facilities had little connection between the front and back end of the revenue cycle and the clinical care portions where treatment decisions and case notes were recorded. Experts say familiarizing everyone along that revenue cycle with how each phase interacts with the other can increase the profitability of a hospital or medical practice, as well as efficiency

Final Thoughts

According to Medicalubs, for organizations looking to streamline revenue cycle management, even more, there are options out there that can take some of the burdens off your in-house staff. It might be worth considering software solutions or utilizing a medical billing company. No matter which option you choose, know that there are plenty of ways to approach your revenue cycle management and in turn improve your hospital. The sky’s the limit.

TAGGED:health businesshospitalsprofitrevenue
Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

dental care
Importance of Good Dental Care for Health and Confidence
Dental health Specialties
October 2, 2025
AI in Healthcare
AI in Healthcare: Technology is Transforming the Global Landscape
Global Healthcare Policy & Law Technology
October 1, 2025
Choosing the Right Swimwear for Health and Safety
News
September 30, 2025
sports concussions
Concussion In Sports: How Common They Are And What You Need To Know
Infographics
September 28, 2025

You Might also Like

Recommendations for Healthier Organizations in 2013: Data Security

January 9, 2013

Exponential Learning at Exponential Medicine

November 14, 2014

3 Reasons Why Social Networking Is Not a Waste of Time for Health Professionals

May 20, 2011
ED throughput measures Ebola prevention
Health ReformHospital AdministrationPublic Health

Ebola Response: 5 ED Throughput Measures Your ED Needs

October 6, 2014
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?