The more efficient a health care revenue cycle process is, the more successful it will be in processing claims, getting money in the door and ensuring optimal outcomes for patients and residents.
The long-term post-acute care (LTPAC) realm is no exception. Revenue cycle professionals at LTPAC organizations know just how important it is to collect revenue in a timely manner while minimizing lost or uncollectible revenue.
While there are many ways to approach this challenge, building automation into your revenue cycle process (i.e., search capabilities and charge accuracy) is a proven strategy that will deliver bottom-line ROI for your organization—and a quality financial experience for residents and their loved ones.
That said, many LTPACs continue resisting revenue cycle automation improvements, claiming that costs associated with acquisition of associated technology, integration and training are too high to bear—particularly during down cycles. Yet, some industry watchers estimate that up to 80 percent of LTPAC billing and financial workflow will be automated within the next several years. Clearly, automation in the LTPAC industry drives efficiency from upstream processes like admission all the way downstream to automated payment posting and everywhere in between. It also largely eliminates human error from mis-keying information through manual inputting—and, it frees limited staff from having to perform time-intensive tasks.
Opportunities for revenue cycle automation exist throughout the care continuum, so now is the time to get on board. Not sure where to start? Consider these five steps to building automation into your LTPAC revenue cycle process:
Finally, it’s important to stress that revenue cycle automation can boost productivity—not replace jobs. By automating revenue cycle management processes like those mentioned earlier and making sure the right people are in the right roles to ensure timely execution, your LTPAC can operate more efficiently and profitably. Additionally, employees will be more engaged in meaningful work they actually enjoy, and clients and their loved ones will receive timely and relevant information they need.
Contact Richter Revenue Cycle Management Consultants
Do you have questions about automating your long-term care or skilled nursing revenue cycle, or other revenue cycle management challenges? Read our e-book, “Six Strategies to Optimize Your LTPAC Revenue Cycle Process” or call Richter’s revenue cycle management consultants at 866-806-0799 to schedule a free consultation.
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