{"id":10644,"date":"2019-10-11T10:50:31","date_gmt":"2019-10-11T05:20:31","guid":{"rendered":"https:\/\/www.techjockey.com\/blog\/?p=10644"},"modified":"2026-01-06T11:51:23","modified_gmt":"2026-01-06T06:21:23","slug":"increase-hospital-revenue","status":"publish","type":"post","link":"https:\/\/www.techjockey.com\/blog\/increase-hospital-revenue","title":{"rendered":"How to Increase Hospital Revenue Ethically"},"content":{"rendered":"\n<p>With a CAGR of 15 percent, the Indian healthcare industry is\nwitnessing an encouraging growth over the last few years. And, this industry is\nlikely to reach USD 250 million by 2020. With the rise of for-profit setups in\nIndia, the healthcare industry is now driven by a new system of shareholders\nand marketers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-profit-or-patients-what-leads-to-a-healthy-bottom-line\"><span class=\"ez-toc-section\" id=\"profit_or_patients_what_leads_to_a_healthy_bottom_line\"><\/span>Profit or Patients: What Leads to a Healthy Bottom Line?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There is no denying the fact that healthcare is a big\nbusiness in India. But, none of these profitable figures can be achieved by\nignoring the aspect of patient care. <\/p>\n\n\n\n<p>With the improved medical infrastructure, rising disposal income and an improved awareness towards health, there has been an increased spending on healthcare. At the same time, patient expectations continue to rise and has become the major deciding factor in deciding the bottom line.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/www.techjockey.com\/detail\/acssel-astra\"><img decoding=\"async\" width=\"943\" height=\"157\" src=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/06115011\/blog_acssel_banner.png\" alt=\"Blog Acssel HMS\" class=\"wp-image-61715\" srcset=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/06115011\/blog_acssel_banner.png 943w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/06115011\/blog_acssel_banner-300x50.png 300w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/06115011\/blog_acssel_banner-768x128.png 768w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/06115011\/blog_acssel_banner-260x43.png 260w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/a><\/figure><\/div>\n\n\n<p>To improve hospital revenue ethically, the focus should be\non meeting patient\u2019s expectations. With these four proven methods, healthcare\nsetups can increase revenue while delivering consistent patient satisfaction. <\/p>\n\n\n\n<ul>\n<li><h3 style=\"font-size:20px;\"><span class=\"ez-toc-section\" id=\"stop_revenue-leakage_in_your_hospital\"><\/span>Stop Revenue-Leakage in Your Hospital<span class=\"ez-toc-section-end\"><\/span><\/h3><\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/Hospital-Revenue-Ethically_1-1024x536.png\" alt=\"hospital revenue\" class=\"wp-image-10646\" srcset=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/Hospital-Revenue-Ethically_1.png 1024w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/Hospital-Revenue-Ethically_1-300x157.png 300w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/Hospital-Revenue-Ethically_1-768x402.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p>Healthcare setups are constantly struggling with the issue\nof financial leakage that is impacting their revenue. Unorganized inventory and\nhigher maintenance cost make a major dent in healthcare revenue. And then there\nare incidences of pilferage and non-performing resources. <\/p>\n\n\n\n<p>Technology can come to your rescue and help with processes related to inventory and <a href=\"https:\/\/www.techjockey.com\/category\/financial-management-software\">finance management<\/a>. Modern-day healthcare setups are increasingly using tools like <a href=\"https:\/\/www.techjockey.com\/category\/hospital-management-software\">hospital management software<\/a> to get inventory reports and track their non-moving items. Also, you can manage the utilization rate of heavy equipment to make your OT and ICU processes cost-effective.<\/p>\n\n\n\n<ul>\n<li><h3 style=\"font-size:20px;\"><span class=\"ez-toc-section\" id=\"invest_in_health_it_systems_to_support_clinical_decisions\"><\/span>Invest in Health IT Systems to Support Clinical Decisions<span class=\"ez-toc-section-end\"><\/span><\/h3><\/li>\n<\/ul>\n\n\n\n<p>As discussed above, the investment in IT health system is\ncritical to improve your healthcare processes and profit. The use of healthcare\nIT systems in improving clinical decision support systems cannot be ignored.\nHospital management software allows medical practitioners and admin staff to\nachieve better laboratory utilization, OPD control and prescription placement. <\/p>\n\n\n\n<p>Technologies like electronic health records (EHR), have\nsignificantly reduces the error that usually happens while writing prescriptions\nmanually. Reduced prescription errors through EHR leads to the lower operating\ncost and higher efficiency.