Strategic management throughout the revenue cycle process can help hospitals to achieve their overall cash collections goals. Hospitals that provide pre-service financial counseling to patients that includes point-of-service (POS) collections supported by a proactive process for post-service collections see greater success in collections throughout the revenue cycle. Also key to improving the process is leveraging technology to accelerate reimbursements from primary and secondary payers, including Medicare.
Ideally, a productive financial discussion with the patient before service resulted in collection of co-payments or appropriate amounts of the patient responsibility. However, the post-service billing processes and patient interaction contribute heavily to overall success in the revenue cycle.
In the executive brief, Accelerating Reimbursement and Post-service Collections, there are a few helpful tips for improving efficiency and speed in the revenue cycle and enhancing the patient experience that could positively impact your financial and operational performance.
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