October 23, 2018
Make Revenue Cycle Reporting Work for You With a Focus on Simplicity
“The definition of genius is taking the complex and making it simple.” ― Albert Einstein
If there’s one thing hospital revenue cycle isn’t known for, it’s simplicity. This is especially true when it comes to reporting.
With every new code set and every new initiative, reporting gets more complicated and takes up more time. As much of a problem as that is, overly complex reporting isn’t just a drain on resources. It’s also lost opportunity for your team to respond to the increasingly patient-centered face of revenue cycle.
We want to see you optimizing your resources and creating personalized, engaging patient experiences, which is why we want to give you a glimpse into simplified reporting and what it can look like for you.
It Starts With a Dashboard
Never underestimate the impact of a well-designed dashboard.
An interface scattered with bells and whistles might seem incredibly useful, but that’s not always the case. Spend too many days navigating unnecessary data, drop downs, and extraneous clicks, and your team will eventually feel the drain of frustration and wasted time.
A dashboard should be easy to use. If not, you lose the full impact of any transparency a tool offers. The information your team needs most should be available with minimal interaction on their part.
Merchant services reconciliation reports are a great example of this concept. The simplicity of reconciliation reporting incorporates uncomplicated month-end reports and detailed, but clear, results that free up hours of staff time, reduce the sheer number of reports, and cut back on costly errors.
Simple dashboards also help users find and close workflow gaps immediately and most importantly, give them room to use reporting as a tool to explore opportunities in tailoring patient communication throughout the care journey. Back-end revenue cycle management should be as simple and easy to use for you as the front-end healthcare experience you want for your patients.
A Focus on Insights
Insights matter more than ever in the hospital revenue cycle. Of course, payer relationships have become more complex — with patients becoming responsible for an increasing proportion of the cost of care, true insight is even more difficult to achieve.
Since there are so many variables to consider for each patient — including preferred method of payment, propensity-to-pay, and risk of switching to another facility — understanding the relationship with infinitely complex payers has become incredibly tricky to navigate. This is exactly why straightforward insights are so important.
You need insight into your patient volumes, paths to maximize collections, and how to leverage both and provide a great patient experience. Business analytics tools are the only way to get there, and simplified dashboards are key to providing real-time, 24/7 insights clear enough to be beneficial.
The Importance of Portal Platforms
The deeper you’ll be digging into patient information, the more important simplicity becomes.
Patients are now the largest payer behind Medicare and Medicaid, meaning you will need more access to patient statements and billing histories, and in some cases, the ability to drill down to the encounter level to resolve patient inquiries and outstanding issues. We’ve designed our portal platforms to minimize clicks required to access the information you need and position the most critical information exactly where your users need it most.
Even if reporting simplicity feels out of reach, we promise there is a path to a clean, uncomplicated revenue cycle that’s sophisticated enough to take on all of today’s most challenging revenue cycle changes.
RevSpring Can Help
Integrated payment communication is part of RevSpring’s DNA. We tailor the payment conversation to influence behavior and inspire action. Our segmentation rules and workflows help you become hyper-focused on the patient, understanding their ability to pay and mapping their financial obligations to repayment pathways.
If you’d like to learn more about our comprehensive patient engagement and billing solutions, we’d love to help you. Request a demo to see how we can help your organization meet its goals.
