The road to financial success in today’s healthcare world is rarely linear. A sea of unexpected challenges has plagued practice operations in recent years. Over a three-year span, a pandemic, staffing shortages and supply chain chaos caused unprecedented upheaval to an already sensitive industry. While some of the dust may have settled, a patient sees issues like price transparency, the patient experience and the overall rising cost of care as top of mind.
Speaking of transparency, in order for a practice to stay on top of its bottom line, it needs to be a priority. C-suite officers and practice administrators can’t afford to remain in the dark when it comes to the numbers. A deep view into the revenue cycle – through means like extensive data analysis, for example – is critical. When elements like a lack of insight into a claim’s lifecycle are missing, the revenue cycle simply cannot run on all cylinders. In this case, let’s go against the well-known phrase and say that what you don’t know can hurt you. And being a physician is no longer just about delivering care. Practitioners need to have an in-depth knowledge of expenses; everything that goes in and comes out, so to speak. But it’s a team effort. The knowledge and efforts of front and back office staff, together with the physician(s), can make or break a practice’s financial success.
At a high level, a medical practice needs to aim to accurately measure the efficiency of its investment. How do the revenue-generating elements compare to the expenditures? One of the best places to work toward this is with a straightforward cost estimation tool. These valuable resources can guide you through the key factors to consider when assessing the financial impact of using a cost estimator within your healthcare organization.
Learn the right steps to take to set your practice on the path to financial success. Download our free checklist to unlock the potential ROI of the Health iPASS Cost Estimator and take your revenue cycle management to the next level.
