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Importance of Revenue Cycle Management

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Revenue Cycle Management

Revenue cycle management plays an integral role in the healthcare industry. Managing revenue is an essential for all enterprises. However, it may not be the sole focus of healthcare providers. But these providers, do, at the end of the day, need revenue to supply medical equipment, salaries, etc.

Healthcare costs are further increasing with the adoption of technology. Our generation is witnessing a significant rise in the aging population. This naturally, calls for increased demand for care.

Both patients and providers are shouldering the burden placed by insurance. As well as medical suppliers. Value – based payment plans are also altering the landscape of revenue cycle management.

What Exactly Is Revenue Cycle Management In Healthcare?

There may be variations between certain types of providers. As well as how different practices handle their specifics. But there is one thing in common across all revenue cycle management services. And that is the fact that it pertains to the financial and administrative part of an organization or practice.

Why Is The Revenue Cycle In Healthcare Important?

Initially, to understand what revenue cycle management is. Revenue cycle management is the process through which an organization will handle the finances and processes associated with the various different steps of patient care.

It begins when a patient first books an appointment. And continues through the billing cycle afterwards. Patient scheduling offers the perfect opportunity to gather the necessary information a patient. As well as their insurance plan. This helps in verifying eligibility.

In healthcare particularly, the revenue cycle process will include coding medical services and billing insurance. It also includes ensuring patients have eligible insurance. This goes a long way in determining costs for various treatments. This will ultimately lead to greater flexibility in arranging patient care.

Once medical services have been accounted for, another important aspect of RCM will emerge. A patient’s past due accounts and accounts receivables also impact the provider’s cash flow through collection.

The revenue cycle will also span bad debt. Or any other uncollectible patient records. Once patient accounts are up to date, the cycle will continue with scheduling the next patient’s visit.

As evident, revenue cycle management includes numerous, vital duties that impact the overall health of a practice. At the end of the day, an affluent practice trickles down to the management of its cash flow.

This would be a good time to consider outsourcing medical billing services.

The Real Value of Revenue Cycle Management In The Healthcare Industry

Revenue cycle management holds great benefits within the healthcare industry. The main goal is to enhance revenue. And identify any points of friction to rectify them.

These problems could include embezzlement. Fraud.Waste. Etc. Problems and issues with the RCM can impact other processes. And consume time that would otherwise be spent on patient care, or medical training. Whereas technology has amplified the medical billing process. It has also caused privacy concerns.

Perhaps the most important role of revenue cycle management is that it stores medical records for billing purposes. These records are protected by the Federal Law. Ensuring that these records remain protected while processing financial information is an imperative. This also adds to the importance of health information management as a part of RCM.

Outsourcing medical billing services would the best way to go for an independent practice.

The RCM process serves a critical function because it optimizes things for your practice. So you can focus on the primary goal – patient care.

An effective revenue cycle management system can carry out the following duties;

Reducing the lag between the provision of a service, and receipt of payment. This covers the entire process from scheduling an appointment, to billing.

Saving time through the automation of administrative tasks. This refers to upcoming appointments and payment reminders. It takes away the arduous physical capital invested into administrative processes.

Cutting down on denied claims through prompts to guide submissions by staff members, which increase efficiency.

Providing data that precisely pin point’s areas with room for improvement. And offering a big picture view of the revenue cycle. This offers insight into the operations of your practice. And narrows down the time required figuring out where the problem lies. All in all, you can jump directly to the solution.

Cognitive computing will reduce the occurrence of human error. And ensure correct medical coding is taking place. Once again, leading to fewer rejected claims.

Billing Freedom takes care of all your revenue cycle management needs. From billing operations, to payment posting and reporting; a team of experts will commit themselves to the challenges your practice may be facing.

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Top 5 Customer Retention Trends in 2021

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Costumer retention

Clients are the lifeblood of any company. Without customers, companies can’t earn the income required to stay in business. Companies must attract customers when launching, and they must work to retain customers once they open their doors.

Customer retention is crucial. While many companies prioritized attracting new clients, marketing experts have shifted focus to customer retention, ensuring companies don’t lose clients while attracting new customers. Investing in customer retention can organically boost profits through word of mouth and online reviews from satisfied customers. Read on to learn about some of the best customer retention strategies your business can use.

