In a recent post, I outlined a revenue cycle management plan to help providers address the challenge of improving collections and reducing bad debt. For many organizations, considering a potential business partner for revenue cycle solutions is top of mind. Here are three recommendations on what to look for:
- We know that if you collect one dollar at the point of service, you are eight times more likely to collect the entire patient responsibility compared to waiting until the back-end for collections. Appropriately, it’s important to look for a business partner who understands the patient as a consumer and her or his propensity to pay. TransUnion’s data sets make us one of the largest eligibility clearinghouses for patient estimation tools to educate patients and drive collection of real dollars at point-of-service.
- Second, look for a partner with a revenue cycle management solution that focuses on the depth, breadth and integrity of data. They should include the features and functions we’ve been discussing, such as eligibility, estimation, charity care, and insurance discovery. Look for a partner with the data and analytics capabilities to provide a dashboard that shows not just cash flow, but also shows ways to proactively affect patient behavior to optimize reimbursement and maximize the financial health of the organization.
- And finally, we see a common pitfall as people increasingly move toward electronic medical records and working with larger players, they default to existing partnerships without first evaluating the market. It’s important to take a step back to ask about core competencies of your electronic medical records (EMR) provider. Do they really understand revenue cycle management, patient access, and the billing components that lead to insurance discovery?
TransUnion Healthcare is a division of TransUnion, a global information solutions company that serves both businesses and consumers in 33 countries. Since its inception 12 years ago, TransUnion Healthcare has focused primarily on revenue cycle management and on maximizing reimbursement and cash flow in healthcare organizations.
We maintain that focus through three key areas: 1) patient access, 2) financial navigation and 3) revenue recovery. We positively affect all aspects of the revenue cycle with a “hard dollar” return on investment. The solutions we offer help our customers recoup real cash for their businesses. TransUnion Healthcare’s current customer base includes more than 1,100 hospitals and 25,000 physician practices.
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