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Exceptional Coders | Innovative Technology

3 Secrets of Hospitals successfully Increasing Revenue

Posted by Ben Castleberry on Jun 9, 2016 3:58:07 PM

 

How hospitals incorporate the revenue cycle into their organization will largely affect its overall prosperity. Studies have found several consistencies among successful hospitals. Most of these similarities are directly associated with the revenue cycle. There are 3 key areas in which high-performing organizations thrive. 3_Secrets_of_Hospitals_successfully_Increasing_Revenue_.jpg

 

People

 

Employees heavily influence the functionality of the revenue cycle, and successful hospitals have taken notice. Most of these hospitals will take the time to hire the right employees. Usually ones that are passionate, go above and beyond, and have a fitting personality. These hospitals make sure that their hiring managers are putting their employees in the most suitable positions. In order to attract these kinds of employees these hospitals will provide competitive compensation or performance incentives.

 

High performing hospitals don’t stop there. They are fervent on continuing education for their employees. They will continue to extensively train new and existing employees to make certain they will be competent in the demands of their positions.

 

Successful organizations have implemented career opportunities directly associated with the revenue cycle. In run of the mill hospitals, staff with limited experience will usually fill these types of positions, resulting in a high turnover rate. High performing institutions will create promotional opportunities for revenue cycle personnel. This way, employees are motivated to stay with the company, expand on trainings, improve performance, and continue their education.

 

Processes

 

With healthcare’s constant changes, providers are continually pushed to revise processes in order to maintain efficiency and effectiveness. High performing hospitals will typically go one step further, by creating efficient processes that are aimed at improving overall patient experience. High performers most often use formalized structures to target revenue cycle progress efforts that have the greatest effect on the consumers’ experience. These typically involve front-end processes, point of service collections, and charity care.

 

Technology

 

Effective technology will improve communication, provide decision support, and create efficiencies throughout the revenue cycle. Successful organizations realize that implementing technology is more than a simple investment. These organizations are purposeful in there selections. They will use technology in certain processes and omit it in others. Some functions should require a human touch. Most of the processes that are directly associated with patients should be personalized if possible. For example, instead of using an automated system to respond to patients’ inquiries they will have their employees reply.

 

High performers do not usually differ from other institutions when it comes to the types of technology they use, but there is a difference in how they manage their technological investments. They do this by enhancing their processes before they make the purchase. Most hospitals will use technology to bandage up a broken process rather than try to fix the underlying problem. Successful organizations will evaluate the revenue cycle processes the technology will complement, in order to confirm they aren’t implementing a temporary solution to a larger problem.

 

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Topics: Revenue Cycle Management, Medical Coding