Having a good Revenue Cycle Management is very important to get the ROI you deserve as a practitioner. Implementation will take time and dedication, but they will surely improve your practice’s financial health.
Although every practice is unique, with specific billing needs and different challenges, but still there are some practices which can boost revenue, decrease payer rejection and underpayment on claims, and reduce the number of days claims remain in accounts receivable (AR).
The below five practices can significantly improve your bottom line and will help you in better Revenue Cycle Management :
Insurance Eligibility Verification
Insurance Eligibility Verification is very important. It should be the first thing to be verified. It should always be done at the time the patient checks in. This simple step will not only verify that the patient has insurance coverage, but also indicate the amount of the co-payment that should be collected.
Leveraging Expertise of Renowned Healthcare Service Provider
Medical Billing and Coding have grown substantially and it is not cost effective for a healthcare provider to go through its granular level, moreover, it’s also time-consuming at a large scale. ICD-10 is now accepted across every healthcare organization and the majority of the complexities in ICD-10 lies in enhancing the specificity of documenting diagnose. The healthcare industries are relying on third-party vendors to handle high-volume transactions and maximize their operating margins. Healthcare service providers track the coding and billing procedures with the help of their expertise and trim a lot of monumental paperwork. Patients also enjoy the fact that this has created a greater degree of transparency in the Medical Billing of the healthcare systems.
Submit Daily Claims
The process of submitting daily claims is vital to your practice’s cash flow. Not only can you keep claims from becoming troublesome, you can focus on the daily details of your care. Submitting once a week delays your payment for up to four days. This delay in funds may significantly impact your overall revenue cycle.
Follow Up In A Timely Manner
If you have claims that come back underpaid or denied completely, follow up immediately! The longer you wait, the lower your chances are at receiving compensation for your delivered services. If you follow up immediately, you have a better chance of figuring out why you were not paid in full or why your claim was rejected while still leaving yourself with adequate time to correct the issue.
Create Monthly Reports
In order to reach ultimate transparency with your practice’s finances, you must report monthly on incoming and outgoing cash flows. By doing so, you will give yourself more data to work with over the year to then observe patterns and analyze billing issues. Reports are extremely important in knowing your numbers.
On the technology side, your outsourcing partner can help you ensure that your IT billing systems are providing the necessary management support reports including denial rates, and variances in received versus expected payments, and trends in payments. These reports will help you spot problems early on and understand which claims require the greatest focus. This will help to better manage staff productivity. Without robust reporting tools, a practice lacks the ability to appropriately manage financial viability. Reporting functionality is a wise investment and an experienced Revenue Cycle Management (RCM) outsourcing partner, who can optimize your revenue cycle and maximize your financial performance, is an even better investment.