How RCM in Healthcare Improves the Patient Experience
Well-managed revenue cycle management (RCM) improves the overall patient experience by reducing stress, ensuring financial clarity, and improving access to healthcare services.
In this blog, we’ll cover the following topics about how RCM best practices can greatly improve the patient experience:
- Explaining RCM in Healthcare
- Why Patients Matter to Your Revenue Cycle Experience
- How to Use RCM to Improve the Patient Experience in Healthcare
Explaining RCM in Healthcare
RCM encompasses all of the steps you need to make sure you get paid for the services you provide, from the moment a patient schedules an appointment to the final payment collection.
Why Patients Matter to Your Revenue Cycle Experience
While one part of the patient experience involves providing quality care, another factor that can bolster patient satisfaction is improving your RCM best practices. With the help of advanced technology and software, you can use RCM strategies to automate crucial revenue cycle tasks, such as registration, eligibility verification, accurate coding, claims submission, and payment collection. Financial transparency is key to building trust between patients and providers. By providing accurate estimates and a variety of payment options, you can improve patient satisfaction and your bottom line.
Denial management is a key part of your revenue cycle. By monitoring denied claims and learning from them, you can improve your billing and coding process.
How to Use RCM to Improve the Patient Experience in Healthcare
Here are a few ways to use your RCM process to improve the patient experience:
Provide Patient-Friendly Technology
Patients are looking for a smooth digital experience where they can easily find, schedule, and pay for appointments online. That’s why providing 24/7 mobile access to online patient scheduling is essential for early engagement. With just a few clicks, your patients can secure and manage appointments and payments right from their phone or computer.
Offer Price Transparency and Financial Information
Healthcare providers are now offering estimated costs before treatment. By giving patients an understanding of their expected out-of-pocket payments in advance, you can eliminate the surprise of medical bills and give your patients the opportunity to discuss coverage with their insurance company.
Providing financial details for services upfront also allows patients to plan their finances accordingly and explore options like payment plans or choosing the right payment method. These estimates can also establish better communication between you and your patients. With text message alerts, patients can be notified when their estimates are available for viewing at their convenience.
Allow Online Bill Payments
Many patients want to interact with their healthcare providers through their mobile devices. They want to receive text messages and pay through digital formats to avoid the hassle of walking into an office, dealing with paperwork, or carrying a physical card. By offering patients more and better payment options, you can increase upfront revenue and reduce the need for collections. A smoother path to payment means patients are more likely to pay before their appointment or at the point of service.
Simplify and Automate Your In-Office Technology
Automated processes are revolutionizing the front desk experience. Not only do they simplify tasks like registration and check-in for patients, but they also make back-office operations like data entry more efficient. Automating your in-office technology also increases workplace flexibility for healthcare providers. As staffing shortages continue to plague the industry, automated systems allow staff to work at different times and locations, including from the comfort of their own homes. By simplifying your processes using automation, you can flex your resources to meet demand while employees enjoy more options for where and when they work.
Thanks to frictionless payments and a variety of online tools, patients can take control of their healthcare journey like never before. By giving patients access to a virtual waiting room and allowing digital payments, you can give your patients greater control and convenience. Using self-service features also allows you to improve patient care. By mapping out a patient journey that seamlessly integrates virtual and in-person interactions, you can receive payments earlier in the process, allowing better follow-up and care post-treatment.
Ensure Coding and Billing Accuracy
Accurate coding and billing are essential for a positive patient experience. When you code and bill accurately, you can prevent delays, simplify reimbursement processes, and reduce the chances of errors. That means patients can focus on their health and recovery, rather than worrying about administrative issues. Not only does accurate coding and billing benefit patients financially, but it also improves the overall quality of care. When your staff is meticulous with coding, it allows for better analysis of treatment outcomes, leading to more effective care for each individual.
The key to creating successful digital relationships with patients is to obtain their consent to receive notifications related to their medical bills. Once you have consent, you can use email and mobile notifications to remind patients when payments are due and inform them about discounts and other payment options. You can also use emails to keep patients up to date on new services and treatments available at your organization.
With the right RCM strategies, your medical practice can experience long-term financial success.
Horizon Healthcare RCM can help you take your health system to the next level. Our well-structured revenue cycle management plan will streamline your administrative functions, allowing you to focus on providing quality care. Horizon’s team of expert medical billers and coders will optimize your management processes, verify patient information, educate patients on their financial responsibilities, and even help you overturn claim denials. Contact us today to improve the patient experience with our RCM healthcare services.