How To Improve Your Healthcare Revenue Cycle

Cash is king, and ensuring a high-performing revenue cycle is key to cash flow. In Revenue Cycle: Measuring, Managing, and Improving Your Processes.

Improving Hospitals' Revenue Cycles Begins at Registration

Concern for the patient is always at the top of any hospital's priorities. However, the truth is that healthcare facilities in Nigeria as in any other parts of the world are in steep competition for revenue. In that respect, hospitals are just like any other business, and anything that has a negative impact on the bottom line has to be addressed.

The registration process is often a critical area that is ripe for improvement and one that can have a significant impact in both patient satisfaction and the hospital's revenue cycle. The wrong information can lead to registration errors, claim payment delays or denials and write-offs.

The top two factors that contribute to a patient's positive view of their health care experience are: the speed of registration and the cheerfulness of the employees.

However, hospital registration officers need to deal with an enormous level of complexity at the registration point: identifying the enrollee, verifying eligibility of enrollee for that month ( is the name in the current list ), collecting new patient data, and so many other processes that have a direct impact on the hospital's ability to get a timely payment for the services it provides.

Encourage your HMO to send monthly enrollees electronically so that identifying the presence of enrollee on the current list can be faster by electronic means. This is very important where there are long lists of enrollee every month

Not surprisingly, technology providers are trying to respond to these challenges with ever increasingly powerful registration systems. One such solution, Automated Intelligent Guidance, allows registrar to be interactively guided through all the complex processes and to bring information together from previously disparate applications. Think of Automated Intelligent Guidance as having the best, most experienced, most knowledgeable registrar working 24 hours a day, 7 days a week at every registration point.

In the complex, dynamic, payer environment, change is a constant. Allowing registration officers to quickly modify and add new rules easily and graphically with little to no assistance from the IT department eliminates the time-consuming delays that are associated with application re-programming and re-certification. It also allows the implementation of new or changed processes, policies, rules, regulations and procedures in minutes rather than days or weeks.

Healthcare technology providers can enhance their existing products by embedding this functionality into their existing applications, and for healthcare facilities of any size implementing such a solution allows to increase revenue often during the first month the system is deployed.

Claims that would previously have been delayed - or written off - are now paid promptly. And this has to be a critical deciding factor: A solution that will pay for itself many times over and, most importantly, the benefits can be realized during the first fiscal year, not years down the road!