Optimizing revenue cycle management is crucial for recovering from the significant losses of the previous year. Leading provider organizations have developed three effective strategies to address this challenge. In the wake of the COVID-19 pandemic, fine-tuning revenue cycle management has become a priority for financial leaders. Last year, healthcare institutions faced substantial declines in revenue […]
Hospital bills that remain unpaid for over 90 days often stem from claims that were initially rejected by payers. Additionally, the longer a bill is initially declined, the greater the likelihood that it will take more than 90 days to be resolved. These discoveries are highlighted in a recent report by Healthcare Consulting Company, which […]
Revenue cycle technology comes in various forms, tailored to the specific needs of healthcare providers, yet these indispensable tools have become vital for ensuring seamless operations within the revenue cycle. The healthcare revenue cycle represents a vast and intricate operation that encompasses a range of activities, from patient registration and insurance verification to denials management […]
The effectiveness of revenue cycle management relies on a proactive approach that integrates key performance indicators (KPIs), benchmarking, and frequent performance evaluations. The revenue cycle plays a crucial role in the long-term financial sustainability of healthcare practices as it impacts all areas of their operations. To enhance revenue and streamline processes, healthcare practices are adopting […]
Leaders identified the number of days a claim sits in accounts receivable, the number of past due patient bills, and initial denials rates as top revenue cycle KPIs. The top revenue cycle key performance indicators (KPIs) are evolving as more organizations use automation to pinpoint high value operations to improve revenue cycle management, according to […]