With the healthcare industry always evolving, healthcare providers are having to constantly assess how their approach is benefiting their bottom line. Ensuring that the latest healthcare trends match with the existing talent and technology can have a significant impact not just for the provider, but also for the patients who are receiving care. With the constantly changing regulations, codes and the implementation of value-based care, revenue cycle management continues to be a complex industry to navigate. Here are three ways our team believes you can strengthen your existing revenue cycle management.
Surround Yourself with Industry Expertise
When it comes to the healthcare industry, there is always something new to learn. Having a team of experts who make it a priority to stay on top of the latest RCM trends and codes is essential to success. By partnering with a team that stays informed, even during the most unusual times in healthcare such as the spread of COVID-19, this not only improves the billing and coding process, but it also enhances the overall experience and satisfaction for those who are in need of assistance. When working with an RCM partner, you want to ensure that they not only have measurable expertise in the RCM industry, but that they also know how to evaluate and pivot among different areas of the business when necessary. Being able to provide quick answers and solutions to complex RCM topics benefits the providers, payers and patients.
Invest in Technology
When it comes to healthcare, the more you can streamline any process, the better the experience is for everyone involved. When claims and coding are completed or resolved as efficiently as possible, providers are able to be paid on time and patients can avoid the stress of medical bill confusion. Investing in a partnership that uses the latest RCM technology can help minimize errors in the billing process and can increase the rate at which claims are being filed. This leads to overall financial improvement for the provider.
According to a 2017, Becker’s CFO Report, another area in which new RCM technologies are providing tremendous value is data analytics, which play a key role in the revenue cycle. When organizations can correlate profit and loss trends directly to influencing factors like coding accuracy, services provided, and patient outcomes, clinical and financial success can be improved.
Signature Performance Enhances the RCM Experience
There’s a reason we have performance in our name. We believe the healthcare industry deserves only the best. And that sentiment is what motivates our dedicated team to do our very best each and every day. It’s our calling to bend the cost of healthcare administration by improving quality and minimizing resources. Our unmatched experience on both the payer and provider side of the business allows our team the opportunity to evaluate industry issues from a variety of perspectives and create custom solutions that get to the core of the problem. Signature Performance is improving not only our clients’ business but the entire healthcare industry by finding better ways to leverage technology and industry-leading processes which lower the cost of healthcare administration.
To learn more about how Signature Performance can help you, contact our team today or follow along on our Facebook and Instagram pages to learn more about Signature Performance’s vision.
Chris Vairo is the Chief Revenue Officer at Signature Performance Inc., in Omaha, NE. Signature Performance is an industry leader in reducing healthcare administration costs for private and public healthcare sectors. Our unmatched experience in serving both the payer and provider side of healthcare financial management allows us to implement innovative solutions for every administrative demand.