The Revenue Cycle Management Secrets Every Health Care Business Owner Needs

A Deep Dive into Healthcare Billing with Fractional COO Dan Smits

When it comes to the world of revenue cycle management in the healthcare industry, having a fractional COO can be a game changer. Discover the strategic role of fractional COOs and the impact they have on patient collections, customer service, and leveraging technology for smoother operations. Join Dan Smits, CEO of GrowthPoint Partnership, as he uses over two decades of experience to share valuable insights on streamlining billing processes, optimizing accuracy, and mastering denial management.

What You’ll Learn

Dan Smits:
Welcome back to Partners in Growth podcast. I’m Dan Smits, the founder and CEO of GrowthPoint Partnership. With 25 years of owning and operating four businesses and being involved with two acquisitions and two successful exits, we know what drives growth and what hinders growth. Today, we’re diving into a topic that is near and dear to me with running a revenue cycle management company for over 22 years and successfully exiting that business. I have a passion for how workflows and operations works within a healthcare practice relating to revenue cycle management, collection of claims and debt within that organization. And then the secrets behind how that organization protects their bottom line through deploying a medical billing company, a revenue cycle management company, employees that know how to handle the different workflows and the details to ensure positive receivables or at least collecting those receivables in a timely fashion, making sure the claims are coded.

So what are the strategies for your business when it comes to navigating a medical billing revenue cycle management company, a coding organization? It all comes down to how do I improve the overall effectiveness of getting that claim paid the first time through or having that patient pay the actual responsibility because the organization has consistently messaged to the patients that you guys are not a bank by any means and you’re expecting to be paid or be able to collect the proper information to submit the claims to the insurance company. So it’s your team’s responsibility or your client’s responsibility if you’re running a service company that oversees the collection of these debts to share with these organizations and how they can protect the front end process and message to these patients. It’s essential for your business. That’s why in this episode, we’re not only identifying the problems, we’re unlocking the secrets to mastering them.

So one. We’re gonna explore exploring the role of a fractional COO in streamlining healthcare billing processes. Let’s dive into how a fractional COO can optimize billing processes for accuracy and efficiency. Let’s highlight the fractional COO’s expertise in keeping up with healthcare regulations and coding changes.

So discussing the implementation of advanced software and systems under the guidance of your consultant or fractional COO, helping you to drive your business that’s very detail oriented, very workflow minded to make sure all these things are happening. And it takes a team approach to do that. If you’re a smaller organization or even larger, you can’t be the only person influencing the team. There’s gotta be a COO involved in helping you to tackle claims that are being denied, enhance the overall revenue recovery processes. So what is the strategic denial management process? Let’s explore the approaches a fractional COO uses to reduce claim denials and handle rejections effectively.

So this person is coaching your team and putting them down a path to ensure that they’re following a consistent process at all times to get consistent results. They’re also analyzing the financials and the oversight of how these team members dive into the insights and the data on claim data and other data you’re getting from your clearing house, you’re getting from your practice management system to really ensure that you are a data warehouse so you can share information with the doctors in these different practices, mental health providers, you name it for a specialty, they are coding their claims and being able to give them data and give data to the business office to ensure that there are no issues with the data collection upfront up back to getting that information right the first time. Also, they’re gonna get into performance metrics and KPI tracking. They’re gonna highlight the importance of these different indicators for continuous improvement. So they’re gonna be using best practices in the healthcare industry, revenue cycle management, to really drive all the different facets that are gonna equal a positive cash flow for your business. The impact of that fractional COO when it comes to patient collections and customer service, and really just heading off those things in the conversation the first time you talk to that patient. Or the way you’re sending out electronic statements, or the way that you’re using your portal to interact with customers of having flags and different reminders of, you know, hey, we’re sending you this reminder because there’s a past due balance. We’re also further utilizing technology for patient engagement and really exploring how this technology can be leveraged for smoother and more effective patient payments and also of just collecting that data again to make sure the claims go through and the insurance company is really on top of things.

So in a nutshell, it all comes down to driving a productivity culture and that is done by a COO either internal or external that works with the leadership team and the overall production team to perfect these processes and drive initiatives forward that you may be procrastinating on accomplishing.

So we as a fractional COO firm are happy to help you to be able to work through these different issues with workbooks, working sessions.

In closing, we would really appreciate you taking the time to review our podcast to give us a positive thumbs up. Go to our LinkedIn and join my LinkedIn. Once again, my name’s Dan Smits with GrowthPoint Partnership and our website is growthpointpartnership.com.

We appreciate you listening and we hope that you continue to come back and get more information about running your healthcare organization. Thank you, have a good day.