Advances in technology, escalating patient expectations, and reimbursement trends are reshaping the revenue cycle of mental health providers. Old processes don’t work any more. Why they don’t work is because the traditional revenue cycle is broken and fragmented. It creates layer upon layer of complexity for providers and patients alike and works for neither. To manage the revenue cycle is no longer sufficient to ensure strong financial performance. It is important to reimagine the revenue and view it through the lens of the patient.
A top-performing revenue cycle is everybody’s job. To reshape the revenue cycle it is important to loop in clinical leadership, finance and other key senior management professionals to make sweeping changes. By engaging other members of the organization it is possible to gain diverse perspectives and unlock unprecedented levels of performance.
To retain patients and improve patient engagement it is essential to optimize patient billing processes. By providing financial counseling to patients the overall collections can be vastly improvised. Mental health clinics can open kiosks at the front desk to facilitate payments. Sending out personalized patient statements with clear breakdowns reduces friction and boosts collections.
Digitize and automate revenue cycle operations to increase efficiency and eliminate backlogs. Digitizing processes improves yield and reduces complexity. It eliminates the unnecessary workarounds caused by a manual and fragmented workflows.
Standardize revenue operations across all points of care so important financial information moves seamlessly across various systems. Focus on pre-service activities such as scheduling and prior authorization to optimize the revenue cycle. There are several tools available that can automate the appointment scheduling and eligibility verification process.
A patient-centric revenue cycle is the way forward. While rebuilding the revenue cycle ensure that it is truly patient-friendly. Threading together all the financial touches that a patient navigates through during the course of care is mission-critical.
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