A healthy revenue cycle allows a behavioral health treatment facility to minimize friction in their billing process and maximize revenue. However, blind spots in the cycle could impact the total amount of revenue you receive. How do you identify these weak spots, so you can address them and maximize your net revenue? Here are some ways you can help find the holes in your revenue cycle and realize more revenue overall.
Data-Driven Analysis
The first step in finding the weak spots is to standardize your reporting, so you can build a comprehensive analysis of your revenue cycle. At Billing Solutions, we’ve built our own software platform, Nectar, which shows key performance indicators 24/7. It’s a customer-facing dashboard that gives you superior transparency into your billing process, claim statuses, and your revenue cycle’s weak spots. Nectar provides insight into your payer mix, based on projected and historical cash flows, which can assist with financial planning at the facility. To see how it works, click HERE.
Clinician Training to Minimize Errors
One of the most common blind spots comes from employees not submitting claims correctly. Allow us to help you find the weak spots your facility is struggling with. With more than 10 years of experience in the behavioral healthcare billing industry, our experts will review your procedures to determine the areas of staff training needed to fix your revenue cycle. Or, we can take on Get an account review and analysis today by clicking HERE.
Standardizing Your Admissions Process
Now that you have standardized reporting to help align your financial goals, you also need to standardize your admissions process. This is where errors often happen that can affect your reimbursements. Our verification of insurance benefits service standardizes admission processes to improve patient flow. Billing Solutions will help you navigate through the misinformation that is often provided by carriers and guide you through the proper documentation for a thorough utilization review.
Using a Third Party Billing Company
The easiest way to improve your weak spots in your revenue cycle is to utilize a third-party billing company, like Billing Solutions. We’ll guide you through fixing any weak spots in your revenue cycle to ultimately minimize errors and maximize your revenue. Managing your revenue cycle takes time and effort that you don’t have and using Billing Solutions will allow you to focus on your core competencies. With our real-time data dashboard, you can confidently know that your well-earned revenue is being maximized. Allow us to take the weight off of your shoulders and give us a call today.