PROMEDICAL

Given the financial and regulatory pressures under which hospitals operate, they rarely possess the administrative resources to optimize the revenue cycle, especially with respect to receiving payment from auto insurers and workers’ compensation programs. In this case, the hospital will have to coordinate benefits between the patient’s automotive insurer and his health insurer to determine proper reimbursement allowed on the claim, according to Massachusetts State Law. Collecting payments from a Massachusetts-based auto insurer will follow different regulations then obtaining payment from an auto insurer in New Hampshire, given that the latter state possesses at-fault laws. To reduce health care RCM costs, hospitals should consider outsourcing their workers’ comp and automotive insurance payments management to parties that provide health billing services, manage attorney correspondence, negotiate claims, and conduct other administrative responsibilities.

To better understand the importance of patient engagement and overall satisfaction, let's examine some of the key takeaways from the Beryl Institute's recently released report, "Consumer Perspectives on Patient Experience 2018: Insights and Opportunities for Action." "I want to know that my physical needs are being taken seriously" – 72 percent * "I want/deserve to be treated with respect" – 68 percent By the end of the positive patient experience, 69 percent of respondents agreed that the most important outcome is that their overall health ultimately improves. * People: The care team listens to you, communicates clearly, treats you with courtesy and respect, gives you confidence in their abilities, takes your pain seriously, provides a clear plan of care and why, asks questions and understands your needs and more. The care team makes it simple to schedule an appointment within a reasonable time period, discharge process in which your treatment plan in care is clearly explained, provide a billing process that is clear, understandable and respectful and more.

Just as doctors and nurses specialize in care, your RCM needs should be taken care of by professionals well-versed in the industry. The days of attempting to manage all revenue cycle tasks can be over and a RCM company will ensure smooth, streamlined process. Working with a revenue cycle management company introduces your facility to customized processes by financial class, in turn allowing your staff members to decrease the time spent organizing billing and collecting payments and focus on other areas of your accounts receivable instead. Don't put the pressure of taking care of revenue cycle management on the shoulders of your hospital staff workers.

If your facility is considering outsourcing revenue cycle management, here are indicators that it may be the best decision moving forward. If your facility is considering outsourcing revenue cycle management, here are indicators that it may be the best decision moving forward. Certainly, some hospitals may disregard the idea of hiring a third-party organization to take care of RCM due to monetary reasons, but long-run revenue will outweigh upfront costs of outsourcing, according to Melissa Scott, director of advisory services at a healthcare technology company. PROMEDICAL is a national healthcare revenue cycle management company working to provide the healthcare community with a client-focused and technology-driven revenue cycle partner.