5 Proven Strategies to Improve Patient Engagement and Admission Cycle Efficiency
It is a strange paradox. As the healthcare industry transitions to profitable, integrated business models, the revenue cycle of medical practices has become more fragmented and costly.
Payer reimbursement cuts, drastic increases in consumer payments, and regulatory changes are challenging traditional and outdated approaches to revenue cycle management. According to a PwC survey, one in two Americans rates hospitals poorly when it comes to affordability of services and price transparency.
To survive in the New Healthcare Economy, care providers must focus on patient care. But you have to pay bills to keep the lights on! Fortunately, a healthy income cycle and good patient care no longer have to be mutually exclusive terms. There are ways to build a strong and sustainable revenue cycle while still focusing on patient care. Here are five ways healthcare organizations can maintain success in the consumer-driven healthcare environment.
Five Ways You Can Increase Patient Engagement And Revenue Cycle Efficiency In Your Medical Practice!
1. One in four claims is denied due to insurance eligibility errors and incomplete information..
- Talk to your patients about insurance details, coverage limitations, and treatment options before your appointment. Maintaining a friendly relationship with patients will allow you to collect accurate eligibility information.
St. Luke’s Hospital was able to increase collections by making calls to patients, prior to their visit, and discussing price estimates. This system has helped the hospital educate patients on their financial responsibility and increased net collections.
2. Improve the patient billing experience. Patient statements and sporadic follow-up calls will not work directly. Financial participation from patients is vital in the post-reform climate. High deductible health plans pose a great challenge for care providers. Explain the patient billing process and payment options. before care begins and simplify the transaction as much as possible.
- Create patient statements that are unified. Translate complex codes into simple language
- Add financial details outside of the episode of care, such as copays and deductibles.
- Discuss the financial responsibility of patients for high-value, pre-scheduled procedures.
- Provide payment options according to the convenience of patients. Offer various payment options such as internet banking, check, credit card, or internet banking.
- Offer different payment plans and educate patients about them
- Create a financial assistance policy and collaborative process built around the needs of your patients.
3. Are you tired of handling absences? According to MGMA, medical practices experience an annual no-show rate of 5-8%. With an average of $ 150 per appointment, the amount of dollars lost can add up to thousands each year.
- Email or talk to patients during your next appointment about how inconvenient absences are. Case in point.
- A Minnesota-based group of doctors was battling no-shows and inefficiencies in scheduling appointments. A personal email from the provider to the patients, who didn’t show up, worked. The group of doctors was able to reduce absences and significantly increase the volume of patients.
- Sending remaining emails reduces no-show rates by up to 36%according to a study from the Internet Journal of Healthcare.
- Some medical practices reward patients who arrive on time and offer small discounts too. Giving small rewards for patientsNot only can healthcare organizations reduce the number of no-shows, but they can also build a loyal patient base.
Four. Did you know that the possibility of collecting the payment is reduced to 40% once the patient leaves your consultation? Doctor’s offices collect only 60% of patient copays.
- Train patient access staff to collect more at the front desk. In today’s environment, medical practices cannot afford to be lax with patient finances.
A San Diego-based healthcare provider installed 27 kiosks at its 11 clinics. Kiosks were installed to increase patient participation. The surprise result of
installing the kiosks was that a growing number of patients began to pay past due bills. Following a similar strategy in your organization can not only drive patient engagement, but also ensure that you collect patient payments without much effort.
5. Human resources represent 56% of the operating costs of a supplier organization.
- Reduce collection cost and improve net collections by empowering patients. Patient self-care may be the answer to some of the most puzzling questions that caregivers face. Encourage patients to enter data into their own records, inform them about patient portals, and help them create a plan to manage their healthcare costs.
A 2012 survey indicates that 79% of respondents would like health care organizations to conduct
patient interactions online or via mobile phones.
Small steps in the right direction can help medical practices develop an architecture that increases patient engagement and improves the efficiency of their revenue cycle.