When discussing how important it is to enhance your revenue cycle management (RCM), we frequently place those enhancements in the perspective of your company’s earnings. The main advantages of improving and streamlining your RCM process are an increase in revenue, time savings, and lower administrative costs.
However, there is another advantage to RCM enhancements that we sometimes overlook (but probably should): namely, increasing patient satisfaction. The actions you take to develop a strong revenue stream can increase your customers’ trust and loyalty.
Here are three significant RCM changes you may do to improve the patient experience.
#1. Provide Upfront Estimates to Create Clarity and Build Trust
Patients prefer explicit estimates of the costs of their care, according to surveys over and again. The most recent Experian Health 2023 State of Patient Access survey found that 40% of patients would delay or cancel treatment if they didn’t have a reliable idea of the cost.
Furthermore, according to the same Experian data, 75% of the suppliers polled claimed that providing accurate upfront estimates resulted in higher collections. Nearly 90% of those providers also said it was critical for their businesses to enhance patients’ financial experiences.
Streamlining your patient insurance verification and cost estimates improves patient satisfaction and increases collections while searching for methods to optimize your RCM process. Patients who have a better awareness of the expenses of care are more likely to keep an appointment, pay for that care, and remain devoted to a practice, according to the Experian survey and numerous other studies.
Your company can also increase its bottom line and rely less on the insurance reimbursement procedure for income by collecting upfront on those care estimates.
#2. Simplify Claim Processing to Reduce Conflict and Discord
A good income cycle is essential for a flourishing medical practice. Streamlining your claims process with effective and automated workflows can boost your bottom line by lowering denials and rejections, regardless of whether you utilize an internal or external biller.
However, an improved claims procedure might make patients happier in addition to increasing your revenue. Your claims procedure should be quite simple and easy if you adhere to RCM best practices, saving your patients from having to go through perplexing claim denials or unexpected expenditures.
Your clinic may receive payment more quickly if you use an automated claims process. Patients will receive an invoice for their outstanding balance more quickly if you receive payment (or reimbursement) from insurers more quickly.
In order to ensure fast payment from the patient, try to minimize the delay between the time of care and patient billing. In the case that patients overpay for care, it may also eliminate the need for a refund.
#3. Establish Consistent, Customized Communications to Keep Patients Informed
It all boils down to streamlining your patient billing procedure if you want to increase patient happiness. Surveys consistently reveal that patients who have a negative billing experience are less likely to pay a medical bill. Therefore, it is crucial that your revenue cycle includes clear, regular patient billing communication.
There might be more effective ways now than a standard paper invoice to connect with and engage your patients. They might like text or email invoicing. Patients also want to know who is issuing the invoice—is it a practice or a name they are familiar with as a clinician?
By tailoring your invoicing correspondence to your patients’ preferences, you’ll probably notice higher collection rates. Because you are interacting with patients through their preferred channels of communication, they will be better informed about the cost of their care. In the end, this will improve patient satisfaction and financial performance for your practice.
Improving Patient Satisfaction: A Boon to Your Bottom Line
Your practice’s revenue will increase as a result of giving upfront estimates, streamlining your claims procedure, and individualized billing communications. Additionally, by assisting patients in comprehending the expense of their care, these best practices will increase their trust in your business and enhance their overall experience.
A stronger revenue cycle will surely increase your profits, but it will also make your patients happier. Happy patients increase client retention and referrals, which boost your practice’s revenue and growth.
In the complex landscape of healthcare, effective revenue cycle management healthcare
plays a crucial role in ensuring financial sustainability for healthcare organizations while providing quality patient care. RCM encompasses the entire process of managing the financial aspects of healthcare services, from patient registration and insurance verification to claims submission and reimbursement.
This essay explores the importance of revenue cycle management in healthcare, its key components, challenges faced, and the potential benefits it offers to healthcare organizations and patients alike.
