5 Proven Strategies To Improve Patient Engagement and Revenue Cycle Efficiency

It is a strange paradox. As the healthcare industry transitions towards integrated, cost-effective business models, the revenue cycle of medical practices, has become more fragmented and expensive.
Payer reimbursement cuts, drastic increase in consumer payments and regulatory changes are challenging traditional, antiquated approaches to revenue cycle management. According to a survey by PwC, one in two, Americans, rate hospitals poorly, for affordability of services and price transparency.
To survive in the New Health Economy care providers should focus on patient care. But there are bills to be paid to keep the lights on! Fortunately, a healthy revenue cycle and good patient care needn't be mutually exclusive terms any more. There are ways to build a strong and sustainable revenue cycle while still focusing on patient care. Here are five ways healthcare organizations can stay successful in the consumer directed healthcare environment.
5 ways you can drive up patient engagement and revenue cycle efficiency at your medical practice!
1. One in four claims are rejected due to insurance eligibility errors and incomplete information.

• Discuss with your patients about insurance details, coverage limitations and treatment options prior to their appointment. Maintaining a friendly relationship with patients will enable you to collect accurate eligibility information.

St. Luke's hospital was able to increase collections by placing calls to patients, prior to their visit, and discuss price estimates. This system has helped the hospital in educating patients about their financial responsibility and has increased net collections.

2. Improve the patient billing experience. Straight out of a can patient statements and sporadic follow-up calls won't work. Financially engaging patients is vital in the post-reform climate. High deductible health plans are posing a huge challenge to care providers. Explain the patient billing process and payment options before care begins and simplify the transaction as much as possible.

• Create patient statements that are unified. Translate complex codes into plain language
• Add financial details outside the episode of care such as co-pays and deductibles
• Discuss the financial responsibility of patients for high-value, pre-scheduled procedures.
• Provide payment options according to the convenience of patients. Offer several payment options such as net banking, cheque, credit card or internet banking.
• Offer different payment plans and educate patients on the same
• Create a financial assistance policy and a collaborative process built around your patient needs

3. Tired of handling no-shows? According to MGMA, medical practices experience an annual no-show rate of 5-8%. At an average of $150 per appointment the amount of dollars lost, can add up to thousands every year.

• Shoot a mail or talk to patients during their next appointment about how inconvenient no-shows are. Case in point.
• A physician group, based in Minnesota was struggling with no-shows and appointment scheduling inefficiencies. A personal mail by the provider to patients, who didn't turn up, did the trick. The physician group was able to decrease no-shows and increase patient volume significantly.
• Sending remainder mails decrease non-attendance rates by as much as 36%, a study by the Internet Journal of Healthcare, states.
• Some medical practices reward patients who show up on time and offer a small discounts as well. By giving out small rewards to patients, healthcare organizations can not only reduce the number of no-shows but also build a loyal patient base.

4. Do you know that the possibility of collecting payment drops to 40% once the patient leaves your practice? Physician practices collect just 60% of patient co-payments.

• Train patient access staff to collect more at the front-desk. In the current environment medical practices cannot afford to be lax about patient financials.

A San Diego based healthcare provider installed 27 kiosks across its 11 clinics. The kiosks were put up to increase patient engagement. The surprise upshot of installing the kiosks was that an increasing number of patients started paying overdue bills. Following a similar strategy in your organization can not only boost patient engagement but also make sure you collect patient payments without much of an effort.

5. Human resources amount for 56% of a provider organization's operational costs.

• Reduce cost-to-collect and improve net collections by empowering patients. Patient self-management can be the answer to some of the most puzzling questions care providers face. Encourage patients to enter data into their own records, educate them on patient portals and help them devise a plan to handle their healthcare costs.

A 2012 survey states that 79% of respondents would like healthcare organizations to conduct patient interactions online or through mobile phones.

Small steps in the right direction can help physician practices, to develop an architecture that increases patient engagement and improves the efficiency of their revenue cycle.

Hope you enjoyed our revenue cycle management tips to maximize your collections and increase patient engagement! We will reach you with more insights, strategies, ideas and tips in our upcoming posts. Don't forget to subscribe! Get our latest post updates in your inbox instantly

Article Source: http://EzineArticles.com/9119907

How Can I Fight the Decision of My Insurance Adjuster?

April, who like so many insureds fail to understand the importance of protecting themselves properly, not that they are to blame, but the adjuster in most cases fails to explain the process to them so they understand it. It is the homeowners job to be sure they don't rely upon any person except themselves during a time of peril, even though it is a very difficult time. I suggest for them to seek outside help, which we will discuss later.
With that being said, April was in for a rude awakening and the experience was going to be something that she would never forget, even though she wanted to forget it.
Even though April had a fire and felt very fortunate that all four of her children escaped, along with their animals which were also a part of the family, she would soon learn that her insurance company was not going to take care of her like her agent had always told her they would if she ever needed them. She called her insurance agent immediately, and it was the next day that a contractor showed up at her door along with the insurance adjuster just a couple of minutes later. The contractor explained that he would help her and assist her on her claim and it was not long before he had her sign his contract that, unknowingly to her, the contract locked her into a position giving the contractor full control over the entire claim. She was comfortable at the time doing this, after all, her insurance adjuster assured her that he was a good contractor and would do a good job for her.
Her adjuster was kind, at least most of the time, but it was not long until he simply appeared not to care what was in the best interest of April, and more concerned about his company; and that scared April. It was not but after a few weeks of witnessing this type of tragedy taking place in front of her that she reached out to someone who she thought could at least give her some guidance. After talking to her friend, she realized she needed the help of an outside person who understood the insurance business just as good or better than the insurance adjuster did. Her friend told her to look for a public adjuster, someone who works for the homeowner only, so she did. It was not long until she found a local public adjusting firm who understood and had the knowledge that was needed to help her who was a claim expert working for homeowners.
After hiring her public adjuster, she really did begin to feel more at ease because she could see that what the insurance company adjuster told her that he would not cover, began to be covered and paid for. April did not need to worry about the little details from that point forward. She knew she had made the right decision and could see progress being made. Her claim was brought to a close with a quality job due to the public adjuster finding out during his investigation that the contractor whom she had hired in the beginning to be more concerned about the fear of asking the insurance company for more money to fix her property correctly, so the public adjuster helped her locate an honest contractor to get her job done. Customer satisfied and moved back into her home.

Article Source: http://EzineArticles.com/9091495