Revenue management for hospitals an overview

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With hospital margins growing tighter and bad debt increasing, improving revenue cycle becomes more important than ever.
As a long-time executive in the healthcare finance realm, I’ve spent years thinking holistically about this important process. Optimizing information systems and educating staff on the ins and outs of managing revenue cycle are, of course, important. But there are many more opportunities for improvement.

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Revenue management for hospitals an overview

  1. 1. REVENUE MANAGEMENT FOR HOSPITALS AN OVERVIEW. By Mahboob Ali Khan FOR MOST HOSPITALS, INPATIENT REVENUE CONSTITUTES CHUNK OF HOSPITAL INCOME. HOWEVER DUE TO LACK OF FINANCIAL DISCIPLINE AND CONTROL STRUCTURES, IT IS OFTEN FOUND THAT REVENUE LEAKAGE HAPPENS IN ALL CONNECTING DEPARTMENTS SUCH AS LABORATORY, FINANCE, PHARMACY, SCAN ETC. That besides, inefficient processes in patient discharge relate to poor utilization of inpatient room facilities, be it general ward or special rooms. Improve in-patient revenue management Closely monitor parameters critical to hospital in-patient services Define matrices to monitor patient discharge procedures Introduce transparency in billing payment collection Improved communication and coordination between various departments. Training on hospital policies regarding in-patient management In patient case sheets management Proper accountability for in-patient return of medicines Timely update of charges related to in-patient services Formulate standardized procedures for in-patient advance collection Timely follow up for discharged patient outstanding bills Imparting adequate knowledge to prepare discharge bills Improved communication between wards and front office on patient discharge Stock inventory control at nursing stations

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