Three Deep Impact Revenue Optimization Solutions

Three Deep Impact Revenue Optimization Solutions

Three Deep Impact Revenue Optimization Solutions

Emergency department operations are by nature complex, and ever-rushing in a sea of critical decision-making. In this frenzy, potential revenue slips through the cracks while mistakes complicate the entire billing workflow of your practice.

Luckily, we have three simple, deep-impact solutions to preempt complications in their tracks and optimize revenue channels:

1. Use technology to simplify the patient payment process.

With ballooning copays, deductibles, and disallowances, patients are now paying more for health care out of pocket with 40% of policy-holders reporting difficulties meeting their costs. Minimize your patients’ anxiety with electronic payment systems, emailed billing, text payment reminders and other online account access and payment platforms. Ditching paper bills and phone calls improves patient satisfaction and collection rates.

2. Track your patients’ charts through to the billing date.

Even with the finest EMRs, system updates and improvements can disrupt patient record flow and create serious billing issues. Chart flow transparency is critical at every step of the billing process to minimize costly mistakes. Tech-savvy ED groups insist on online tracking to tie patient registrations, chart transmissions, and EMR logs to a continuous feedback loop. These systems account for any and all absent data in real-time. Missing a signature or test? Constant chart transparency fixes the omission immediately.

3. Seek out hidden insurance.

Many ED groups don’t take the time to uncover potential Medicaid eligibility or other insurance plans. This is absolutely worth the investment of either time or a third-party service, as nearly 10% of patients indeed have coverage that’s missed during their initial intake. Take the time to confirm correct addresses and other information that might have resulted in claim denials. It’s more profitable to prepare for success than to scramble after mistakes.

If you invest the time upfront, the dividends of time and profit-saved can pay back exponentially. What measures does your ED group take to optimize your revenue channels?

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