Here are four tips for Healthcare Technology Online to help healthcare providers increase profit margins and maintain financial success.
1. Use revenue cycle management tools. Revenue cycle management tools can help healthcare providers accurately track what is still owed to them and automate collection efforts. Such tools can reduce accounts receivable days outstanding, optimize charge and increase payor and self-pay yield.
2. Go lean. Adopt a lean methodology, such as Six Sigma or Kaizen, to focus on constantly improving and eliminating waste. Kaizen, for example, encourages employees to improve their own workflows instead of waiting for upper managerial directives.
3. Optimize your workforce. About 60 percent of total costs are attributed to labor expenses. Work to most optimally schedule your employees. Scheduling the appropriate number of staff members as well as the employees with the best skills sets can help address patient needs and workplace demands more efficiently.
4. Better manage your supply. Ensure maximum purchasing power and supply usage by leveraging vendor relationships and using automated procurement, supply chain and contract management tools.
More Articles on Coding, Billing and Collections:
CMS Provides Interactive Map to Locate Providers
Hospital System Owner HCA Used Aggressive Billing Tactics to Financially Thrive
Baptist Health Begins Bundling Payments
1. Use revenue cycle management tools. Revenue cycle management tools can help healthcare providers accurately track what is still owed to them and automate collection efforts. Such tools can reduce accounts receivable days outstanding, optimize charge and increase payor and self-pay yield.
2. Go lean. Adopt a lean methodology, such as Six Sigma or Kaizen, to focus on constantly improving and eliminating waste. Kaizen, for example, encourages employees to improve their own workflows instead of waiting for upper managerial directives.
3. Optimize your workforce. About 60 percent of total costs are attributed to labor expenses. Work to most optimally schedule your employees. Scheduling the appropriate number of staff members as well as the employees with the best skills sets can help address patient needs and workplace demands more efficiently.
4. Better manage your supply. Ensure maximum purchasing power and supply usage by leveraging vendor relationships and using automated procurement, supply chain and contract management tools.
More Articles on Coding, Billing and Collections:
CMS Provides Interactive Map to Locate Providers
Hospital System Owner HCA Used Aggressive Billing Tactics to Financially Thrive
Baptist Health Begins Bundling Payments