1. Focus On Increasing Customer Satisfaction.

Customer

High customer satisfaction rates are significant because satisfied customers are more likely to produce repeat business. Financial analysts refer to satisfaction rates to determine if your company will meet revenue projections, prompting stakeholders to scrutinize customer satisfaction surveys and prompt management to prioritize increasing satisfaction rates because they understand the value of long-term customers. Customers won’t take a chance getting inadequate service from someone else if they’re happy with the services your business provides.

2. Make It Easy For Clients To Contact Customer Service Representatives.

Service Representatives.

Provide a toll free number for clients to make it affordable to contact customer service representatives (CSRs). Providing a local number and free number for long-distance or international calls ensures you have open lines of communication with customers in any location.

Using a phoneword to create your number is an effective way to promote your business because phonewords or names are catchy and can help boost brand recognition for your business. When potential customers hear 1-877-635-2708 on the radio, they may not remember the whole number, but it’s much easier to remember a plumber’s number if it’s 1-877-FIX-LEAK.

With free call numbers, you can use up to 10 letters to create your phone number. Some custom phone numbers offer free calls from landlines or approved mobile phone companies, making them affordable.

You can also provide fax lines, enable clients to leave voicemails, and supply other communication channels. Letting clients sent emails or text messages ensures they can choose the most convenient communication platform for their needs, increasing the likelihood they’ll contact your company for assistance.

3. Contribute To Your Community.

Contribute To Your Community

Many customers value businesses that invest in the local community. You can raise your profile by sponsoring sports teams or donating funds to build a dog park or addition to your local library. Clients view companies that invest in their community and donate to charity as generous and selfless. Many consumers are more likely to remain loyal to a business contributing to their community’s needs.

4. Offer Special Incentives And Rewards For Returning Customers.

Special Incentives

Many companies focus on enticing deals for new subscribers. It’s common to sign up for cable or a cell phone plan and enjoy an excellent rate for the first year, only to experience sticker shock once your rate jumps when the second year of your contract starts. Instead of emphasizing steep discounts for new customers, reward returning customers with cost savings.

For example, you don’t need to send out a crew to connect existing clients to cable lines. Pass those savings on to your clients with a renewal rebate or send them a loyal customer prize. For example, you could provide returning customers who sign up for a new plan with a free phone case if you’re a cell phone company.

5. Introduce Gamification Strategies.

 

Satisfied customers are more likely to recommend your services to others, but you can also motivate existing clients to refer to your services by offering financial rewards. If you have a customer rewards program, you could offer customers extra points for referrals. You could also offer gift cards or other gifts, such as free products.

Customer retention enables companies to generate revenue and raise their profile. Investing in customer satisfaction will help increase your customer retention rates. You can also boost your customer retention by providing a toll-free number for clients to use, contributing to your community, offering rewards, and introducing a gamification system to encourage people to refer new clients.

 

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Why a Cloud-Based Call Center May Be Best for Your Business

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Cloud Call Centers

While many businesses still utilize on-premises call center solutions, growing enterprises and modern startups depend on cloud contact centers to achieve business goals. Though both systems offer customer service solutions, many brands feel that cloud call centers provide a better customer experience. With this in mind, it’s easier to focus on brand growth.

If you’re considering a call center solution for your business, it’s easy to feel overwhelmed by the sheer volume of software solutions on the market. To understand why a cloud call center is best for your brand, here’s what you need to know.

Cloud Call Centers Empower Service Agents

When you’re choosing a contact center solution, it’s important to pick one that helps your service agents instead of hindering them. While a fair amount of your customer service strategy depends on connecting customers to the right agent, one component of effective cloud based call center integration revolves around how it benefits your team members.

Since customer service is a high-turnover profession, it’s important to find ways to encourage longer tenures and prevent employee churn. An on-premise solution means that employees have to deal with commutes and stay glued to their desks. Cloud call center solutions, on the other hand, facilitate remote work solutions and help boost agent productivity, employee morale, and team satisfaction.

As long as your sales agents or customer service representatives have a robust internet connection and capable hardware, they can accept inbound calls, place outbound calls, and use live chat functionality. Your agents can also use the cloud contact center solution to review analytics, screen incoming calls, and test advanced features, such as interactive voice response (IVR), call recording, and CRM connectivity.

