{"id":1528,"date":"2019-03-15T09:28:49","date_gmt":"2019-03-15T16:28:49","guid":{"rendered":"https:\/\/ascentblog.org\/?p=1528"},"modified":"2019-03-22T13:52:37","modified_gmt":"2019-03-22T20:52:37","slug":"increasing-health-care-revenue-efficiency","status":"publish","type":"post","link":"https:\/\/ascentblog.org\/increasing-health-care-revenue-efficiency\/","title":{"rendered":"Increasing Health Care Revenue Efficiency"},"content":{"rendered":"\n<p>Health\ncare revenue is complex, involving a variety of components from patient access\nand registration to medical billing and coding. Ensuring your providers get\npaid quickly and accurately is dependent upon an efficient health care revenue\ncycle. But achieving this proves difficult to many providers, especially those\nwith larger facilities spread out over multiple locations. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Prioritizing\nRevenue Cycle Efficiency<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ascentblog.org\/wp-content\/uploads\/2019\/03\/cash-money-copy.jpg\" alt=\"Man holding a fan of cash\" class=\"wp-image-1529\" width=\"465\" height=\"310\" srcset=\"https:\/\/ascentblog.org\/wp-content\/uploads\/2019\/03\/cash-money-copy.jpg 600w, https:\/\/ascentblog.org\/wp-content\/uploads\/2019\/03\/cash-money-copy-300x200.jpg 300w\" sizes=\"auto, (max-width: 465px) 100vw, 465px\" \/><\/figure><\/div>\n\n\n\n<p>Many\nof the trends in health care today make it difficult for providers to remain\nfinancially healthy. With more of an emphasis on patient financial\nresponsibility and a move toward value-based purchasing, providers are\nincreasingly relying on payers and plans for reimbursement \u2013 and those are\noften closely linked to their clinical and financial performance. It\u2019s no\nwonder operating losses per physician rose to 17.5 percent of net revenue in\n2017 \u2013 a statistic that drives home the importance of prioritizing revenue\ncycle efficiency in order to remain fiscally healthy. <\/p>\n\n\n\n<p>Strategies\nthat can help you accomplish this include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Automation. <\/strong>Experts point\nto automation as the key in streamlining the revenue cycle process and\nimproving productivity and efficiency. With an emphasis on technology in the\nhealth care sector, automation is a natural fit \u2013 yet many providers stubbornly\nrely on paper-based systems (31 percent, according to results of a recent <a href=\"https:\/\/revcycleintelligence.com\/news\/31-of-providers-still-use-manual-claims-denial-management\">survey<\/a>. Switching to automated claims management processes for work such\nas prior authorizations, claim submissions, and claim payments would save\nproviders $8.5 billion annually, according to the Council for Affordable\nQuality Healthcare, and would greatly reduce the administrative burden on\nhealth care professionals, leading to reductions in human error and labor\ncosts. Integration with legacy systems and their EHR data would go a long way\ntoward achieving this. <\/li><li><strong>Front end\nprocesses.<\/strong>\nExperts believe nine out of 10 claim denials are preventable \u2013 yet hospitals\nand health care systems are writing off 90 percent more of these claims as\nuncollectable compared to six years ago. This could largely be avoided by\nmaking an effort to improve front end processes that result in many of the\ncommon errors that lead to claim denials and other backend issues. Implementing\nautomation can reduce a number of common errors that lead payers to deny\nclaims, such as missing or incomplete patient information, prior authorizations\nand verification of benefits. <\/li><li><strong>Price\ntransparency. <\/strong>With the burden of health care costs increasing falling on the\npatient, it\u2019s important to ensure your pricing is as clear as possible in order\nto improve collection rates. Tactics include providing cost estimates of\nservices in advance, offering convenient payment options, and automating the\nmedical billing process. Taking these steps facilitates faster revenue\ncollection and makes it easier for the patient to understand up front what\ntheir financial responsibility will be. <\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Health care revenue is complex, involving a variety of components from patient access and registration to medical billing and coding. Ensuring your providers get paid quickly and accurately is dependent upon an efficient health care revenue cycle. But achieving this proves difficult to many providers, especially those with larger facilities spread out over multiple locations&#8230;.<\/p>\n","protected":false},"author":3,"featured_media":1529,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"schema":"","placeID":"","no_match":false,"name":"","company":"","review":"","address":"","city":"","state":"","zip":"","lat":"","lng":"","phone1":"","phone2":"","fax":"","mon1":"","mon2":"","tue1":"","tue2":"","wed1":"","wed2":"","thu1":"","thu2":"","fri1":"","fri2":"","sat1":"","sat2":"","sun1":"","sun2":"","hours-note":"","footnotes":""},"categories":[6],"tags":[],"class_list":["post-1528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-practice-advice"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Increasing Health Care Revenue Efficiency | ASCENT: Administrator Support Community for ENT<\/title>\n<meta name=\"description\" content=\"ASCENT: Administrator Support Community for ENT | Health care revenue is complex, involving a variety of components from patient access and registration to medical billing and coding. 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