According to two experts in revenue cycle management, building a more efficient strategy hinges upon three factors. And these are automation, transparency about the cost of care, and patient billing practices.
But why are these factors so vital to the health of your revenue cycle?
Keep reading to find out what makes automation, price transparency, and patient billing so important. And stick around to discover how medical loan financing for patients is the revenue cycle management solution you’ve been waiting for.
While some skeptics say that automation is actually costing more money than it’s saving providers, smart automation can improve the efficiency of your revenue cycle. In fact, one study found that providers who automate claims management processes save over $8 billion every year.
2. Price Transparency
What’s the best way to prevent bad debt? Experts suggest that being transparent about the cost of care before point-of-service can help you collect more out-of-pocket bills faster. Medical bill collections can be painful for patients, but being upfront about responsibilities can alleviate some of that discomfort.
3. Patient Billing
Even if your hospital is strong in the previous two categories, everything will fall apart if you don’t offer patients ways to pay for care. It’s no secret that patient responsibilities are rising. And when you have to wait around to collect the bill, your revenue cycle efficiency will decrease.
Medical Lending Improves Revenue Cycle Efficiency
Epic River’s patient lending program was designed with the efficiency of your revenue cycle in mind. That’s because our medical loan financing software connects patients who can’t afford their out-of-pocket responsibilities with our partner banks.
While patients pay their medical debt in a timeline that suits their budget, you won’t have to wait around since you’re reimbursed upfront and in-full. And offloading your bill collection workload means you have more time to talk to patients about the price of care.
Have you been searching for a solution to boost the efficiency of your revenue cycle? Then get in touch with Epic River and find out how our program can improve the health of your revenue cycle.