06. 07. 22
Revenue cycle management (RCM) is a key factor in the financial success of any healthcare practice. Effective RCM makes it possible for healthcare practitioners to provide services that help protect the health and well-being of their patients and communities.
At its core, RCM encompasses all the actions you take to receive payment for the care you provide. The revenue cycle starts when a patient schedules an appointment and continues through registration, care delivery, claim submission, insurance adjustment, and balance billing.
Optimizing RCM is an ongoing pursuit for most healthcare leaders. But it’s no easy task. The revenue cycle is unwieldy. Staff and patients’ experience of the healthcare revenue cycle is often:
Adding to these challenges, recent years have seen unprecedented disruptions to the healthcare industry, including:
If your healthcare practice is struggling to modernize its current RCM practices, technology can help. Today’s automated solutions offer a more streamlined, holistic experience that promises to:
Digital strategies that can help revolutionize your revenue cycle include:
For many offices, new patient registration is a labor-intensive process. Are you still relying on packets of paper? Wouldn’t it be easier to text or email new patients a link to the registration forms so they can complete them online at their convenience?
With such forms, information patients provide on their digital registration forms automatically populates the electronic health record. And the forms upload automatically, eliminating the tedious task of scanning forms by hand.
Not only does online registration save your office staff valuable time, it reduces check-in time — something all patients want. Digital registration also captures important payment information you need to collect future payments.
A best practice in healthcare billing is to collect payment while the patient is in your office. This reduces the need to chase payments later. Does your practice collect upfront payments? If so, do you offer patients the payment choices they want?
Payment trends are shifting, especially for younger patients. A CWH Advisors survey found that 57% of respondents between 18 and 34 prefer to pay using debit cards and digital wallets, such as Apple Pay. eMarketer reports that there were 43.9 million Apple Pay users in 2021 and estimates that over half of all smartphone users will use mobile wallets by 2025.
Most patients want to pay their healthcare bills. Digital wallets, touch-to-pay cards, mobile wallet apps, and QR code options make it faster and easier than ever to collect payments at the point of care.
RCM managers know that collecting patient balances is a challenge and is only marginally effective. Healthcare practices collect only a fraction of payments owed.
This lost revenue weighs heavily on healthcare practice owners, especially those with fewer than five practitioners. According to a Black Book survey, 83% of small physician practices report that their top collection challenge is slow payments from high-deductible plan patients.
What’s more, the patient component of the Black Book survey found that:
It’s clear from this data that balance billing needs to change. Indeed, balance billing is high-touch, manual work that’s ripe for automation. Consider a workflow that includes:
The elimination of paper and manual tasks is better for staff and can lead to a shift in your company’s culture. It’s also better for patients who are primed and waiting for healthcare organizations to join the rest of the digital economy.
As a leader in digital patient payment solutions, Rectangle Health is here to help with revenue cycle management at your healthcare organization. With almost 30 years of experience, we’ve helped thousands of healthcare organizations streamline their processes and realize their goals of faster payments, higher revenues, and improved patient satisfaction.
Our leading platform, Practice Management Bridge®, reduces friction for you and your patients and interfaces seamlessly with your existing practice management system. We also adhere to today’s highest standards for healthcare and payment card industry compliance to provide secure healthcare payment information storage.
At Rectangle Health, we understand the value of offering contactless payments. That’s why we’ve designed Practice Management Bridge to support a range of payment options, including Text to Pay, mobile payments, online payments, Card on File, point of care payments, and patient financing. Additional features, such as digital registration forms and custom text messages, elevate your patient communications and help you meet today’s changing consumer expectations.
To learn more, contact us today.