For decades, it was easy to determine the quality of care a patient received: The quality of service directly correlated with the patient’s out-of-pocket fee. The fee-for-service healthcare payment model standardized care regarding how much, or what to what degree of quality the patient received.
The healthcare revenue cycle is multifaceted and complex, therefore causing many medical facilities and operations to overlook prime opportunities to enhance RCM. With awareness of such revenue possibilities, hospitals and other healthcare providers can maximize their profitability at every transaction.
6 Ways For Small Hospitals to Improve Cash Flow
Small hospitals are always on the look-out for new ways to can cut their expenses. This is partly because hospitals, in general, are very expensive to run, and also because small hospitals, in particular, don’t often have many ways to increase their revenue.
There is, however, some opportunity to develop effective revenue cycle management strategies. This might be a bit difficult for small hospitals, but there are definite ways that they can improve their cash flow, even without the same options that large healthcare organizations may have. The following 6 strategies can help small hospitals improve their cash flow.
Rural hospitals lose on accounts receivable due to a number of preventable reasons. It is important hospital personnel is trained in collecting payments and inputting information. No matter what the claim size, obtaining payments is key.
Use this infographic to learn the reasons rural hospitals are losing accounts receivable.
Gaps in revenue cycle management present a significant financial risk for all hospitals. Among rural hospitals which tend to have fewer resources, however, the financial risk is even greater. The problem has been further complicated by constantly shifting insurance regulations and skyrocketing patient deductibles.