Three Ways to Recapture Revenue at Healthcare Facilities
Healthcare costs continue to rise across the US, but how do you manage those costs when you run the medical facility? A few helpful tips can help you manage costs and the revenue cycle to keep your facility running efficiently. Those cost-savings help you keep costs lower for your patients.
Using revenue cycle management steps, you can effectively analyze and optimize payments to capture all services performed in a visit. Creating a fee schedule that covers the costs of providing services should accurately reflect the negotiated prices along with the actual costs. The same systems and programs should be used for charges and billing across the facility to improve data sharing and accuracy. Making the charges easy to input helps prevent errors in reporting. Then the management can run various reports for each department.
Any management report is only as good as the data inputted into it. Capture accurate data by making sure all personnel uses the same programs. These staff should be trained on how to input charges across the platform. Missing information is easier to spot if the forms are set up to capture all the data for any given procedure or hospital stay. Making the process simple and uniform can help staff more easily input the data for accurate reporting.
Part of managing the facility’s revenues is negotiating with health insurance companies. If you don’t know the costs of performing a procedure down to the lab work, it is difficult to negotiate a rate with the insurance costs that don’t leave the facility at a loss. Using reports, you can see how much money it costs to perform various procedures, process lab work, take imaging and pay staff. Once you know those items, you can then look at what the various carriers pay and prepare to renegotiate contracts as necessary. These reports can provide the leverage you need to negotiate effectively.