Revenue cycle optimization is one of the biggest challenges for most medical practices. Most practices spend considerable human resources and time in handling the revenue, billing, reworks, and problems associated with the billing. Issues with the revenue cycle affect your practice’s overall morale, net profitability, and patient experience. As such, revenue cycle optimization is essential to reduce reworks, optimize cash flow, and improve your profits.
Revenue Cycle
Revenue Cycle Optimization
Time-Tested Methods for Proven Results
Independent Practice Partners provides time-tested revenue models to optimize the cash flow while allowing you to pinpoint breakdowns in the process. We streamline and automate the entire revenue cycle to ensure it moves smoothly without delays, frustrations, or inefficiencies. Our optimized revenue cycle improves the patient experience and helps you obtain reimbursement for your services without excessive levels of effort.
Benefits of Optimizing Your Revenue Cycle
- Patient Experience: Nothing is quite frustrating as an inefficient payment experience. An improper revenue cycle can bleed into the patient’s overall experience directly or indirectly, making them less likely to consult your medical practice for future appointments.
- Reduce Rework: Reworking denied claims involve significant time and energy from providers. Studies have shown that providers lose approximately $25 per rework, a figure that can drastically add up as you see thousands of patients per year. We reduce reworks and increase profitability.
- Accountability: The problem with most mismanaged revenue cycles is that it’s hard, if not impossible, to identify the specific breakdown in the process. That leads to a general lack of accountability in the practice. However, our optimized revenue cycles increase accountability, allowing you to pinpoint the specific breakdowns in the process.
- Responsibility: We plan a streamlined revenue cycle wherein a specific individual is responsible for each step of the revenue process. As such, each individual must be responsible for their specific data rather than the entire revenue process, improving their performance and accuracy.
- Optimization: When all the aforementioned benefits are added up, they contribute to an overall optimized revenue cycle and cash flow with little to no mistakes. Over time, the system is essentially automated, allowing you to focus on patient care without worrying about collecting payments.
If you’re struggling with your revenue cycle, please schedule a consultation with us for an analysis.
