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The Elite Edge

"Elite was instrumental in restructuring our document management procedures to help our business print supply chain become more responsive and efficient."

Suzanne Shikany

Koorsen Fire & Security

Four Tools to Rev-Up Your Revenue Cycle

Time is money. Or so the old adage goes. And while it’s a phrase that’s been repeated ad nausea since Benjamin Franklin first wrote it over 250 years ago, its simple, yet-oh-so-spot-on logic is something that still rings true. Especially when it comes to the revenue cycle. How so? Well, if you’re like a lot of businesses out there, your billing schedule is probably a little less than immediate.

A typical revenue cycle might look something like this: complete the transaction, send the bill, and then wait out a payment period. All before finally getting paid. And that’s if everything goes smoothly. Which is to say there’s an inherent opportunity cost built into the time it takes your business to collect from its customers.

Because while you’re waiting to get paid for services rendered, there’s always something that missing money could be doing to benefit your business. Like paying off bills or creditors, rewarding stakeholders, or reinvesting in your company in a way that helps it boost sales and earn more money. Struggle enough with collectability and your business runs the very real risk of losing market share to competitors that have the funds to reinvest in infrastructure and marketing or by running up bad debt to pay off those pesky operating costs. All of which makes it absolutely imperative to put your best billing foot forward at all times.

The Solution: Smart Statement Processing Technology
What do we mean by that? After all, a bill’s just a bill, right? Well, not exactly. True, the reality of the revenue cycle is that it’s pretty darned difficult to make a customer pay when he or she is dead set against it, whether if as a protest against the product/service they received or because they simply don’t have the funds to cover their debt.

And absolutely, all bills do share the same general objective: what’s owed, for what, and by when. But the really good ones use clean design, custom programming and personalization to communicate with patients or customers in a way that minimizes potential problems and gets you paid quicker. And the best providers support those kind of sleek, revenue-generating bills with tools and technology that smooth the path to better billing performance in all kinds of areas – from collectability to customer service efficiency to marketing performance.

What are some of the emerging trends and technologies that are reshaping the way that business bill, collect from, and follow-up with customers and patients? At Elite, we’re focusing our R&D resources on developing cutting-edge, best-of-breed, insert-your-favorite-buzzword-here tools in these four areas:

1). Custom Statement Design
While each business inevitably shares the same overriding billing goal (that whole collecting from customers thing) we recognize that there’s a lot of variety present in the way they go about meeting that goal. Stuff like wildly divergent consumer groups, brand identities, marketing approaches, and billing philosophies means that great bills are like snowflakes in that no two are exactly alike.

So it’s critical that each document we create fits hand-in-glove with each organization’s unique objectives. We use custom data and list enhancement techniques to extract data from each customer’s legacy system file to map a uniquely personalized bill. And having the freedom to move, add, and manipulate elements goes a long way to ensuring a clean, concise service detail and top-of-the-food-chain bill readability.

2). Special Report Generation
Sophisticated business management tools – from Enterprise Resource Planning applications to business accounting programs to high-powered legacy system software – typically do a great job at helping businesses efficiently, effectively administer revenue cycle activities. That’s what they’re made to do, after all. But that’s not to say they don’t have the occasional shortcoming here or there that makes it especially challenging to pull off certain tasks: say bringing together disparate data sources so that businesses can drill-down and analyze key revenue cycle info or creating custom workflow reports for customer service representatives.

That’s where we can help. Using sleek custom programming applications developed specifically to correspond with your legacy/accounting/ERP system, we cobble together information from your data file into insight-rich reports that provide an easy-to-understand and use tool for enhanced service efficiency and revenue cycle performance. What kind of reports are we talking about? We provide customers with:

  • Claim file reports for identifying outpatient/uninsured claims.
  • Encounter reports that identify who qualifies for final notice mailings.
  • Aging bucket reports that classify client accounts by placing them into days outstanding categories.
  • Specialized work lists for use by customer service representatives.
  • Follow-up/encounter sheets for managing customer service workflow.
  • Suppressed statement reports that detail why statements were flagged for suppression.
  • Minimum balance and credit balance suppression reports.
  • Anomaly reports that flag customer records that don’t correspond with pre-defined customer billing logic.
  • Customer move reports that describe which customers have changed mailing addresses since a statement was last sent.

And many, many more. Our statement design approach is rooted firmly in the-sky’s-the-limit territory. And that’s pretty much the case here as well. If the information is contained somewhere in your legacy file, chances are pretty good that we can extract it into a customized report format that helps boost billing productivity.

3). Custom Programming Tools
Our slate of advanced application development technology and experienced staff is like a license for customers to dream big. And have they ever. Working hand-in-hand with customers, we’ve developed several integrated statements that blend smart, simple design with revolutionary custom programming tools to creatively approach common revenue cycle problems.

Like what? A Prompt Payment Discount program that adds intelligence to the original legacy file, enabling the presentation on each statement of a limited-time discount for customers that choose to pay within a pre-defined date range. And an Automatic Payment Arrangement system that provides overdue accounts with a simple, interest-free payment plan that is based upon the credit history of each customer. Using that credit assessment, a programmatical calculation is completed which determines the amount and term of the Automatic Payment Arrangement and generates a letter explaining the plan’s stipulations. The results of programs like these? Less days in A/R, fewer accounts turned over to collections, more cash flow on hand. Revenue generating stuff like that.

4). EBPP
eStatement technology provides a truly innovative way to bill and collect from customers. That means no more paper and envelopes. And postage? No way. Not when each bill is condensed into an electronic (PDF) format for simple, secure online presentment. It all works like this: a password-protected, completely branded web portal is created for each customer in your data file. After users complete the registration processes, they get real-time access to all billing correspondence for a 90-day period and the ability to update key account information, securely send billing questions to your service staff, and make payments to outstand balances.

Then there’s our intuitive, comprehensive customer service module that features sleek tools like a fully searchable PDF statement archive, complete tracking of all online user activities, rigorous administration of customer service reps (including role-management), secure online communication with customers, and simple processing of patient account changes and payments. Add it all together and you’re talking about a really positive impact on your bottom line. From faster delivery and collections, to responsive, efficient customer service, to the elimination of common processing costs, eStatement technology is a revenue cycle investment that really pays off.

The Wrap Up: Elite's Here to Help
We’re not afraid to admit we shoot for cutting-edge around these parts. So while we’re excited about these advancements, they’re simply the tip of the proverbial iceberg. We’ve got big things planned for the year ahead and we’d love to tell you about what we’re up to. Simply call us toll free at 1.800.276.6456 or email info@eliteps.com to set up a consultation. Or if you’d like to get the inside scoop on our suite of forward-thinking revenue cycle solutions from the comfort of your office desktop, please visit us on the web HERE.

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