For over 20 years, the Complete Healthcare Business Consulting (CHCBC) team has conducted numerous assessments of revenue cycles for practices all over the country. Through a consistent, proven process, each assessment provides an in-depth analysis of your processes, data, technology, fee structures, and employees. The final report gives each practice a solid base for growth and success. Every assessment is customized to meet your business needs, priorities, and organizational structure.
What is a Revenue Cycle Assessment?
The process of revenue cycle management is the most vital component of any healthcare organization. When done properly, your patients will have quicker access to important services, clinicians will have a greater ability to perform their duties, and the organization will have a higher degree of profitability. Stricter regulations have limited healthcare profitability and should be prioritized over current revenue cycle assessments.
What Are The Benefits of Revenue Cycle Assessment?
As tracking revenue becomes increasingly complex, effectively managing revenue cycles reduces the risk of lost revenue and missed opportunities. Practicing proper revenue management allows physicians to stay focused on patient care without worrying about sustainability. Revenue cycle assessments can expose systematic flaws in procedures and processes.
At CHCBC, our consulting teams offer 2 different analyses. The first is a comprehensive, focused assessment with in-depth data analysis and solution goals. The second is a quick assessment of your revenue cycle process to help you better understand the underlying causes of concern or poor performance and set up practical tasks with immediate results.
No aspect is neglected. Our specialists consult with each department on every software, policy, and procedure. We work 1-on-1 with each department to get inner details while creating systemic solutions that affect the entire clinic. This methodological approach takes into account all individuals, products, and processes that have an effect on your revenue cycle and the financial health of your company.
Your problem areas are revealed. After visiting your clinic in person, our consultants provide a detailed analysis that identifies areas for improvement, including issues that are negatively affecting your key performance indicators (KPIs).
Your goals are clearly defined. Your team will receive a Performance Improvement Roadmap which is a detailed plan from our analysis that includes best practices for the metrics that matter most. This data will lead to a plan of action that will increase revenue and reduce expenses. The roadmap will provide our outline of recommendations based on effort, impact, and costs.
Our team provides innovative solutions to streamline healthcare revenue cycle management and optimize revenue results in the following:
- Reduce patient bad debt
- Accelerate cash collections
- Decrease patient billing and collections costs
- Set clear financial expectations with patient-friendly estimates
- Customize payment policies based on a patient’s propensity to pay medical bills
- Improve patient satisfaction by minimizing billing hassles
- Enhances flexible payment options, including debit, credit, and recurring payment plans
Guiding The Transition to Success
The Revenue Cycle Assessment in combination with the Performance Improvement Roadmap will guide the changes you enact in your practice. With our help, you will be able to systematically introduce the critical changes in your practice without interrupting your established revenue stream.
The entire CHCBC team is dedicated to providing awareness and data-driven solutions to issues blocking your practice from exponential growth. Call our office and take the first step in your commitment to success and growth by scheduling your revenue cycle assessment.