Building Trust Through Clear Financial Communications in Revenue Cycle Management
May 07, 2023
The healthcare industry is full of complex, ever-changing regulations, financial models and protocols. With such a complex and ever-evolving landscape, it is essential for organizations to have a strong, clear financial communication process when it comes to managing their revenue cycle. Doing so helps to build trust between healthcare providers and patients, as well as with insurance companies and other partners.
The revenue cycle and its associated processes, such as billing and collections, represent a key component of a healthcare organization's financial operations. In fact, it is estimated that over 70% of a healthcare organization's revenue is generated through the revenue cycle. As such, it is essential that healthcare organizations have clear financial communication protocols that help ensure accurate, timely billing and collection of money.
When it comes to financial communication in the revenue cycle, there are two key components: technology and process. Technology provides the infrastructure and tools needed to accurately manage the revenue cycle, while processes provide the necessary guidelines and protocols that are used to operate the technology.
Technology plays a key role in providing healthcare organizations with the tools they need to effectively manage the revenue cycle. From patient eligibility verification systems to claims processing software, technology solutions provide healthcare organizations with the ability to automate and streamline the billing and collection process.
In addition to a strong technology infrastructure, effective financial communication in the revenue cycle also requires a well-defined set of processes. This includes:
- Establishing an effective billing process, such as assigning billing codes, verifying patient eligibility and collecting patient copayments.
- Setting up payment processing protocols, such as establishing payment terms and resolving disputes.
Ultimately, building trust through clear financial communication in the revenue cycle is essential for healthcare organizations to succeed. By investing in both technology and process solutions, healthcare organizations can ensure that their revenue cycle is running as efficiently as possible. In addition, clear financial communication protocols help to ensure that healthcare organizations are billing and collecting payment accurately and in a timely fashion, thus allowing them to maximize their revenue.