The revenue cycle is the backbone of any business. The success of
your home health business depends on how you manage your revenue cycle. The
Healthcare Provider is managing a business, therefore the management of the
revenue cycle and its timing and process are of critical importance. With the
shifting trends in healthcare, industry leaders are changing the way they look
at and manage their home health, Medicare, Medicaid and other revenue streams
in their revenue cycles.
The most important aspect of revenue cycle management is that
there IS “top-line” revenue. Some key questions come to mind.
-Can referral sources utilize your reporting to determine the
optimal path of future referral streams?
-Is your business fulfilling a demand for healthcare in your community?
-Does your clinical service meet a known need in your market?
-Does the quality of your revenue generating services cause repeat
patients or a steady stream of referred patients to your agency?
-Does your data reporting support your quality of services
reputation?
In order to build interest in revenue cycle management (RCM), this
article assumes that you are serving the community and you have a healthy
“top-revenue, line driven” home health and home care business, generating
enough revenues to fund the ongoing salaries and benefits your business needs
to move forward.
Five trends that will reshape RCM in general and home healthcare:
