Three people look at financial reports and the blog title appears: New Year’s RCM Resolutions

New Year’s RCM Resolutions

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EligibilityAdvocates Blog

New Year’s RCM Resolutions

Posted on Friday, January 15, 2021

While many people are eager to start a new year and put 2020 behind them, COVID-19 continues to impact healthcare facilities in numerous ways – including financially.

A recent survey of hospital executives and finance leaders found that since the pandemic started, there has been an increase in bad debt, uncompensated care, self-pay patients, and Medicaid patients for over 40 percent of participants.

In response to these challenges, we’ve listed practical actions you can take this year to protect your revenue and reduce uncompensated care.

Here are five New Year’s RCM resolutions:

Resolution #1: Financially Clear Patients Prior to Their Date of Service

Preventing errors on the front end of the revenue cycle is an ideal way to avoid payment delays, denials, underpayments, and extended A/R that contribute to bad debt.

EligibilityAdvocatespre-arrival workflow solution streamlines financial clearance activities such as order/referral management, (real-time) insurance verification, preauthorization, and (real-time) medical necessity verification. Automating steps performed by Patient Access limits deficiencies and integrity issues that have a negative impact on the revenue cycle.

Resolution #2: Ensure Your Organization Is Payer of Last Resort

Three people look at financial reports and the blog title appears: New Year’s RCM Resolutions

Set these New Year’s RCM resolutions to help you achieve your revenue cycle goals.

To reduce bad debt, it is imperative that all possible funding sources are exhausted for a patient account before it is designated as uncompensated care. There are numerous options available, including:

  • Medicaid
  • Out-of-State Medicaid
  • Presumptive Eligibility
  • Crime Victim Compensation
  • Disability – SSI/SSDI
  • Qualified Health Plan Enrollment
  • State & County Programs
  • Veterans Benefits
  • Indian Health Services

EligibilityAdvocates screens patients for their eligibility in all the above using our proprietary software, AdvocatorAI.

The screening process can begin immediately, as our patient advocates are equipped with tablets and can meet with the patient at bedside or in the field and deliver instant results.

Additionally, our pre-arrival workflow solution searches for unreported health coverage and our patient advocates help patients enroll in health plans so that they are covered for future visits at your facility.

An added benefit of our technology solutions is that they facilitate a “touchless” process with patients. We can conduct the screening process with AdvocatorAI over the phone and complete financial clearance prior to patient arrival, which helps limit the number of peop