Many hospitals are implementing patient engagement strategies to help improve care outcomes and engaging financially with patients can also yield significant benefits for patients and providers. Financial patient engagement includes educating and communicating with patients at every point in the revenue cycle – pre-service, point of service and post-service – to facilitate higher collections and help improve patient satisfaction. Because these points in the revenue cycle stretch across many departments such as patient access, financial services, call centers and third-party collection agencies, a single, integrated solution that connects all parties involved and provides comprehensive data is critical.
Consumers have increasingly become more educated about their healthcare choices and economically vigilant about the costs.
In a HealthLeaders Media podcast, David Dyke, Vice President of Revenue Cycle Systems for RelayHealth, explains that when healthcare systems capitalize on patients' expectations, balance sheets and improve patient satisfaction scores.
Often, a hospital’s revenue cycle is comprised of several departments that are managed and monitored separately. The lack of visibility of overall performance can impact cash flow and the patient experience. RelayHealth financial solutions offer a panoramic view of the revenue cycle while also providing the ability to drill down for microscopic focus on certain challenges. Using analytics to identify and prioritize improvement opportunities, financial executives can then implement RelayHealth’s other revenue cycle solutions to help solve problems and improve financial outcomes.
Published By: Allscripts
Published Date: Jun 05, 2013
This paper examines these technologies in the context of a four step process that many successful practices are using to optimize their revenue cycles. The “Four Steps to Transformation” methodology represents the distillation of best practices from thousands of medical groups across the United States who leverage technology to improve their bottom lines.
Published By: VersaSuite
Published Date: Aug 13, 2013
Healthcare providers do not have to live with functionality interruptions and budget strains created by an EHR that does not fit the facility. VersaSuite delivers a customizable EHR/HIS system to streamline the entire range of healthcare business processes.
Published By: CareCloud
Published Date: Sep 23, 2014
CareCloud developed this guide to explain how technology turned one practice's profit uncertainty into a happier ending. Find out how.
In this white paper you'll learn how to:
• Earn the greatest potential ROI from your EHR system
• Capture more money through revenue cycle management
• Track profitability easier by focusing on 5 key numbers
Published By: CareCloud
Published Date: Mar 20, 2015
This white paper outlines three key reasons that outsourcing could be the right move for your medical practice. Download to find out more about the potential financial and efficiency gains for your practice.
• How to calculate potential cost savings
• Where up to 65% of practices have a weak revenue cycle spot, according to MGMA
• Why outsourcing before October 2015 makes sense
Bonus: A handy checklist to help you quickly figure out if now is the right time for your practice to outsource.
Published By: nThrive
Published Date: Sep 22, 2017
Claim denials plague health care providers nationwide, siphoning up to 5 percent of patient net revenue per year and causing a cycle of rework on roughly 20 percent of claims. Couple that with the troubling statistic that upwards of 50 percent of denied claims are never worked by hospitals, and the scope of the issue becomes clear: denials management is vital to the financial health of your organization.
Published By: Red Hat
Published Date: Jan 02, 2018
Once upon a time, several generations ago (in technology years), IT departments were internal departments, focused on maintaining infrastructure and services within the company. Some companies may have had external-facing services, particularly web services, but this was still generally a narrow and restricted area. IT wasn’t a revenue-generating or strategic department; it was a supporting environment viewed as a cost center.
One of the outcomes of an infrastructure-focused environment is that developers lost a sense of what their code was doing. Release cycles were long, and changes were slow. A developer would work on something and throw the code into testing or operations, and it would be released months later. Because of that long lead time, engineers lost the joy of being a developer—of creating something and seeing it work in real life.
One of the great, powerful changes with digital transformation and related cultural and technology changes like DevOps is that it reintroduce
This guide outlines the five most important marketing metrics every B2B marketer should focus on, to achieve maximum ROI from Marketing Automation software, in addition to optimizing their lead management process
Published By: CareCloud
Published Date: Oct 25, 2013
In this white paper, you'll learn about:
• Gauging the success of your revenue cycle management processes
• Uncovering factors that hurt your practice’s finances
• Ensuring your practice is securing reimbursements in a timely manner
• Identifying missed revenue opportunities
• Finding areas where your practice could yield higher returns, and more.
Published By: CareCloud
Published Date: Jan 21, 2015
Watch this free webinar to hear how one general surgery practice increased billing by 11%, boosted revenue by 6% and streamlined productivity in just six months with its new practice management and EHR system.
In this recorded webinar you will learn more about:
•The biggest challenges to improving profitability and how to overcome them
•How to increase productivity with your EHR
•What the practice would have done differently—and how you can benefit from their experience
•How to use your PM to improve profitability, productivity and more…
Fill out the form on the right to begin watching this webinar right away!
In the digital economy, application programming interfaces
(APIs) are essential for executing ideas quickly and seizing new
business opportunities. They are the building blocks of digital
transformation, enabling organizations to deliver exceptional
customer experiences, create new revenue streams and connect
employees, partners, apps and devices to data—anytime,
APIs are not necessarily a new technology, but in today’s digital
world, they have risen in prominence and become important
to every facet of the enterprise. This in turn has increased the
demand for effective API management. But what does an effective solution look like?
The API Management Playbook will help you understand:
• Why digital transformation is crucial in the application economy
• How APIs are the building blocks of digital transformation
• Which key stakeholders in your organization are impacted by APIs
• What the API lifecycle is and how it relates to API management
Chart your course to higher revenue with ABM.
Fierce competition, complex B2B sales cycles, and limited budgets force you to make the most of every marketing dollar. Learn how to get started with account-based marketing (ABM), so you can drive pipeline, conversions, and revenue.
The principle “what gets measured gets managed” dictates that by simply examining an activity, you can get a handle on it and find ways to improve it. However, not all metrics are created equal—meaning not all things that can be measured will give you the ability to proactively take action in a timely manner. Case in point: If you measure the effectiveness of your customer success and recurring revenue growth programs based only on retention, churn, renewal or attrition rates, then you have a problem. These are very important metrics, and they are definitely key to your business. The problem is that these metrics can only tell you if you have a problem, which you often discover only after it is too late to affect real change.
Companies that take a more sophisticated approach to customer success, revenue retention and revenue growth after the initial sale earn 46 percent more revenue compared to their less sophisticated peers, according to a global study conducted in 2015 across software, hardware, SaaS and life sciences companies.
The study highlights the urgent need for companies to consider the full range of customer success and revenue growth activities after the initial sale—collectively called the “revenue lifecycle”—which includes onboarding, adoption, upselling/cross-selling, retention and renewal. The study shows that a company that improves people, processes, technology, data and KPIs in the revenue lifecycle can expect to improve renewal rates by more than 31 points.
Today, every B2B company is feeling the heat. Investors and shareholders expect high growth and anything less is not good enough for Wall Street. While a new company can drive growth from new customer acquisition, maximizing customer lifetime value is the secret to sustainable and predictable growth.