Optimizing healthcare revenue cycle management in 2017
If there is one thing the healthcare industry has learned in 2016, it’s that change is constant. With regards to the revenue cycle, for example, increasing patient financial responsibility coupled with pressure to improve overall revenue cycle efficiency has prompted many healthcare organizations to revisit and rethink their current operations.
As 2017 dawns, healthcare organizations are once again facing uncertainty. Although it might be tempting to wait and see how the year unfolds and then take action, this approach can lead to missed opportunities to enhance quality, reduce costs and streamline operations. In particular, the following four revenue cycle strategies warrant attention in the coming year.
1. Improve clinical documentation
Complete and precise documentation goes a long way toward preserving revenue integrity. Not only does it ensure an organization receives all the payment it deserves, it can also limit denials, smooth cash flow and lower the cost to collect. There are a variety of best practices related to clinical documentation improvement, including working one-on-one with clinical departments to boost accuracy and thoroughness. In addition, organizations can implement technology that prompts clinicians to add detail and address all required components.