Healthcare staffing shortages continue to plague today’s medical practices with a turnover rate of 40% among front office workers and 33% among business operations staff, according to a recent report published by the Medical Group Management Association. However, simply having enough staff does not ensure a profitable business. Success also requires knowledgeable staff armed with the right tools working in an optimal environment.
Here are five ways today’s medical practices and medical billing companies can position their revenue cycle management (RCM) teams for success in the New Year and beyond.
- Invest in education. These days, the pace of change in RCM is nothing short of astounding. There is a nonstop flow of new information: New medical codes, new regulations, and new forms of virtual care. In addition, as healthcare payers continue to use artificial intelligence-driven algorithms to deny claims, there are new opportunities to adapt and evolve internal RCM processes. Medical practices and billing companies that invest in ongoing education for medical coders, medical billers, and the entire RCM team can respond more effectively and efficiently to ensure revenue integrity in a dynamic environment. Training should include ways to leverage artificial intelligence to augment existing workflows and promote revenue cycle compliance.
- Push for automation. Automation is your friend—not your foe. By automating patient billing and follow-up communication, you create more time for RCM staff to focus on patient engagement and communication. The result? Patients receive the time and attention they deserve when questions arise, and RCM staff feel valued and needed. Oh, and the yield from that synergy is often a more profitable bottom line for your business.
- Promote patient self-service. Again, it’s about creating more hours in the day for your billing team to focus on complex, higher value-add tasks. For example, when patients pay their bills online or over the phone via an interactive voice response system, that’s less time RCM staff spend applying payments and more time they spend appealing denials, investigating underpaid claims, and working complicated claim edits. When patients interact with real-time chat to ask basic billing questions, that’s fewer individuals calling your medical practice or billing company to tie up phone lines. This reduces the wait time for those who do need to call in, and it also helps RCM staff maximize their skills and time.
- Surface the right data. Data and a user-friendly dashboard empower your billing team to make smart choices. For example, by tracking payment trends, they understand the most effective way to collect outstanding balances. By tracking key performance metrics, they pinpoint areas to improve. Data reveals countless opportunities to provide additional education, pursue targeted audits, improve payer negotiations, and so much more.
- Improve organizational culture. Culture (i.e., the values, attitudes, beliefs, and policies that shape the atmosphere and behaviors in the workplace) is an essential ingredient for success. Without a positive, well-defined culture, your billing team simply may not thrive. In 2024, strive to build an open, communicative environment in which all employees feel valued and appreciated. Insist that people treat others—including patients—with kindness, empathy, and respect. A positive culture can greatly improve staff and patient retention. It can also drive innovation and efficiency to help propel the business forward. Ask your billing team these questions: What are our goals for 2024? What challenges might we encounter, and how can we overcome them? For example, is this the year you’ll improve aging patient accounts receivable once and for all? Listen to their answers, keep an open mind, and provide support.
Conclusion
Even despite staff shortages, payment cuts, and increasing denials, it is possible for medical practices to achieve a successful year ahead. By prioritizing your billing team’s education, efficiency, and resilience, you’ll find success in more ways than you could have imagined. Learn how Inbox Health can help.
Lisa A. Eramo, MA is a freelance healthcare writer who specializes in healthcare reimbursement, health information management, value-based care, and patient engagement. She contributes bylined articles to various healthcare trade publications and also assists clients with healthcare content marketing. You can reach her at lisa@lisaeramo.com or by visiting www.lisaeramo.com.