What Is Skilled Nursing Facility Revenue Cycle Management

The concept of a revenue cycle in healthcare is extremely basic. It consists of the collection, analysis and reporting of data from patients to doctors to payers to centers to assist companies determine the very best practices for each step of the process. revenue cycle management includes all of these steps and more. It also includes using information from all of these actions to figure out where the spaces are in the process and how they can be filled.

The secret to improving a revenue cycle is to learn what's working and what's not. By determining areas where the process is broken, you can make changes that will enhance the effectiveness of the process and ultimately increase your profits. Here are some common issues with revenue cycles and how to fix them.

Collection

Lots of centers struggle with collecting the proper amounts of cash from clients and their insurance coverage business. This is especially real if the client has private insurance coverage or if they are self-pay.

To repair this problem, you need to initially comprehend what the most common reasons the facility doesn't gather enough money. You require to look at the information to see which factors are leading to under collection. For instance, you may find that a particular portion of clients never return their documentation. The facility needs to work more difficult to get those patients back to complete the forms once again. On the other hand, you may find that a large number of patients are returning their kinds late. You need to learn why that is and after that make sure that the staff is trained to handle this type of concern.

Analysis

When you've determined the issue with collection, you need to evaluate the data to determine how to fix it. The first step in this procedure is to understand the reasons why the facility is under-collecting. Once you have that info, you can then take a look at the data to see what can be done to fix the issue.

If they're not coming back, you need to find out why. Or possibly the staff requires to be advised of what is expected.

Reporting

To do this, you require to recognize the data that is required to monitor the success of the program. If you are using rewards to motivate patients to return their kinds, you require to track how well that is working.

Once you have this data, you need to figure out what metrics to track. You may want to measure how long it takes for the patient to return the form after being reminded. After you have the data, you need to figure how to report on it so that you can see what is happening.

Once you know what to measure, you need to figure out how to measure it. Or you may ask the staff to provide you with a list of all of the patients who never returned the form. This is a list of patients that you need to call and follow up with.

Once you have a plan in place, you need to implement it. You need to set a goal for yourself to meet.

Conclusion

By following these steps, you will have the ability to increase your revenue and improve the revenue cycle. You will also have the ability to enhance the quality of care that you offer to your patients.