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Driving Efficiencies in 2022 - 3 Ways to Improve Your Revenue in the New Year

Driving Efficiencies in 2022 - 3 Ways to Improve Your Revenue in the New Year Image
By SYNERGEN Health January 28, 2022

Over the past couple of years, the aftereffects of COVID have presented unique revenue challenges for healthcare. As more people secure new employment opportunities as part of the Great Reshuffle, their coverage, and understanding of costs associated with care may result in an unexpected bill.

Determining current coverage can quickly and accurately minimize claim denials, enhance the patient's financial experience, and improve your ability to capture reimbursements.

Here are 3 ways to drive efficiencies in 2022:

  1. Invest in Automation

    According to MGMA, 7 in 10 healthcare leaders have reported increasing claim denials in 2021. This increases the workload for staff where shortages may already occur. To address this pain point, consider automation technology to replace manual repetitive tasks to drive improved results across the back-end revenue cycle process. Including the following revenue cycle processes:

    • Coding optimization and denial management
    • Claim follow-up
    • Appeals

    Investing in a technology stack that integrates into your current system can reduce reimbursement delays and costly additional operational expenses; for example, a denied claim costs an average of $25 to rework. Integrated automation technology would automatically determine requirements for the denial, re-submit with corrected claim information and or requests for appeal. As a result, the pressures of increased workload are managed with technology allowing your staff to work efficiently without burnout.

  1. Streamlining Patient Billing and Collection Process

    The Great Reshuffle prompted an estimated 38 million workers to leave their jobs in 2021. The switch to a new employer may leave many employees in a new network with unforeseen benefit changes. By implementing a patient-centric strategy to assist patients in making informed cost decisions pre-visit and simplifying post-care billing processes, you can reduce the chances of surprise billing, resulting in an increase in aged receivables. This includes performing eligibility verification, co-pay information and deductible data, and a strategy to address patient liability prior to the appointment.

    Following the appointment using a secure, convenient online portal, like SYNERGEN Pay, you can streamline patient communications; create and provide clear and easy-to-understand statements and automated payment plans.

  1. Regularly hold informal training sessions

    The post-COVID world has resulted in significant changes for E/M coding and regulatory updates, as new CPT codes were implemented to help manage COVID-19 testing, telehealth visits, and vaccine administration.

    Providing ongoing education programs and informal training sessions regularly can help ensure employees are informed of the latest reimbursement and coding requirements while also feeling more connected to the organization.

By improving efficiencies, providers can increase their time to cash and remain financially healthy while addressing the evolving benefit changes associated with the Great Reshuffling. Contact us today to learn more about how SYNERGEN Health's deep domain expertise can help you navigate these challenges to maximize and realize your full revenue potential, https://www.synergenhealth.com/contact.

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