Increasing Revenue via Better Patient Engagement

Increasing Revenue via Better Patient Engagement

Revenue generation for healthcare providers and organizations is a foundation for managing cash flow to sustain operations, hire top talents, and provide high-quality patient care. Healthcare organizations rely on clinical services and insurance reimbursements to realize income. To increase healthcare revenue, TriumpHealth provides revenue cycle management and assessment services to analyze rendered services and develop effective strategies to unlock your profitability potential.

In the current healthcare environment, patients have become discerning consumers actively seeking premium service that prioritizes cost-effective and compassionate care. Better patient engagement encourages positive attitude and improves health outcomes as patients feel satisfied being included in the decision-making process during their treatment. Positive patient experiences boost loyalty, leading to high patient retention, more referrals, and increased revenue.

Role of Patient Satisfaction in Revenue Growth

Patient satisfaction is a critical indicator for highlighting the quality of clinical services. According to Deloitte’s ‘The value of patient experience’ report, hospitals with high patient-reported experience earn high reimbursements. By using the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) survey, healthcare facilities can effectively measure patient satisfaction and gain insights on the best method to improve clinical outcomes and increase revenue. TriumpHealth understands the significance of revenue growth and can collaborate with you to identify corrective actions to improve patient experiences, resulting in increased revenue. Hospitals and providers alike can improve patient experiences by informing patients about their condition, using actionable treatment strategies, stress-free payment processes, and payment plans for costly interventions. Patient engagement strategies are effective pillars for addressing the health situation and demonstrating genuine care. Satisfied patients adhere to the treatment plan and complete their payments due to the positive experience.

Healthcare facilities can invest in patient engagement strategies to maximize their revenue. Some of the strategies include:

Leveraging Technology to Drive Patient Engagement and Increase Revenues

Patients encounter several providers during their treatment journey. Monthly visits and tests can be cumbersome, especially when patients carry their medical documents to multiple providers. However, digitization can streamline the process and benefit both patients and providers. The electronic health records (EHR) system has revolutionized the healthcare industry, allowing patient data storage and sharing in the digital space. You can easily access the patient’s medical history, medications, and treatments and utilize the information to make informed decisions. Patients can comfortably access the physician’s advice, ask questions, schedule appointments, request prescription refills, and conveniently track and pay their bills. Patients feel included in the treatment process as medical providers consider their preferences and need to tailor intervention strategies based on their needs. This technology promotes workflow standardization, reducing the probability of medical errors and resulting in improved patient experience.

Communication Automation

Patient engagement highly correlates with communication. During patient interaction, medical providers inform patients about their health condition and the treatment strategies to promote recovery. Effective communication forms the basis of patient care. Informed patients understand their predicament and adhere to clinical advice for better health outcomes. Automated communication improves patient experience through rapid notification of appointment reminders, educational content, wellness programs, surveys, and billing. This process allows patients to acknowledge upcoming appointments and learn about diseases and preventive measures. Furthermore, healthcare systems use automated communication to send timely notifications about outstanding bills, payment options, and insurance coverage. Satisfied patients pay their bills on time and refer other clients, leading to increased revenue. Clear communication on financial matters builds trust between the provider and the patient, enhancing the probability of returning for future care services.

Remote Patient Monitoring with Wearable Devices

Patient care revolves around the consistent implementation of intervention strategies to boost recovery. However, patients may encounter the challenge of maintaining motivation during treatment. Wearable devices allow you to conduct remote monitoring, empowering patients to gain control over their health and adopt healthy living to achieve positive clinical outcomes. Remote monitoring boosts early detection of diseases, proactive treatment, and flexible adjustment of intervention plans. You can leverage these strategies to attract high-value patients, increase patient loyalty, and generate revenue.

Easy Billing Process

Healthcare organizations acknowledge the significant role of pro-active revenue cycle management in generating income. The revenue cycle management encompasses processing medical services charges, claim submissions, remittances, and payment posting. An automated revenue cycle process streamlines patient registration and payment processing, enhancing fast billing and prompt settling of medical bills. Healthcare providers must inform patients about billable services and procedures rendered during treatment. Proactive communication between you and the patient facilitates transparency regarding insurance coverage, deductibles, and outstanding balances. Promoting patient engagement in the billing process improves patient experience, enabling the healthcare organizations and providers to maximize revenue and achieve financial growth.

With a proven track record of end-to-end revenue cycle management, TriumpHealth has a consistent methodology that maximizes your profitability. We execute our strategy by conducting a detailed analysis of your revenue cycle, including key performance indicators, human resources, and financial data, to develop a comprehensive plan tailored to your unique needs. A patient-centric revenue model focuses on prioritizing patient engagement, allowing them to undergo a seamless experience from registration to payment. By leveraging technology and automated communication, healthcare organizations can enhance patient collaboration with their medical providers helping them adhere to prescribed treatment plans, adopting a healthy lifestyle, and settling their bills in time. A positive patient experience is key to increasing patient loyalty and attracting referrals. Contact TriumpHealth for a personalized, in-depth revenue cycle analysis to maximize your revenue.