Hamiltonian Truncation (a.k.a. Truncated Spectrum Approach) is an efficient numerical technique to solve strongly coupled QFTs in d=2 spacetime dimensions. Further theoretical developments are needed to increase its accuracy and the range of applicability. With this goal in mind, here we present a new variant of Hamiltonian Truncation which exhibits smaller dependence on the UV cutoff than other existing implementations, and yields more accurate spectra. The key idea for achieving this consists in integrating out exactly a certain class of high energy states, which corresponds to performing renormalization at the cubic order in the interaction strength. We test the new method on the strongly coupled two-dimensional quartic scalar theory. Our work will also be useful for the future goal of extending Hamiltonian Truncation to higher dimensions d >= 3.