Five strategies to supercharge your revenue cycle profitability for outpatient, outreach, and ambulatory centers
Thursday, February 25th, 2021 | 1:00 pm - 2:00 pm CT
While using electronic medical record technology works well for many areas of the hospital, revenue cycle profitability suffers in outpatient, outreach, and ambulatory centers when relying on EMR and enterprise RCM processes. Join us to learn about hidden revenue opportunities and process improvement strategies for outpatient-related hospital claims that lead to improved multi-department profitability.
Many hospitals and health systems attempt to handle revenue cycle management activity associated with all claims via their existing electronic medical record (EMR) technology. While finance executives may see this as the most cost-effective approach, RCM team leaders supporting ambulatory, outreach/outpatient laboratory, and ancillary services, know that this approach can lead to many cumulative dollars in high volume, low value claims going uncollected. The XIFIN team estimates that each time a person must intercede to resolve an outpatient claim, it costs a minimum of $25. This eliminates most profit on low dollar claims and leads to policies of low dollar threshold writeoffs. Individually, each claim’s lost dollars are small, but collectively, they can comprise a healthy chunk of hospital revenue.
Many hospital outreach labs have successfully addressed this high-volume low dollar challenges and turned these write-offs or bad debt into revenue and profit. Join us as we discuss the successful strategies that outpatient-centered services can employ to also improve cash and profitability.