New Year’s Resolutions for Your Revenue Cycle

HealthWare Systems Blog

New Year’s Resolutions for Your Revenue Cycle

Posted on Wednesday, December 18, 2019

Have you set any New Year’s resolutions for your revenue cycle?

The new year is upon us! The following are a few resolutions you’ll want to consider for improving your revenue cycle, along with the ActiveWARE products that can help you reach these goals.

New Year’s Resolutions for Your Revenue Cycle

Resolution – Financially Clear Patients Prior to Date of Service

Facilitator is a pre-arrival workflow solution that can streamline prior authorizations. And not only does Facilitator automate financial clearance steps, but it also verifies insurance and medical necessity in real time and searches for unreported coverage.

Resolution – Reduce Technical Denials

ActiveDEFENDER monitors the entire patient encounter to prevent errors that lead to reimbursement denials, delays, and underpayments. (Read here how ActiveDEFENDER reduced bad debt by 50% at Bon Secours Charity Health System.)

Resolution – Improve Collections

Facilitator can simplify collections with one-click access to a consolidated view of patient responsibility that includes prior balances (across multiple sites), out-of-pocket costs for the current visit, and qualifying discounts.

ActiveASSIST can help you better manage your self-pay population and ensure that you as the provider are “payer of last resort” by exhausting all other funding options for patients first (e.g. government-funded programs and charitable sources).

Resolution – Increase Patient Satisfaction

All ActiveWARE products create improvements that increase patient satisfaction. But one factor that especially affects patient satisfaction is patient wait times. ActiveTRACK is proven to increase patient satisfaction by reducing both registration and clinical patient wait times. In fact, ActiveTRACK reduced patient wait times by 75% at an acute care facility in the Chicago Suburbs.

Resolution – Reduce Paper Use and Costs

Our digital transformation solutions greatly reduce paper use and costs. For example, ActiveXCHANGE, our digital order management solution, eliminated 1.3 million pages per year at Advocate Illinois Masonic Medical Center.

There are many cost benefits of electronic healthcare forms as well. With ActiveFORMS, there is no need to pre-print and store forms or waste money destroying old pre-printed versions that can no longer be used due to new updates. Instead, forms are instantly and electronically delivered wherever a patient presents and can be printed on-demand if a physical copy is necessary. And if not, you can go paperless with electronic signature.

Resolution – Perform a Health Plan Audit

An annual health plan audit can help you maintain compliance with payor contracts and ensure your front desk staff are prepared to collect the appropriate co-pay or deductible from each patient. If you’re not already, resolve to conduct a health plan audit at least every year.

Have you set New Year’s resolutions for your revenue cycle?

What are your New Year’s resolutions for your revenue cycle? Chances are, one or more of our ActiveWARE products can help. Contact us today to learn more… and have a Happy New Year!