Revenue cycle management is a complex process that is traditionally viewed in terms of front, middle and back-end functions, and the intermingling of a range of processes including: coding, claims processing, and patient billing. Throughout the greater revenue cycle, the patient revenue cycle has emerged as an area of distinct and critical focus.
It is essential to look at the patient revenue cycle holistically in order to optimize the process and increase cash, increase revenue, and decrease patient-related billing costs. On average, Apex clients that apply this approach experience significant improvements in just a matter of months:
- 10 percent increase in cash collected from patients
- 10 percent decrease in statement costs
- 350 percent increase in online payments, which drives faster payments in fewer cycles
And that’s just the beginning: additional gains can be realized with communication strategies tailored to fit individual patients. Apex applies a high-touch approach that meets patients where they are, delivering the right message at the right place and at the right time. By allowing patients to pay their way, providers offering Apex’s technology, improve patient satisfaction and increase loyalty.