7 Reasons Why Your Front Door Belongs On Your Strategic Plan
I have recently been asked how to help leaders understand why Patient Access, including scheduling, pre-registration, authorization and time of service collections, should be a higher priority and why it is ripe for transformation to Revenue Cycle 2.0.
Here are 7 reasons for why this area has become a top priority:
1. It’s the front door – Patient experience has become a key priority for organizations with consumerism upon us. Consumer expectations are much higher today than they used to be, and Patient Access is notoriously painful for customers despite the abundance of modern EMRs.
2. Network management – Assuring that patients stay in network is worth a substantial amount of revenue (depending on the organization and the local market) – This could be a 10% increase in revenue.
3. Denial prevention – Payers are becoming more aggressive. A 20% decrease in initial denials is achievable for many organizations, which then lowers the costs of fighting the denials as well as lowering the write-offs.
4. Patient liabilities – 60-80% of patient due will never be collected if not collected before services. Patient liability typically ranges from 4-8% of the total facility based insured net revenue. Obtaining estimates and working with customers is critical to collecting these funds. Few organizations are comfortable doing this effectively.
5. Physician satisfaction – Physicians do not want their patients waiting on hold nor waiting for appointments to have services.
6. Physician utilization / schedule management – Poor scheduling practices lower physician productivity.
7. Risk bearing contracts – Require identifying patients early on and managing them proactively.
Patient Access requires much more than tweaking what exists today to be successful. Doing these things well requires: Design, Technology /Infrastructure, Engagement and Higher Skill Levels.