<\/p>\n\n\n\n<p>Further, <a href=\"https:\/\/www.techjockey.com\/blog\/top-6-medical-apps-for-doctors-medical-professionals\">medical practitioners<\/a> can refer health records to view a patient\u2019s medical history and provide quick diagnosis. This will not just save the time of medical professionals but patients also. <\/p>\n\n\n\n<ul>\n<li><h3 style=\"font-size:20px;\"><span class=\"ez-toc-section\" id=\"provide_quality_customer_service_to_create_a_positive_perception\"><\/span>Provide Quality Customer Service to Create a Positive Perception<span class=\"ez-toc-section-end\"><\/span><\/h3><\/li>\n<\/ul>\n\n\n\n<p>Higher patient satisfaction often results in higher hospital\nrevenue. According to a study conducted by Voluntary Hospitals of America, 70\npercent of the patients were willing to pay more for the consultation from a\nquality physician. <\/p>\n\n\n\n<p>If patients are satisfied with the overall experience in\nyour healthcare setup, they are likely to pick your hospital the next time. On\nthe contrary, an unhappy patient can speak negatively about your setup. <\/p>\n\n\n\n<p>However, with a customer service team in place that spends time\non listening to the concerns of patients will make a significant difference.\nAny conflict of patients in terms of missed appointments, faulty diagnosis or\nprescription errors needs to be redressed immediately. Commercialization of\nhealthcare is inevitable but what you can ensure is that there isn\u2019t any\nincidence of patient manipulation and exploitation at your centre.<\/p>\n\n\n\n<ul>\n<li><h3 style=\"font-size:20px;\"><span class=\"ez-toc-section\" id=\"understand_your_revenue_cycle\"><\/span>Understand Your Revenue Cycle<span class=\"ez-toc-section-end\"><\/span><\/h3><\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/Hospital-Revenue-Ethically-1024x536.png\" alt=\"cycle hospital\" class=\"wp-image-10645\" srcset=\"https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/Hospital-Revenue-Ethically.png 1024w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/Hospital-Revenue-Ethically-300x157.png 300w, https:\/\/cdn.techjockey.com\/blog\/wp-content\/uploads\/2019\/10\/Hospital-Revenue-Ethically-768x402.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<p>Understanding the hospital revenue cycle of your healthcare setup will help allocate your finances and human resources accordingly. Tools like hospital management software helps the management team keep a tab on process bottlenecks. Analytics <a class=\"wpil_keyword_link\" href=\"https:\/\/www.techjockey.com\/category\/reporting-tools\" title=\"reporting tools\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"464\">reporting tools<\/a> further provide charts and graphs to identify challenges and work on them. <\/p>\n\n\n\n<p>This helps healthcare professionals further focus on things\nthat demand their attention and reduce incidences of payment denials or delays.\nHospital management software provides a centralized dashboard.&nbsp; <\/p>\n\n\n\n<p>Is your accounting staff spending more time on creating payments?\nAre you missing out on any revenue opportunity because of the lack of any\nservice within your organization? <\/p>\n\n\n\n<p>By implementing an automated revenue management system, you\ncan finally get rid of faulty processes. It will streamline the entire payment\nprocess, resulting in higher productivity and profitability. <\/p>\n\n\n\n<p><strong style=\"font-size:24px;\">Wrapping Up<\/strong><\/p>\n\n\n\n<p>With all types of healthcare IT tools available for your set up, why still waste time on manual processes! Leverage the benefits of <a href=\"https:\/\/www.techjockey.com\/blog\/best-hospital-management-system\">hospital management system<\/a> and other automated tools to improve your patient care quotient.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>With a CAGR of 15 percent, the Indian healthcare industry is witnessing an encouraging growth over the last few years. And, this industry is likely to reach USD 250 million by 2020. With the rise of for-profit setups in India, the healthcare industry is now driven by a new system of shareholders and marketers. Profit [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":34646,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1550],"tags":[7066,824,1702,7064,7065],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v22.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Increase Hospital Revenue Ethically | Revenue Cycle<\/title>\n<meta name=\"description\" content=\"It\u2019s time to increase your hospital revenue while delivering healthcare value to your patients. 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