Don’t Let Revenue Leakages Affect Your Patient Care

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Dont Let Revenue Leakages Affect
Your Patient Care
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Dont Let Revenue Leakages Affect Your Patient
Care
Tracking, overseeing, and managing the entire
revenue cycle of a hospital is known as revenue
cycle management. A hospitals income cycle is
universal. You can choose to effectively manage
it or not. It would be similar to not caring for
your body if you didnt manage your revenue
cycle. Even though you may believe everything is
alright, you are probably losing money and
misusing your time. Mismanagement of your revenue
cycle will have devastating effects for a
hospital if it is ignored for an extended period
of time. Heres a mind tickler for you! Most
executives in the healthcare industry are aware
of the value of patient leakage management.
However, after investing millions of dollars in
their services, they continue to lose clients to
rival businesses. There is no room for doubt.
Your revenue cycle is either well-managed or
poorly-managed. Its crucial to avert the issue
as soon as you can. Problems with the revenue
cycle wont go away if ignored. If hospitals want
to regain control over their revenue cycle, they
must decide which healthcare revenue cycle
management actions to take. We will outline how
to stop revenue leakage later on, but lets first
look at some potential revenue cycle issues. 1.
Billing mistakes The main source of revenue leaks
for the majority of consulting firms is this one.
Billing problems can manifest itself in a variety
of ways, many of which are the result of poor
invoice administration, including underpaid
invoices, unsent invoices, inaccurate invoices,
missed milestone payments, etc.
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Dont Let Revenue Leakages Affect Your Patient
Care
Money frequently floats around without a reliable
invoice management system, and human entry errors
may let revenue slip through the gaps. 2.
Timekeeping mistakes The worst scenario for
project managers is having their consultants
estimate the amount of time they spent on a
finished project. Missed income from hourly
contracts results from estimation errors or
improper time tracking. If your time tracking is
off with project-based contracts, you can find
yourself making much less each hour. Then there
are the extra service hours that you put in over
what is permitted by your contract, which
frequently go unaccounted for and unpaid. Until a
clear procedure is established and followed, time
tracking errors pose a revenue leakage concern
for firms of all sizes. 3. Mistakes in data
entry in general Data entry errors across the
board, whether with contracts, budgets, or
anything, can generate little income leaks that
go unreported except from the devastation they
wreak on billing and time tracking. Accidentally
entering incorrect data might also have a
detrimental effect on how profitable your
initiatives are. For instance, you might have to
pay the additional costs resulting from the leak
if your project budget was recorded erroneously
and no one discovers it until the work is
underway.
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Dont Let Revenue Leakages Affect Your Patient
Care
4. Errors in contract renewal Particularly with
IT services, poor contract administration can
result in revenue leaks. Businesses may lose
money if a client stops paying them because they
forgot to renew their contract. How to stop
revenue leakage? There are scores of measures
that can cause the drips that are leading to loss
of your profitability. Every hospital experiences
some sort of revenue leakage, which results in a
loss of considerable income and profitability.
You already have plenty to worry about, from
rivalry to emerging trends, so stop worrying
about these process and system problems. Can you,
however, afford to ignore it? Here are several
methods to halt revenue leakage from your
hospital and make the profit and loss statement
look more promising than ever after studying the
typical revenue leak points in a hospital. Lets
jump right in, shall we? 1. Process
optimization Even before the patients revenue
cycle starts, there can be incidents that result
in revenue leakage. Providers run the risk of
payors rejecting claims immediately away if staff
members enter patient and health insurance
information inaccurately. Making errors when
adding line items for services provided and
equipment utilized to claims further increases
the likelihood that a claim will be denied.
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Dont Let Revenue Leakages Affect Your Patient
Care
2. Outsourcing RCM and AR Consider outsourcing
your revenue cycle and receivables management if
your healthcare firm experiences revenue leakage.
Clinicians can concentrate on providing care
while others take on the responsibility of
limiting losses when they collaborate with an RCM
business like Medisys Data Solutions. The
primary sources of income leakage for your
company can be found by using RCM firms
experience and analysis of your processes and
data. RCM firms give insight and services that
aid providers in minimizing losses, from insights
exposing how to optimize the follow-up operations
for accounts receivable to renegotiating payor
contracts due to persistent underpayments. 3.
Big data analysis Big Data Analysis is the term
used to describe large data sets that have been
gathered from many sources and reveal trends and
patterns but are too complex to be processed by a
regular computer. Big data analytics can be used
by providers to alert them to oversights that
lead to revenue leakage and find fresh ways to
get paid. Big data analytics enables service
providers to compile reports highlighting
problems like Inaccurate insurance data Payor
reimbursement adjustments and underpayments for
comparable services Consistent claim denial
factors (e.g., incorrect codes)
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Dont Let Revenue Leakages Affect Your Patient
Care
4.Improving Services Building customer loyalty
and gaining additional patients through
word-of-mouth advertising can be accomplished by
enticing customers to seek out in-person therapy
once more and keeping them involved in the
treatment process. Although these strategies can
undoubtedly increase healthcare revenue,
providers should also work to improve their
services. 5. Bid adieu to the underachievers It
is important to identify non-performerswhether
they be persons, machines, or materialsgive them
a chance to succeed, and in the event of failure,
replace them. Nobody works for free at your
hospital you are required to pay a salary, which
is money. Spend it on the appropriate personnel
and resources. Ask your HR department to create
your appraisal system so that you can distinguish
between contributors and non-contributors with
accuracy. Be prepared to occasionally make tough
judgments. Wrapping Up Healthcare companies
dont have to fly solo, which is wonderful news.
Healthcare organizations dont have to handle
revenue cycle management on their own. If your
hospital is losing money, think about using
conversion software from a third party. Numerous
consulting firms, revenue cycle professionals,
and healthcare software development firms have
made it their business to work with healthcare
systems to concentrate on revenue cycle
management.
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Dont Let Revenue Leakages Affect Your Patient
Care
The quality of care your patients receive is
ultimately what matters. Patients who feel they
have received subpar care will not remain with a
facility. And you cannot anticipate a robust
referral network if your company has a developing
reputation for providing subpar service. To find
the answer, ask yourself if you are aware of
these flaws in your system. Are you aware of the
steps you can take to close the gaps? More
importantly, how do you judge the strength of
your network, and how do your patients? You may
identify these gaps with the aid of Medisyss
patient experience management solution, which
will lead you to the source of the issue and put
you on the path to recovery. Are you in? Because
we have our team ready!
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