Patient Financial Services: How to Maximize Cash Collections

Patient Financial Services

How to Maximize Cash Collections

Patient Financial ServicesPatient Financial ServicesPatient Financial ServicesPatient Financial Services

� Patient financial services represent the financial center of healthcare organizations

� Functions include: AR follow up, denials management, collection, revenue cycle

STABL

STRONG

management, collection, revenue cycle consulting, extended business office, credit balance collections and charge capture

� Therefore organizations should efficiently manage and carefully analyze patient financial services to optimize cash collections

STRATEGIC

LE


The Nature of Patient Financial Services

� Functions performed under patient financial services are complex project

� Process span across different departments and contain repetitive tasks making errors

STABL

STRONG

and contain repetitive tasks making errors more likely to happen

� When errors happen, payments are delayed

� Collections present biggest challenges, diagnosis codes and patient data may be incorrect

STRATEGIC

LE


Data and Documents

� Hospitals need to be concerned with all facets concerning patient financial services� Data captured must me accurate throughout

the process

STABL

STRONG

the process� Revenue cycle documents must be managed

correctly

� By expertly managing the process, hospitals and healthcare organizations can improve revenue cycle

STRATEGIC

LE


Data and Documents

� Revenue cycle consultants provide expertise to implement best practices and manage process-intensive functions

� They identify risk and opportunities to

STABL

STRONG

� They identify risk and opportunities to speed reimbursements and maximize collections

� Implementing best practices can reduce error-prone process and recover appropriate reimbursements

STRATEGIC

LE


The Focus on Patient Financial Services

� According to Healthcare Financial Management Association’s (HFMA) recent conference, attendees highlighted reducing uncompensated care and bad debt, maximizing reimbursements and increasing patient

STABL

STRONG

uncompensated care and bad debt, maximizing reimbursements and increasing patient collections as prime issues

� Pyramid Healthcare Solutions is the leading Health Information Management and Revenue Cycle Management Services that you can partner with to offer economical patient financial services designed to maximize cash collections

STRATEGIC

LE


About the Author

Nav Ranajee is VP of Sales and Marketing for Pyramid Health Solutions, a provider of

STABL

STRONG

for Pyramid Health Solutions, a provider of complete revenue cycle services.

Learn more about Patient Financial Services by visiting http://www.pyramidhs.com/.

STRATEGIC

LE

THANK YOU

STRONG STABLE STRATEGIC

800.927.8435Email: [email protected] Website: www.pyramidhs.com

Trusted Revenue Cycle Partner Since 1985