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Revenue cycle management refers to healthcare providers tracking the revenue from patients - right from the first appointment to the final payment. To understand more about why it’s important, one needs to understand the benefits of optimized revenue cycle. 

Benefits of optimized revenue cycle management in healthcare

Reduced denied claims

A streamlined revenue cycle depends on the level of accurate data present within the system. If there is a high level of accuracy, it reduces the chances of denied claims. Usually, denied claims occur when there are mistakes in payment claims. One example is when patients are mistakenly charged for services they have not used. RightPatient ensures that the patient is accurately identified from the beginning to the end of the process – substantially reducing denied claims. 

Enhanced patient experience

An optimized revenue cycle means that the FTEs will spend less time on redundant tasks such as rechecking coding and billing for errors and focus more on providing better care to the patients – enhancing the patient experience. 

Higher and faster collections 

It is quite simple – if the revenue cycle is optimized, there will be higher collections with a lower number of errors. FTEs, thus, do not have their hands full of coding and billing errors – giving them the time to focus on the remaining collections, improving efficiency in the process. 

Accurate patient information 

An optimized revenue cycle means that you are ensuring patient data integrity; that is, from the beginning of caregiving to collections, the correct patient has been identified. This can be easily achieved using an accurate patient identification platform like RightPatient.

Better financial returns

One of the most vital parts of a healthcare provider that everyone scrutinizes, other than treating patients, is its financial performance. After all, these are the indicators as to how well a provider is doing. An optimized revenue cycle means that there are increased clean claims, faster collections, lower lost claims, and accurate patient data – all leading to improved revenue of the provider.

RightPatient helps optimize revenue cycle management

Optimized revenue cycle management in healthcare means that you need to have the correct data for the patient and you are ensuring that he/she is being billed accurately throughout the whole process. Thus, for a better revenue cycle, you need to ensure accurate patient identification. This is where RightPatient helps. With its touchless patient identification platform, RightPatient helps identify the patients right from the start and keeps patient data integrity intact, eliminating any chances of denied claims.

Source: Optimizing Revenue Cycle Management in Healthcare is More Important Than Ever