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Published byDwayne Gibbs Modified over 9 years ago
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Managing and Improving the Hospital Revenue Cycle Process The objectives related to successful revenue cycle management are as follows: Improve cash flow Increase revenue Lower bad debt expense Improve patient/customer satisfaction with financial services Reduce operating cost Increase productivity Reduce the possibility of extended patient stays Understand problem areas and implement improvements
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Issues impacting the revenue cycle Impact of consumer-driven health Competing high-priority projects Lack of skilled resources in several areas Narrowing margins Significant market changes Limited access to capital
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Need to optimize revenue: There are five core areas that hospitals must examine carefully: International Classification of Diseases–Tenth Edition (ICD-10): System integration: Clinical documentation: Billing and claims management: Contract analysis:
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The following lists provide a few critical areas in which technology has improved revenue management operations: - Patient Access Call center capabilities with auto dialing, faxing, and Internet. Master Patient Index software to eliminate duplicate medical record numbers. Registration and admission software.
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-Health Information Management Chart-tracking software. Encoding and grouper software to improve coding accuracy. Auto-printing and faxing capabilities. Internet connectivity for release of information. Electronic management of documents.
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- Patient Financial Services Automated biller. Claims scrubbing software. Electronic claims
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