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Patient financial services represent the financial center of a healthcare organization. These functions include AR follow up, denials management, collections, revenue cycle consulting, extended business office, credit balance collections and charge capture. All of these activities impact financial health. Learn more about Patient Financial Services by visiting http://www.pyramidhs.com/.
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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
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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
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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
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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
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Patient Financial ServicesPatient Financial ServicesPatient Financial ServicesPatient Financial Services
Data and Documents
� Hospitals need to be concerned with all facets concerning patient financial services� Data captured must me accurate throughout
the process
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the process� Revenue cycle documents must be managed
correctly
� By expertly managing the process, hospitals and healthcare organizations can improve revenue cycle
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Patient Financial ServicesPatient Financial ServicesPatient Financial ServicesPatient Financial Services
Data and Documents
� Revenue cycle consultants provide expertise to implement best practices and manage process-intensive functions
� They identify risk and opportunities to
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� They identify risk and opportunities to speed reimbursements and maximize collections
� Implementing best practices can reduce error-prone process and recover appropriate reimbursements
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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
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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
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About the Author
Nav Ranajee is VP of Sales and Marketing for Pyramid Health Solutions, a provider of
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for Pyramid Health Solutions, a provider of complete revenue cycle services.
Learn more about Patient Financial Services by visiting http://www.pyramidhs.com/.
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THANK YOU
STRONG STABLE STRATEGIC
800.927.8435Email: [email protected] Website: www.pyramidhs.com
Trusted Revenue Cycle Partner Since 1985
