Every healthcare provider across the country experiences the ups and downs of revenue cycle management. The good news is, with the right tools, improving your RCM process is possible. Finding the right resources and partnerships that will optimize clean claims and collect more on patient balances is key. Below are 5 ways that providers can improve revenue cycle management at their practice in 2020.
Improving Revenue Cycle Management
A denied claim will cause a long delay in your payer reimbursement or even put the payment in the lap of the patient. Errors in medical billing codes cause your practice to lose out on essential revenue. Avoiding denials is essential to improving revenue cycle management at your organization. There are different tools that can help you stay ahead of denials such as quality medical billing software or a partnership with a quality vendor of RCM services. Whatever tools you choose to implement, you must get ahead of denials if you wish to optimize your revenue cycle management in 2020.
Prior authorization technology can be a life-saver for optimizing your revenue cycle management. Prior authorization tools integrated into your practice management software can help your team secure more payments. Should a patient come in for a visit and they are not covered for services the provider will see a delay in payment. Prior authorization tools help your team verify a patient’s eligibility for services before they are rendered by the provider. This automated process ensures that patients do not receive medical services for which they have no coverage, leading to an increase in payments for the practice. It also ensure more price transparency and increases the likelihood that a medical bill will be paid by the patient.
Plan for Patient Payments
With the widespread adoption of high deductible health plans (HDHPs) in the United States over recent years, providers need to plan ahead. Patients choose these plans for their low monthly premiums. The problem is, they often encounter unexpected medical expenses that they have to pay for out of pocket. This is a problem for providers who wish to collect quick payer reimbursements. In order to collect more on patient balances, you need to make a plan. How are you going to make it easy for patients to make their payments? This plan might include creating patient payment plans and access to an online portal so patients can make payments conveniently. It could also involve outsourcing difficult collections to an RCM services vendor.
Implement Medical Billing Practice Management Software
Quality medical billing software will make all the difference when trying to improve your revenue cycle management. The right software offers tools like automated insurance verification/prior authorization, electronic claim submission, claim tracking, payment posting and more. With this, providers can gain a comprehensive understanding of what pieces of their revenue cycle might need work. The right vendor will offer these things along with quality customer support throughout the implementation process.
Outsource RCM Services
Lastly, providers should outsource RCM services to improve their revenue cycle management. A quality partner can help your team optimize clean claims up to 99%. With claims tracking and denial management services, your practice can gain peace-of-mind that payment is on the way. Your vendor of Revenue Cycle Management services will also take over the management of difficult collections. They will work as an extension of your practice to ensure your patients feel at ease and prepared to pay on their balance.
To learn more about quality medical billing software or RCM services that could help your practice optimize its revenue cycle management, click here.