Providers everywhere are taking steps to improve their Revenue Cycle Management process. The revenue cycle begins from the moment an appointment is scheduled through the time patient payment or payer reimbursement is received.
This financial process is how healthcare providers make their living. Quality completion of every step is what helps providers maximize their revenue. Then, they can continue to provide care to patients in need. Optimizing revenue cycle management is done through a combination of several tools and services that perfect your claim processes. Keep reading to learn 5 ways to optimize revenue cycle management at your practice.
How to Optimize Revenue Cycle Management
Invest in the Right Technology
In today’s age, the right technology can help your healthcare organization simplify workflows and optimize timelier reimbursements. Without digital tools at your disposal, you battle against inefficiencies and inaccuracies tied to traditional paper processes. You also have to handle manual data errors. By using medical billing and practice management software, your team will be able to automate revenue cycle management processes.
Outsource RCM Services
Partnering with an RCM services vendor is one of the best moves a provider can make to improve Revenue Cycle Management. Together, you and your vendor can work to identify the areas in each step that are leading to denials. You can collect more patient payments, and boost your bottom line. Trained billing experts utilize a practice management system and work with your practice to handle complicated billing and coding. This allows you to submit cleaner claims and optimize your return on investment.
Automated Eligibility Verification
Creating transparency in your billing process helps both you and your patients when it comes time to get paid for services. Verifying your patient’s insurance eligibility prior to services rendered provides much-needed insight into the out-of-pocket cost for services and keep patients informed about their financial responsibility. This can help a patient plan more effectively for the cost of their care and increase the number of patient payments your practice brings in each month. It also helps providers create an alternative plan to better adhere to the patient’s coverage, bringing in a faster payer reimbursement.
Automated Charge Capture
Automated charge capture is changing how providers are able to document and submit claims. Integrated technology offers providers the opportunity to document and capture a charge at one time, streamlining yet another Revenue Cycle Management step and improving the overall accuracy of your claims. This kind of tool is equipped with the most up-to-date and prevalent medical codes that apply to your services, lessening the chance of rejection or denial and bringing in on-time and in-full payments.
Claim and Denial Management
Outsourcing Revenue Cycle Management services also benefit providers by helping them achieve 99% first pass acceptance rate. Claims tracking and denial management ensure that your claims are coded accurately the first time. This helps you bring in more revenue by never letting a denial slip through the cracks. Should a claim be denied, it is quickly resubmitted to ensure very little delay in your payment.
Optimizing your revenue cycle management processes can help your practice improve its bottom line without compromising patient care. To learn more about these tools, click here.