Can you teach an old dog new tricks?
In the case of your current staff learning new ways to maximize your revenue, the answer is definitely yes.
But contrary to what may be implied in the title, maximizing your team to maximize revenue does not mean having your team work to the bone. It’s not just about working hard, it’s more about working smart. When you know how the modern revenue cycle works and what you and your team need to focus on within this cycle, your team can effectively maximize your revenue without much difficulty.
A More Effective Perspective to RCM
RCM or revenue cycle management is the healthcare industry’s financial process that typically starts the moment a patient contacts a medical practice and ends when a patient is discharged and payment is made. But within this cycle is a myriad of opportunities, opportunities to not only ensure that the current revenue cycle comes full circle, but that new ones can be started.
It’s important for your staff to understand this. Every step of the revenue cycle is important and can affect total revenue and even future revenue. Every member of your staff must therefore take ownership of their part in the revenue cycle. And one member must be assigned to see to it that each member plays his or her role, and that each part of the process is directed towards the same goal.
It’s All in the Metrics
In order for members to fully understand the importance of their role in the revenue cycle, you must first look at the metrics. The data you gather from and about your operations clearly determines which areas need work or can be improved. And each of these metrics is the responsibility of one individual or department.
For example: the cancellation rate should be the responsibility of the front desk. If the rate increases or needs improvement, the front desk staff should look into it and see how this can be remedied. They can reach out to patients, find out why they cancelled and make the necessary adjustments. If claim denials are increasing, then the billing and coding department should look into where the common problem areas are, and find solutions for it. Each individual or department must be proactive and take responsibility for improving their metrics.
It’s easy for individuals and departments to take responsibility for their part in RCM– that is, until problems arise. People will drop those responsibilities like a hot potato once a problem occurs, believing that some sort of punishment will come soon after.
To avoid cases like this and maintain that sense of ownership not just for roles but also for mistakes made, it’s important not to make problems personal and instead work with your people to find a solution. Immediately assuming a problem to be a people problem when it could be a process or patient problem can only make your staff defensive.
The moment a problem arises, investigate the facts surrounding it. Do not keep the focus on the “why?” but on the “how do we solve this and move forward?” By doing so, you’ll lessen useless explanations and increase creative solutions coming from your staff. This practice will not only help you find solutions sooner, it will also develop confidence in your staff, as it shows you trust them to solve problems with you.
Work Closely with Experts
It can be difficult to get a handle on every aspect of RCM and how your staff can help improve it. Experts in RCM can help you with this aspect.
Park Medical Billing – medical billing company is a team of such experts. We can provide you with the information, tools and services you need to ensure that you are able to achieve maximum revenue. To know more about what we can help you with, call us today at 1-201-585-7306.