Ah, the infamous New Year’s resolution. Each year, we set out to accomplish some new thing, almost as if duty-bound to use this event on our calendar to make new and lofty goals.
According to Forbes, only 8% of New Year’s resolutions are kept. If I had to speculate, I’d say that a significant number of resolutions don’t get met because the goal was far too lofty in the first place. With that in mind, let’s set a goal for 2019 that is entirely in our reach….
Let’s work to make our revenue cycle healthier in 2019 than it was in 2018.
If we break that down, what it really means is, let’s make sure we are getting paid for as many services possible and do so as efficiently as we can. Some of the signs of a healthy revenue cycle are low AR days, low AR outstanding, and low bad debt. Let’s set a goal to make improvements in those three areas in 2019.
There are several factors contributing to rising AR days, and some of them deal with efficiency. Our Patient Access teams are tasked with capturing and validating 40% of the information required to generate a clean claim. With the right tools, we can make getting that information and making sure it’s right easier.
Another factor affecting AR days is unpaid claim follow up. How much time is your Patient Financial Services team spending checking on the status of claims and how much of that time is wasted because the status is in pending or paid status? AR days can certainly be reduced by streamlining the follow-up process.
What about all the times a patient has insurance coverage that was missed? Identifying those resources can make a substantial impact on the reduction of outstanding AR and bad debt.
To put it simply, there are steps we can take to get some of that “low hanging fruit,” which will make a significant impact and give us a healthier revenue cycle in 2019 than we had in 2018.
We have been helping in these key areas for several years now, and I want to be a part of your success. I’d like the opportunity to talk to you about the ways in which Databound can help ensure that this year is an improvement over last year. Schedule some time with me here https://calendly.com/mburhans or send me an email with some time suggestions. Together, I’m sure we can reach that resolution!