Enhancing Healthcare Revenue Streams: Key Steps for Your RCM Team to Improve Patient Collections
According to a recent survey from the Healthcare Financial Management Association (HFMA) and Eliciting Insights, hospitals and health systems find...
In the world of healthcare, everything comes down to making sure patients get the best care possible. But to do that, there's a lot going on behind the scenes, especially when it comes to healthcare revenue cycle management and making sure providers are working with the most accurate patient information.
Patient identity verification is not just a minor detail, but rather one of the most important aspects in making sure a healthcare organization’s revenue cycle runs smoothly. By understanding the value of accurate patient identity from the onset, healthcare providers can safeguard against a myriad of financial and operational challenges.
The Ripple Effect of Incorrect Patient Information
A seemingly small misstep in capturing a patient’s name, address or insurance information, and especially error-ridden patient identification data, can lead to a domino effect of financial discrepancies, such as billing delays, diverted resources to rectify errors and lowered collection rates.
Incorrect patient information does not solely affect the claims and billing process; it also creates an array of issues in credentialing, financial reporting, strategic planning and compliance. When these processes are all linked together, a mistake in one area can lead to more mistakes and extra costs that can affect the whole healthcare organization.
RELATED: 6 Top Reasons Claims Are Denied and How to Avoid Them
Patient Identity Verification: A Top Strategic Initiative for RCM Leaders
For revenue cycle management leaders and healthcare administrators, the imperative is clear: prioritize patient identity verification as a strategic initiative, not just an operational necessity. By investing in solutions that ensure the veracity of patient data, you not only bolster the operational efficacy of your organization but also significantly enhance your financial outcomes.
Today, technological advancements offer identity verification solutions that streamline the registration process, uphold the integrity of patient data, enhance the patient experience and ensure regulatory standards are met.
Tools with enhanced matching logic provide a reliable and sophisticated approach to patient identification. These solutions validate patient address and other essential identity details, fortifying registration accuracy against fraud and errors. Furthermore, they offer a user-friendly platform that integrates seamlessly with existing workflows, thereby boosting staff efficiency and reducing the likelihood of manual errors.
Evaluating and elevating current practices to incorporate identity verification technology is an investment that yields dividends, such as improved collection rates, reduced denials and enhanced patient satisfaction.
RELATED: The Healthcare Finance Leader’s Guide to Improving the Patient Experience
For healthcare leaders steering their organizations through the complexities of revenue cycle management, the message is clear – the earlier you get patient identity verification right, the greater your ability to unlock the full potential of your revenue cycle strategy.
For more information on how FinThrive helps customers accurately verify a patient’s identity, visit finthrive.com/verify.
