5 Proven Strategies to Improve Patient Engagement and Revenue Cycle Efficiency

Digital Marketing

It is a strange paradox. As the healthcare industry transitions to profitable, integrated business models, the revenue cycle for medical practices has become more fragmented and costly.

Cutbacks in payer reimbursement, dramatic increases in consumer payments, and regulatory changes are challenging traditional and outdated approaches to revenue cycle management. According to a survey conducted by PwC, one in two Americans rate hospitals poorly for affordability of services and price transparency.

To survive in the New Health Economy, care providers must focus on patient care. But there are bills to pay to keep the lights on! Fortunately, a healthy revenue cycle and good patient care no longer have to be mutually exclusive terms. There are ways to build a strong and sustainable revenue cycle while continuing to focus on patient care. Here are five ways healthcare organizations can maintain success in the consumer-driven healthcare environment.

5 ways you can increase patient engagement and revenue cycle efficiency in your medical practice!

1. One in four claims are denied due to insurance eligibility errors and incomplete information.

  • Discuss insurance details, coverage limitations, and treatment options with your patients before your appointment. Maintaining a friendly relationship with patients will allow you to collect accurate eligibility information.

St. Luke’s Hospital was able to increase charges by calling patients in advance of their visit and discussing price estimates. This system has helped the hospital educate patients about their financial responsibility and has increased net collections.

two. Improve the patient billing experience. Straight out of a can, patient statements and sporadic follow-up calls won’t work. Engaging patients financially is vital in the post-reform climate. High deductible health plans pose a major challenge for care providers. Explain the patient billing process and payment options. before care begins and makes the transaction as simple as possible.

  • Create patient statements that are unified. Translate complex codes into simple language
  • Add financial details outside of the episode of care, such as copays and deductibles
  • Discuss the financial responsibility of patients for high-value, pre-scheduled procedures.
  • Provide payment options according to the convenience of patients. Offer various payment options, such as net banking, check, credit card or Internet banking.
  • Offer different payment plans and educate patients about it
  • Create a financial assistance policy and collaborative process based on your patient’s needs

3. Tired of managing absences? According to MGMA, medical practices experience an annual absentee rate of 5-8%. With an average of $150 per appointment, the amount of dollars lost can add up to thousands each year.

  • Shoot mail or talk to patients during their next appointment about how inconvenient absences are. Case in point.
  • A group of physicians, based in Minnesota, was struggling with no-shows and inefficiencies in appointment scheduling. A personal email from the provider to the patients, who did not show up, worked. The physician group was able to decrease absences and significantly increase patient volume.
  • Remaining mailings reduce no-show rates by up to 36%says a study in the Internet Journal of Healthcare.
  • Some medical practices reward patients who show up on time and offer a small discount also. By making known small rewards to patientshealthcare organizations can not only reduce the number of no-shows, but also create a loyal patient base.

Four. Do you know that the possibility of charging drops to 40% once the patient leaves your consultation? Physician offices collect only 60% of patients’ copays.

  • Train patient access staff to collect more at the front desk. In today’s environment, medical practices cannot afford to be lax when it comes to patient finances.

A San Diego-based health care provider installed 27 kiosks at its 11 clinics. Kiosks were installed to increase patient engagement. The surprise result of
install the kiosks was that an increasing number of patients began paying overdue bills. Following a similar strategy in your organization can not only boost patient engagement, but also ensure that you collect patient payments without much effort.

5. Human resources represent 56% of the operating costs of a supplier organization.

  • Reduce the cost of collections and improve net collections by empowering patients. Patient self-management may be the answer to some of the most perplexing questions facing care providers. Encourage patients to enter data into their own records, educate them on patient portals, and help them design a plan to manage their health care costs.

A 2012 survey indicates that 79% of respondents would like healthcare organizations to perform
interactions with patients online or via mobile phones.

Small steps in the right direction can help medical practices develop an architecture that increases patient engagement and improves the efficiency of their revenue cycle.

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