Bridging the Gap Between Paying the Bills and Positive Patient Experiences
As healthcare systems further evolve into a value-based industry, financial health has never been a solely black-and-red issue. Every patient interaction with your practice, from the very first phone call to the final payment of their balance, is known as revenue cycle management—positive patient experiences translate to increased revenue.
We understand the emotional impact behind each patient touchpoint and how it affects your revenue opportunities. At Fuel Medical Group, we work with you and your practice staff to develop strong processes and place the right personnel at key touchpoints. Revenue isn’t the only thing you’ll generate; patient satisfaction and retention grow as well.
“18% of in-network claims were denied on average…but some plans reached as high as 80%, according to 2021 CMS reports.”
Source: Newswire
The Art of Expense Reduction and Control
Two big issues with expense reduction physicians face are increasingly high readmission rates and worsening commercial payer contract reimbursements.
To combat high readmission rates, we can help you leverage front-end technology solutions, including telehealth strategies and our custom-built clinical decision support systems, Audiology EDGE and Allergy EDGE, all of which help cut costs and keep your patient processes clean and organized.
To make commercial payer contracts more transparent and negotiable, we offer exclusive member access to the proprietary review platform, CodeToolz, that organizes, analyzes and maximizes your payer contracts and fee schedules in one, simple place. For revenue control, this is huge—e.g., a 7% increase (average) on payer reimbursements of $500,000 will put an extra $35,000 in your pocket.
We’re here to help you keep the focus on both front- and back-end tasks proven to give you more control over your expenses, whether remodeling the tools you have or leveraging cutting-edge tech updates, making the process more fluid for your staff and your patients.
Revenue Growth Opportunities Refocused for Patient Care
One of the greatest indicators of a successful revenue cycle management strategy is identifying where your practice can optimize revenue growth opportunities with respect to patient care; and one of the biggest pain points in the process is recognizing patients more likely to have collection issues.
We can help with issues, such as:
- Implementing counseling and payment strategies to help those who get caught up in the cycle
- Targeted marketing campaigns to those that are always on time
- Keeping your books balanced while providing more value to all demographics of your patient database
“No practice has perfect systems, processes or personnel, so there is always an opportunity to improve somewhere. We have visited hundreds of offices across the country over the last decade and have seen what works and what doesn’t, where practices struggle and where practices thrive. Where you struggle may be an area that we’ve seen success that we can share with you.”
Bryan GrantDirector of Finance
Routing Your New Value-Based Care Strategy
There are so many touchpoints in a patient’s journey that can negatively impact their experience, which in turn can negatively impact your revenue cycle. As you can see in the following diagram, every one of the rectangles outside the cycle represents a crucial process, or patient touchpoint. Every circle inside represents the people inside your practice that run those processes.
How Is Your Practice Optimizing Your Revenue Cycle Management?
At Fuel, we understand the delicate nuances of processing claims and providing value to your patients’ experiences, whether you’re just starting out or a fixture of your community. We partner with you to focus on every path and connection of the patient cycle and create tools and protocols intended to optimize every process, ultimately giving each staff member the best chance of providing a positive experience for the patient.
Contact Fuel today to learn how to refocus your revenue cycle management to better support your business growth strategy.