Are you overlooking a critical aspect of your healthcare organization’s revenue cycle?
The average revenue cycle employee takes 15 minutes to manually resolve just one credit balance account.* That adds up to processing 160 accounts per workweek – and the typical medium-sized hospital’s patient accounting system creates thousands of credit balances per month.
Suffice it to say, the numbers don’t add up to staying on top of the churn of credit balances. And that’s troubling because of the potential missed payments caused by neglect as well as the financial penalties associated with unfulfilled regulatory and managed care requirements.
Healthcare organizations like yours can turn to automation to help streamline credit balance resolution processes and optimize staff time. Here are five steps leading up to automating this part of your revenue cycle.