7 Tasks Your Revenue Cycle Could Be Automating

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Derek Stein, RevSpring

Derek Stein,
RevSpring

If you work in Healthcare RCM, you’re undoubtedly looking for ways to do more with less. With rising regulations, tightening budgets, and declining staff resources, it may be time to start automating some of your current revenue cycle processes.

Take a look through this list to identify any automation gaps your hospital may have.

Charity Screening and Applications

Leveraging predictive analytics and patient information from your system, healthcare professionals can start automating several aspects of their charity care processes, such as:

  1. Identifying and delivering your hospital’s Financial Assistance Policy and application to patients likely to qualify for charity care.
  2. Pre-populating financial assistance applications with patient demographic information to simplify the application process and improve patient response.
  3. Utilizing barcode technology to automate the processing of returned applications.

Patient Payment and Payment Plans

Automating payment processes not only improves efficiency and reduces the risk of manual error, but a better billing and payment experience can improve patient satisfaction. If you’re using an integrated payment system and utilizing patient data, there are several places within the payment cycle that can be automated, including:

  1. Posting payments electronically and eliminating the need for manual input at the end of day.
  2. Using card reader technology and HL7 data integration to pre-populate payment screens for a faster transaction and reduced keying errors.
  3. Reoccurring payment plans that debit accounts automatically – requiring no manual intervention.
  4. Automating outbound phone calls with IVR technology to collect patient balances or offer payment reminders. This not only helps reserve your staff resources for more complex patient interactions, but allows you to call several patients at once during times of the day they will be most receptive.

This is just the beginning…

The ideas shared here highlight the value automation can bring to your current processes. A best-in class revenue cycle partner should have the capability to provide the automation listed here, but why stop there? Oftentimes the most innovative solutions are a product of maintaining a great relationship and open dialogue with your solution provider(s).

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Posted in Medical Receivables, Patient Experience, Patient Financial Services .

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