In some cases, all you require is a strong internet connection that empowers businesses of all sizes, especially if you don’t have an extravagant hardware budget or a traditional phone system setup is too resource-intensive for your current growth trajectory.

Cloud Contact Center Software is More Flexible

Cloud Contact Center Software

In most cases, cloud contact center software provides greater flexibility than traditional inbound and outbound call center setups. Since cloud software systems only require a strong internet connection, a capable router, and the right configuration, they’re easier to install, reorganize, and transport as needs dictate. Plus, many cloud-based communication channels depend on monthly service contracts and different subscription model tiers. As your business strategy expands and shifts, so too can your call center software. The right call center software is scalable and can easily grow alongside general businesses needs.

A small business can implement contact center software that’s scaled for smaller teams and business volumes. Then, as that brand grows and the sales team needs more tools, you can expand your subscription and even request extra dashboard tools such as predictive dialer technology, call routing, mobile app integration, and workflow improvements. Compared to an on-premises solution, this is also more cost-effective. Since your service team can use existing headsets and you simply need to pay for more software licenses, you don’t have to worry as much about major new hardware upgrades. Since these can be pitfalls of your business, it’s useful that a cloud contact center solution can often help keep costs down.

Cloud Call Centers Promote Reliability

When you’re investing in an off-premises system or a cloud call center, it’s important to ensure it performs more reliably than a traditional call center. In many scenarios, it does. Cloud call centers offer compliant call recording assistance, security features, encryption protocols, and more. Plus, cloud systems experience far less downtime in most scenarios.

Whether you’re trying to improve customer loyalty or you need an innovative way to improve customer communication and outgoing calls, it’s reasonable that you’d consider a cloud contact center solution.

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A Step-by-Step Guide for Creating Awesome Printable Jar Labels for Almost Anything

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Did you know that organization can actually increase your feeling of relaxation? When your space is visually neat and tidy, it has a positive effect on your mind.

If you’ve joined the label-making craze, you’ve probably developed a taste for an organized space. Did you know that jars–and jar labels–can do wonders for your home or office organization?

Today, we’re going to talk about the steps you can take to create jar labels for everything from thumbtacks to dried beans.

Read on to learn more about how to make the perfect labels for jars and take your organization game to the next level.

Step One: Pick Your Jars

We recommend starting with your jars. This will help you think about both the use of the jars and the size of the labels.

You can find jars everywhere from the internet to the thrift store. You can even reuse things like sauce jars by washing them and removing their original label!

We prefer jars with a smooth surface, rather than an etched or beveled surface. This makes it easier to adhere the labels to them.

Step Two: Decide What Each Jar Is For

What are your jars for? This will impact not only the design of your labels but also the materials you use for the labels.

Jars aren’t just practical. They’re also aesthetically pleasing. Take design into account and match your labels to the rooms you’ll keep your jars in.

If you’re going to need to wash your jars after labeling them, you’ll need waterproof label paper. Alternatively, you can use clear masking tape to “laminate” your labels to your jars, but the finished look isn’t as neat.

Step Three: Find a Great Online Label Maker

There are a number of ways that you can create your labels. Some people prefer to hand-draw or hand-paint their labels. Others may enjoy using chalkboard paint to create reusable labels.

However, there’s a simple solution for creating gorgeous jar labels without all the hassle. Take a look at this free label maker that comes with tons of templates and design options to choose from.

Step Four: Put Your Jars and Jar Labels to Use

Now, it’s time to put your jars and jar labels to use! If you didn’t use label paper to print your labels, you can use mod podge or another crafting adhesive for this step.

Keep in mind that some jars should be labeled after they’re filled. This is most important if you are canning food items. Make sure to go through the canning process and allow your jars to cool and dry before adhering labels to them.

Up Your Organization Game With Jar Labels

When you have an organized home or office, your mind can feel more organized, too. With jar labels, you can find a space for all those little odds and ends–and a cute one, at that!

Online label makers are a game-changer for organized individuals. How else can tech benefit your day-to-day? Take a look at our tech section for news, guides, and interesting facts about today’s technology.

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