As 2021 is now underway, here’s what you can expect from healthcare-centric revenue cycle projects. Budgets and spending may continue to get trimmed throughout the year to offset the financial difficulties and lower margins COVID has brought upon organizations over the past year, but many IT, Marketing, and Automation projects may take their place.
Here are five helpful tips on how to effectively protect your revenue cycle in 2021 (and beyond)!
Tip #1: Increase Communication With Both Staff and Patients
Communication – voice, text, email, video, all seamlessly integrated and available through standard channels and platforms will give staff AND patients a consistency they yearn for (and sometimes need in taking ownership of their health)
Tip #2: Provide the Best Patient Experience Possible
Creating positive patient experiences in all regards has already taken center stage as organizations compete to attract and gain patients. Driving digitally connected experiences, whether via caregiver, family, or independently, will increase the likelihood that patients turn to your organization for service.
Tip #3: Optimize On-Hand Technology
81 percent of healthcare CFOs and senior leaders indicate there is an absolute and immediate need for technology to be implemented and optimized, in order to ensure the long-term survival of their organization.
Tip #4: Prioritize Automations
Automating not only components like financial clearance and follow-up that are required for billing execution, but also the larger patient revenue cycle experience – Scheduling, Price Transparency, Education & Reminders, Billing & Collections
Tip #5: Increase Virtual Efficiencies
The appetite and demand for virtual services, both clinical and billing-related, will remain essential to organizational strategy and financial success.
Utilizing a healthcare-centric, all-in-one payment processing system can help alleviate the headaches brought on by revenue cycle management. Best Card’s mission is to help medical clinics and hospitals become more efficient, profitable, and lower their AR time frames. With one simple, healthcare-centric payment gateway, hospitals & clinics can now give their patients flexibility to manage their financial obligation anytime, anywhere. Interested in learning more? Find out how we can increase your cash flow by reaching out to firstname.lastname@example.org today for a free cost analysis.