Revenue cycle leaders shared their insights on the top ways to improve revenue cycle operations at a Becker’s Hospital Review conference held July 27-28. “Nine RCM Takeaways from Becker’s 2nd Annual CIO/HIT + Revenue Cycle Conference,” captured key themes from the two-day event.
Below is a summary of these best practices – and how AccuReg can help you implement them in your hospital, using our industry-proven software and the highest-ranked customer service among all RCM companies.
- Invest in front-line staff. Better manage your patients’ experience with embedded tools such as customized scripts, account alerts and intelligent workflow that allows your patient access team to provide better service.
- Reinvest department resources. AccuReg can help turn your patient access team into a revenue-generating resource for your hospital. With our POS Collections and Financial Assistance Screening, your team is equipped to have higher-level financial conversations with patients and confidently ask for patient payment prior to service.
- Reassess alternative patient financing options. With payment processing options, payment plans and business rules integrated into our Financial Assistance Screening, you have the ability to turn financial policies into front-line action. Now your registrars know which financing and payment options to offer to which patients, if a patient qualifies for charity care and how much a patient can afford to pay.
- Incorporate physicians into revenue cycle processes. Engage physicians in your revenue cycle operations with automated tools that improve charge capture and patient satisfaction. Electronic physician orders, real-time patient scheduling provide a seamless patient experience that sets the stage for better patient care.
- Collect prior to point-of-service. Patient payments now represent 30% of hospital revenue and with high-deductible insurance plans, that number is only going to increase. AccuReg provides co-pay, deductible and co-insurance amounts based on insurance eligibility and benefits coverage for more accurate patient estimates. This enables your team to proactively ask for payments and helps patients understand their financial responsibility prior to arrival.