Patient Financial Services: How to Maximize Cash Collections

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Patient Financial Services

How to Maximize Cash Collections
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Patient Financial Services
S T R O N G

• Patient financial services represent the
  financial center of healthcare organizations
• Functions include AR follow up, denials
  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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Patient Financial Services
S T R O N G

• 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 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 Services
S T R O N G

• Data and Documents
• Hospitals need to be concerned with all facets
  concerning patient financial services
• Data captured must me accurate throughout 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 Services
S T R O N G

• Data and Documents
• Revenue cycle consultants provide expertise to
  implement best practices and manage
  process-intensive functions
• 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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Patient Financial Services
S T R O N G

• The Focus on Patient Financial Services
• According to Healthcare Financial Management
  Associations (HFMA) recent conference, attendees
  highlighted reducing 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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Patient Financial Services
S T R O N G

• About the Author
• Nav Ranajee is VP of Sales and Marketing 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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