Question

How do providers (physicians and others) impact the revenue cycle for a medical practice and how can their effectiveness be improved to assist with increased efficiency and collections?

Answer 1

The Healthcare providers are the major actors in the revenue cycle for a medical practice. Their efforts can impact the revenue cycle in both positive as well as negative way. Following are some of the ways in which they have a substantial impact on the revenue cycle:

• Simplicity of billing cycle reduces the probability of error and hence, increases the business and the revenue cycle
• Skill training of the physicians make them advanced practitioner. The physician can then attend various patients, thereby adding up to the revenue cycle
• Minimal downtime of the services offered by the medical care keeps its revenue high
• Low absenteeism rate of the healthcare providers facilitates business and hence increases revenue of business

The effectiveness of the healthcare providers can be improved by employing the following ways:

• Regular training of the healthcare providers to keep them updated
• Cross learning from healthcare across countries to understand and implement the best practices, thereby improving the efficiency of medical unit
• Empowering the providers with the advanced technology to facilitate their ease of doing business