Ways to Measure and Improve Physician Productivity
Healthcare organizations have many functional areas to work upon, but the two main areas that affect the hospital's sustenance are billing and collections. Billing influences a hospital's revenue for the future and collections impact the financial health of the organization. There are some aspects of healthcare financial management if reworked and technologically updated, it can multiply the prospects of success in billing and collections.
An article on Becker's Hospital Review discusses how a six-hospital health system that serves more than 2 million patients per year uses a customizable online financial engagement platform to evaluate billing process issues and find solutions for the same.
This financial engagement platform is one of the hundreds of products available that help hospitals prevent billing and/or collection bottlenecks.
Let's look at some of the billing and collection issues faced by hospitals
Billing and collection bottlenecks:
Billing and collection bottlenecks:
Information Technology
Operational budgeting or forecasting
Streamlining patient access functions
Improving physician productivity
Implementing a collections module
Outdated fee schedule
Achieving economies of scale by externalizing RCM functions
Billing vendors not meeting the SLAs
Losing the common thread with RCM vendors
1. Information Technology (IT)
Information technology has been enabling healthcare organizations to restructure staffing models, speed up billing process, increase collections and also communicate with patients quickly and efficiently. IT has been indirectly responsible for securing steady and good inflow of revenues. Using a good billing software or a collections module or an EHR that has some part of the billing process integrated into it can increase the efficiency of billing cycles. Read More