Invest in Health IT for a Healthy Bottom Line
Failure to have a written Financial Policy and failure to invest in Health Information Technology are the final two of five crucial components to Revenue Cycle Management covered in a recent article on Revenue Cycle Intelligence. This is the final installment of our three-part series on Revenue Cycle Management issues.
Failure to Have a Financial Policy
Some healthcare facilities fail to have a written financial policy in place and available for employees. A financial policy can serve as a helpful tool for healthcare professionals involved in billing and should also provide guidance to patients regarding collection of copayments and unpaid balances, charity care and other financial arrangements.
Health Information Technology = Bad Debt Avoidance
Revenue cycle management requires healthcare professionals to use information technology (IT) to keep track of claims through their entire lifecycle. This is necessary to ensure payments are collected and denied claims are addressed. However, some hospitals struggle to put information technology and billing infrastructure in place in a way that successfully manages claims.
Investing in IT is an investment in bad debt avoidance. It can be challenging for an administrator to determine which technologies to use and how much to spend but organizations can and should turn to information technology consultants to help aid them in decision making.
In September, Athena Forum will publish Revenue Cycle Management, a new course with eight modules focused on training CMs to increase core knowledge of their role in revenue cycle management. Read on for a sneak peek into this exciting new course.