During the recent G2 Intelligence Lab Institute virtual event, John (JD) Donnelly, FrontRunnerHC founder & CEO, recommended the following 5 patient-centric strategies. The strategies are designed to help you improve your financial performance in today’s uncertain economic times & set you up for sustainable success. Throughout his presentation, JD explored each strategy, providing tips to improve reimbursements, cost management, staff efficiency, & the patients’ experience. We’ll give you a little preview believe and encourage you to reach out to learn more. We’d love to help you tackle the growing challenges in the healthcare industry.
#1: TURN UP THE HEAT! With skyrocketing debt, patients are concerned about costs & more apt to explore them before seeing a provider. Understanding each patient’s unique financial situation is critical; a ‘one size fits all’ approach costs you money, patient satisfaction, & staff efficiency. Using a heat map of historical patient collections to create a cost-effective collections strategy will help your patients while optimizing your self-pay collections. A national genetic lab client saw patient payment collections increase by 10% within 60 days of the first bill.
#2: FIX IT FIRST!
Issues at the front end cause 50% of claim denials! Incorrect or missing patient insurance or demographic contact info is a big issue that causes a negative ripple effect throughout the organization. It can not only impact reimbursements but staff efficiency, physician referrals, & the patients’ experience! Rather than waiting until a claim is denied, instantly find & fix errors in patient info upfront to avoid the problems from the start – & benefit all involved! We’d love to help, leveraging our team of experts & our software platform with access to the largest payer network in the industry.
#3: POWER OF A POINT! “Greatness comes from consistent, small pushes over time, all of which move the company in the same direction,” wrote author Jim Collins. JD spoke about small efforts that can make a big impact in key areas like reimbursement collections, staffing, & expense management. He encouraged labs & healthcare organizations to look for strategic opportunities to make even a 1 percentage point improvement, & shared how technology can be a force multiplier.
#4: LET SALES SOAR!
Your sales team is instrumental to your organization’s growth. So let them sell! Don’t waste their time hunting down missing or incorrect patient info. Let technology catch errors early & give Sales more hours in the day to focus on driving growth. It will help drive revenue. And your physicians will be delighted that they’re not getting those disruptive calls & their patients are getting timely & accurate bills.
#5: PHONE A FRIEND!
Ready to unlock opportunities & accelerate success? Proactively create a network of strategic partnerships that you can call on for issues like staffing, payer strategy, direct-to-consumer approaches, & revenue optimization. Find partners who not only have strong capabilities but are innovative, collaborative, vested in your success, & well-connected. Strong partners can help your company in ways you may not even be thinking of yet. We’re happy to be the first friend you phone: 508-746-5500 or information@frhc.com.