Rethinking your RCM from the outside is necessary, and you must do so with the voices of those who engage in the process every day: patients.
Your practice´s revenue cycle process and your patient´s experience have a reciprocal relationship. Patient experience might not seem like a first consideration to improve your revenue cycle management (RCM); however, a positive experience can benefit your RCM.
In today´s healthcare landscape, patient financial responsibility is increasing due to higher deductibles, coinsurance amounts and copayments. Due to this increase in costs, patients now more than ever are expecting a high-quality experience.
Collecting patient-responsible balances is essential to speed up the process to collect your payments and make sure you are getting paid for your work.
According to a study, satisfied patients are more likely to pay medical bills in full. If you improve the overall experience for your patients, it will help you run your RCM smoothly.
Engage your patients in your RCM
Patient experience was previously perceived as something only front desk staff, providers and clinical staff can impact. However, since your patients´ first contact is with registration and their last follow up comes from billing, it´s imperative that a practice´s revenue cycle is also on board with providing a satisfactory patient experience.
Rethinking the revenue cycle from the outside is necessary, and we must do so with the voices of those who engage in the process every day: patients. Engaging the voice of patients in opportunities for process improvement is essential to the overall health of your RCM.
Every step of the patient journey is important to provide a positive experience, such as appointment reminders, patient intake, financial and insurance information gathering, the encounter with the provider and the payment process. Every encounter counts and can sum up or subtract from your patients´ experience.
After all, if your patients are satisfied with your services, they are more likely to refer others and remain loyal, contributing to the long-term health and success of your organization. Read more about this on our blog How to improve patient loyalty to succeed.
As this mutual relationship between RCM and the patient experience gets strengthened, it´s important that your practice also uses your revenue cycle process to improve the overall experience for your patients. Read more about the critical role of revenue cycle to improve the patient experience on our blog.
Let us know how we can help!
At Health Prime, we focus on patient outcomes. Even though we are an RCM company, we are always working to exceed the expectations of our clients. At the end of the day, physicians want their patients to come back to their practice.
Outsourcing your Revenue Cycle Management can help you relieve your administrative burden, enhance the overall patient experience, increase revenue, and streamline your processes. Having a trusted partner can help you focus on your patients while leaving your RCM process in expert hands.
If you want to know more about outsourcing your RCM process to help you elevate your patient experience, feel free to reach out to [email protected] to set up a meeting with us.
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