Clinical advancements, consumer demand, and payer pressure are driving growth in outpatient care, which continues to gain traction as a low-risk, low-cost source of income for healthcare providers. New technologies can reduce invasive procedures and faster recovery times, so patients can avoid long hospital stays — and the higher out-of-pocket costs that come with them.Value-based payment plans incentivize preventive care, so hospitals can reduce reliance on risky and expensive inpatient services drive their revenue cycle. Even those who focus on volume-based strategies see the benefits of investing in outpatient care, which can speed up output and reduce avoidable admissions.
This shift from inpatient to outpatient is reflected in the hospital’s revenue stream.A sort of Deloitte Research revealed that the gap between inpatient and outpatient income has been narrowing over the past two decades.Likewise, the most recent one Kaufman Hall Analysis It was found that outpatient revenue increased by 18.5% from the previous year, while inpatient revenue increased by 11.5%. Comparing monthly differences is trickier given the fluctuations in patient numbers and delays in outpatient and elective treatment due to COVID-19. That said, the pandemic has also accelerated interest in enabling telecare, leading to faster adoption of digital technologies and making outpatient care more accessible.
Increase outpatient revenue digital strategy and data analysis
Hospital leaders can take advantage of digital opportunities to go further Increase outpatient revenue. If patients are forced to use outdated manual processes to schedule appointments, complete registration and pay for care, they can become frustrated and delay care. Uncertainty about the final billed amount and coverage status can cause concern and hinder payment. For providers, this can lead to write-offs, wasted employee time dealing with rework and patient complaints, and external collection agency fees.
Automating the outpatient revenue cycle eliminates many of these pain points by creating a better patient experience, improving claims management, and optimizing patient collection workflows. Revenue Cycle Management Strategies The focus should be on providing simple, convenient and safe patient access and collection processes throughout the care process with as little friction as possible.
Here are six data-driven strategies to increase outpatient revenue from a patient’s first interaction with a provider to final payment for services:
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Increase patient choice with online scheduling and registration
Beginning the patient journey with a quick and easy patient access process can help increase outpatient appointment rates.Experian Health Patient Access Status 2.0 Survey It was found that nearly 8 in 10 consumers prefer to schedule their appointments anytime from any device. Online Scheduling and Registration Tool Give patients the option to complete patient visit tasks when and where it best suits them, and create a welcoming digital front door.
Automated patient visits with scheduling rules in mind can also help maintain a high flow of patients without creating bottlenecks, allowing same-day outpatient visits without increasing wait times. It also provides the opportunity to run real-time eligibility checks and verify patient information to reduce friction around patient billing and avoid mistakes that monopolize staff time later on.
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Reduce missed outpatient appointments
online scheduling Not only does it make it easier for patients to book outpatient services, it also helps reduce missed appointments with several side benefits. Last minute cancellations and no-shows result in wasted time and lost revenue. Automatic reminders mean patients are less likely to miss appointments, while simple rescheduling options help reduce call center workload and relieve stress on busy staff.
What’s more, making sure that late appointments don’t result in delayed care means patients are less likely to end up with complications that can lead to worse health outcomes and increased costs.
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Clean up patient finances to speed up collections
A major challenge in the outpatient revenue cycle is being able to maximize patient collection without compromising the patient experience. Patients bear the bulk of the bill, so providing an up-front estimate and clarity on out-of-pocket costs helps them plan and pay their bills.and Patient Financial Billing, providers can improve recovery rates by assessing patients’ ability to pay and assigning them to appropriate financial pathways. This helps patients get the help they need and the collections team can focus collections on the right accounts.
Automated Healthcare Collection Allows for faster, more efficient and more compassionate collection.This approach helps North Carolina’s health system Novan Health Achieved an overall recovery rate of 6.5% and increased revenue and cost savings to a rolling average ROI of 8.5:1.
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Provide price transparency to help patients plan outpatient costs
research shows, 90% of most expensive Outpatient service are purchasable, meaning patients can choose their provider based on price, quality and other preferences. Hospitals should help patients understand the cost of these services so they can make informed decisions.
Providers are under pressure to provide transparency on healthcare pricing as high-deductible health plans place more financial responsibility on consumers.Experian Health Patient Payment Estimates The tool allows patients to clearly separate their financial responsibilities prior to an appointment, so they aren’t caught off guard when their bill goes through.when with Patient Financial Advisorpatients can send information about charitable support directly to their mobile device, as well as a link to make secure mobile payments.
Providers can further maximize reimbursement opportunities by Run a coverage check throughout the revenue cycle. This can help find billable coverage that may have been forgotten and give patients more certainty about what they will owe.
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Stay informed about changes to payer policies and procedures
A recent survey of Experian Health customers* found that managing the volume and variety of payer requirements was a major pain point for providers, with prior authorization topping the list. Automatic Payer Policy and Procedure Change Notifications allow providers to increase reimbursement for outpatient services by ensuring that claims are filed correctly the first time.
Payer reminder Give providers immediate access to payer modifications through a single online portal and daily email alerts without having to check each payer’s website individually. Healthcare contract management solutions continuously review payer contract performance to ensure receipts meet negotiated terms and avoid any mismatches between expected and actual reimbursements.
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Simplify claims to increase outpatient revenue
7 out of 10 healthcare providers The number of denied claims increased in 2021. The refusal had two impacts on the bottom line—first the failure to repay the initial amount, and then the time employees spent rework.Automation and Integration Medical Claims Management Tools It can reduce errors, prevent delinquency, and ensure higher down payment rates. Providers can use these solutions to check that the claim for each outpatient visit is correctly coded before submitting the claim.
With the right data and digital tools, providers can prioritize high-impact accounts, reconcile remittances with incoming payments, and generate real-time insights and reports to catch and correct errors before they enter the system.
Healthcare providers need to proactively integrate new digital tools to increase cash flow and streamline their revenue cycle management processes.Learn more about Experian Health RCM Healthcare Solutions Can help providers increase outpatient revenue through more efficient workflows and a compassionate patient experience.
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*Experian Health Customer Survey, October 2021
post 6 Strategies on How to Increase Outpatient Revenue first appeared in Healthcare Blog.
