Valentine’s Day is upon us, which means it’s time to share the love! But, don’t forget about your revenue cycle team this Valentine’s Day. Their job isn’t easy. Show your team some love by empowering them with the right revenue cycle management (RCM) technology.
With the right RCM tech, your team can provide better financial care for patients, across all points of their care journey.
How can better RCM tech help your team?
At many large health systems, there’s just not enough revenue cycle team members for processing patient payments. To make things more difficult, these team members have to work across multiple systems to do their job. For instance, an employee may use one tool to schedule a patient’s visit, another to create an estimate and another to take a payment. RCM tech shouldn’t be disjointed like this. Employees won’t have visibility into patient balances and payment activity across your health system. As a result, your team becomes frustrated by the inefficiencies in their workflows. This means patients don’t always get the compassionate financial care they deserve.
Instead, give your team greater connectivity and visibility when providing patient financial care. Whatever workflow your team uses, your RCM tech should make it possible to look up a patient’s current balance, take a payment and even set up a payment plan – all within their current workflow. For example, by integrating the right RCM tech with your estimator tool and your HIS, your patient access team can easily accept and process payments on an estimate.
If your health system receives a high number of patient calls each day, there’s a good chance your revenue cycle team is feeling stretched thin. There’s already enough on their plate. However, when you factor in how many patients call each day to ask about what the charges on their statement mean, how much insurance covered and what payment options are available – the calls can quickly become overwhelming.
Luckily, the right RCM tech can help you solve this. With easy-to-understand billing communications (one of the measures of billing quality), your health system can reduce the top source of patient calls: confusing billing terms. Additionally, modern RCM tech should support more scalable customer service channels, such as secure messaging and live chat. For instance, Patientco supports messaging in the PatientWallet so patients can ask billing and payment-related questions without having to call staff during business hours. Plus, if you give your team visibility of patient balances and payments across the system, your team can assist patients faster, ultimately reducing call handle times.
3. Automate manual processes.
Don’t forget to show your back-office and treasury teams some love! Your health system relies on these team members to post and reconcile every patient payment, which is no easy task. Typically, different payment streams create posting and reconciliation complexities. For example, a pre-service debit card payment might be posted differently than a monthly payment on a payment plan. Meanwhile, it’s a very manual process to post items like lockbox payments, check exceptions, chargebacks and returned mail.
However, it doesn’t have to be so complicated. There’s RCM tech, like Patientco, that can automate posting for all major payment vectors. We can also automate posting and importing files for address changes, correspondence, returned mail and payment plans. In fact, this helped Piedmont Healthcare reduce the time their team spent on posting activities by 73%, the equivalent of about 30 hours per month!
RCM Tech Should Empower Your Team
To summarize, your revenue cycle team plays an important role in the health system. Make sure they are empowered with the right revenue cycle management technology. When they have the tools they need, your team can deliver the financial care your patients expect.