What Is Skilled Nursing Facility Revenue Cycle Management

The idea of a revenue cycle in healthcare is very basic. It includes the collection, analysis and reporting of data from patients to doctors to payers to facilities to assist providers recognize the very best practices for each action of the process. Revenue cycle management involves all of these steps and more. It likewise includes making use of data from all of these steps to identify where the spaces remain in the process and how they can be filled.

The key to enhancing a revenue cycle is to find out what's working and what's not. By identifying areas where the procedure is broken, you can make changes that will enhance the efficiency of the procedure and eventually increase your revenues. Here are some common issues with revenue cycles and how to resolve them.

Collection

Numerous centers battle with collecting the appropriate quantities of money from patients and their insurance companies. This is particularly real if the patient has personal insurance or if they are self-pay.

To repair this issue, you need to initially understand what the most common reasons why the facility doesn't collect enough money. You require to look at the data to see which aspects are leading to under collection. For example, you may discover that a specific portion of clients never return their documents. The facility requires to work more difficult to get those patients back to fill out the forms again. On the other hand, you may find that a a great deal of clients are returning their forms late. You need to learn why that is and then make sure that the staff is trained to handle this type of issue.

Analysis

As soon as you've recognized the problem with collection, you require to examine the information to figure out how to correct it. The initial 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 information to see what can be done to correct the problem.

If they're not coming back, you require to find out why. Or maybe the staff needs to be reminded of what is anticipated.

Reporting

After examining the data to determine the issues, you require to find out how to fix them. To do this, you need to recognize the data that is needed to keep an eye on the success of the program. If you are using incentives to encourage clients to return their forms, you need to track how well that is working. You likewise require to track just how much cash the facility is losing because of this issue.

Once you have this information, you need to figure out what metrics to track. For example, you might wish to determine how long it considers the patient to return the kind after being reminded. Or you may wish to look at how many types are actually returned by the patient. After you have the data, you require to figure how to report on it so that you can see what is occurring. You may choose that you want to send out monthly reports to show progress. Or you might decide that you desire quarterly reports to tell you what is going on in your facility.

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 enhance the revenue cycle. You will also have the ability to enhance the quality of care that you offer to your clients.

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