The 15 Minute Milestone: Are you Maximizing Your Registration Opportunity?
But while efficiency is important, it can’t come at the cost of compromising accuracy. Healthcare organizations’ annual losses from denial write-offs range from 1 percent of net patient revenue to as high as 4 or 5 percent, according to The Advisory Board Co.3 Because the majority of information needed to submit a claim is generated during the registration process, many denials are due to inaccurate or incomplete patient information.
Ultimately, your goal should be to create a holistic, streamlined approach to scheduling, registration and financial clearance. When done properly, this process goes beyond verifying benefits, obtaining authorizations or performing other isolated functions. Instead, it integrates the entire patient experience process into one single workflow while automating the many steps that must occur for the hospital to efficiently secure revenue, remain compliant and, at the same time, provide a best-in-class patient experience.
The challenge, however, is that patient access staff are often hamstrung by complex processes and multiple bolt-on systems and cobbled-together applications that make registration and collections inefficient and error-prone. On top of that, ever-changing industry regulations and insurance payer claim requirements make it that much more challenging to register patients efficiently and accurately.
It takes a commitment to invest in technology, training and change management to move toward an improved patient access process. Yet the payoff can be profound. For instance, healthcare providers that have deployed a patient access best-practice platform — which seamlessly integrates scheduling, registration and financial clearance — have, on average: