How Data-Analysis Can Improve Your Medical Revenue Recovery
Posted on January 16, 2023 by Kylene Ordway
Information is powerful. Without a doubt, many of today’s medical centers, private practices, and large hospital systems struggle to ensure accuracy and an understanding of their patients’ financial needs. Yet, as a provider, the better you manage your debt, the more effective you are at providing quality services that your patients respect. When it comes to medical bad debt recovery services, here is how data analysis can help your business.
The Value of Data in Your Healthcare Revenue Cycle Management
Managing medical practices is challenging, and yet it has become even more difficult as physicians work to manage unfamiliar and sometimes challenging financial management. Without a doubt, revenue cycle management is complex and takes highly skilled professionals to get just right. Yet, even small firms can have access to the information and data they need to improve outcomes and better meet recovery goals.
Healthcare data provides a great deal of information to a medical provider on the way the business is being handled and pinpoints any gaps in financial management that could otherwise be tapped into. Core in this is medical bad debt recovery services.
These are often late-stage medical balances not paid by insurers or patients. When this occurs, they create challenges for providers who simply want to continue meeting their patients’ needs. It often leads to increased collection activity against patients with an outstanding balance.
Yet, the more you pressure patients to make payment, the more challenging that becomes to maintain a brand of support and care for patients. Finding a balance in this area means gathering valuable data, acting quickly, and providing consistency.
How Does Data Analysis Improve Outcomes?
By working with a team to better analyze data, companies are better able to meet their ongoing needs. For example, data analysis can shed light on the costs that medical providers have, ensuring they are billing properly. It can also work to better identify patients that may be falling behind on payments, perhaps allowing for a way to get in touch with them early on, preventing a complete failure to make payment on time.
Often, there are also gaps in the way organizations process payments that can lead to revenue shortfalls. For many practices, that includes failing to submit proper approvals or receiving – but not managing – denials properly. With data analysis, it is possible for organizations to gain better access to the information and resources they need, allowing for faster management of these key areas that are often costly.
How Can Data Analysis Improve Bad Debt Situations?
Utilizing an effective software program designed specifically to aid in this area, medical bad debt recovery services are a powerful way to turn those bad debts into recoveries. With the increasing number of medical providers who have these debts from patients, it is critical to have a clear plan of how to recover those funds.
The first step is to use data analysis to gather details on where the problems and the stopgaps are within your processes. This pinpoints areas where potential change could mean a significant improvement in revenue.
Then, an effective payment management solution is created. This is done based on how your patients are motivated to make payment to you. By providing a variety of solutions and incorporating innovative opportunities, it is possible to increase balance recovery without sacrificing happy patients.
That’s key – At KeyBridge, we work hard to ensure you see an improvement in your recoveries of bad debts but also ensure your patients remain loyal. In the long term, this is what creates long-term revenue health for any medical practice.
What Does KeyBridge Do Differently to Achieve These Results?
Our medical bad debt recovery services are comprehensive. We provide:
- Clear communication to ensure your patients know why they owe money to you and how much they owe at any given time.
- We provide motivating options to encourage nonpayment patients to make payments. We design plans to help them overcome the financial obstacles holding them back.
- You can count on our team to show uncommon care to your patients – we treat everyone with dignity and respect.
- We provide an extremely high patient satisfaction score to all of our clients – we continually receive a 97% satisfaction score or higher on our patient satisfaction survey given after each call interaction.
To learn more about our medical bad debt recovery services, contact KeyBridge today. We’re here to help you see a significant difference in your revenue cycle management.