What are the Effective Strategies to Improve Revenue Cycle Management Services?
Are you facing challenges to streamline the cash flow of your medical practice? If yes, then It’s the right time to adopt proactive strategies to optimize your revenue cycle management services. Because maxim revenue collection is essential to sustain your existence in the highly competitive healthcare industry.
From collecting and verifying patient demographic information to medical billing and claims submission, revenue collections management is a time-consuming and challenging task for healthcare providers. Because they find it difficult to manage this process efficiently along with their busy schedules.
Therefore, they prefer to outsource healthcare revenue cycle management to a trusted third party. Because this initiative could help you to cut down the operational costs, without compromising the quality of the billing process.
No doubt, the primary objective of every medical practitioner is to deliver quality care that enhances the satisfaction of your patients. But you should never ignore the administrative aspect of your medical process. Physicians need to handle critical processes along with patient care, one of which is healthcare revenue cycle management.
If you want to keep your revenue collection management on the right track, you should pay close attention to the optimization of your medical billing services. Because it is key to ensure the smooth functioning of your medical business.
So, due to its importance, medical practitioners have realized that they need to accelerate their attention to optimizing the revenue cycle management services. For this purpose, they adopt innovative medical billing solutions including innovative software, hiring medical billing and coding experts, or outsourcing RCM services.
Are you lagging behind your revenue goals? You should implement the following strategies to improve revenue collection management.
- Maintain Updated Patient Files
We all know that revenue cycle management begins with the first encounter of a patient and doctor. At that time, your registration staff needs to capture accurate and precise information about the patient’s name, date of birth, gender, phone number, mailing address, insurance ID, Insurance policy number, and other basic details.
Medical billers use this information to process medical claims. A minor error in this information can lead to claim denials, which ultimately hinders the payment collection.
Therefore, it’s your responsibility to hire highly trained and well qualified front desk staff to maintain the patient’s files with complete accuracy. Because you cannot handle the claims process in an efficient manner until you have updated and accurate information.
Medical practitioners should instruct their registration staff to verify the patient’s demographic information at each visit. Because, it might be possible that your patient has changed jobs and now has a different insurance carrier, or insurance policies.
So, instead of patients being surprised by an unexpectedly higher bill, make a point of explaining the process as you update their details. In order to keep an accurate patient record, you need to replace orthodox methods to compile and process the information with automated ways. Hence, proper and accurate medical documentation is essential to maximize the revenue generation of your practice.
2. Accurate Medical Coding
Medical coding is the key to successful revenue cycle management services. It is necessary to make sure that there is no cheating or fraud happening. Medical codes represent the patient’s diagnosis, treatment, and other medical services.
Due to its complicated nature, healthcare providers should hand over this responsibility to only certified and well experienced medical coders. Because Incorrect medical coding not only leads to claim denials and cash flow disruption but also some legal troubles.
For instance, when a claim is over-coded, it will be considered a scam and it results in a higher payment by the payer. The most common coding errors are mismatched, wrong, over-coding, under coding, or incorrect modifiers.
Moreover, the healthcare industry witnesses constant evolutions in terms of medical coding, billing rules, federal laws, and insurance policies. So in order to keep pace with the ongoing changes, it’s imperative for medical coders and billers to undergo constant training to stay on top of all changes. If you are facing challenges to handle this task in your office premises, you should outsource revenue cycle management services to a reliable RCM company.
- File Clean Claims
The maxim reimbursements mainly depend on the timely submission of medical claims. Time is the most important factor in the entire revenue collection management. Because insurance companies don’t accept medical claims which are not submitted in a given time frame. So it is the prime responsibility of medical billers to submit the medical claims before deadlines.
In addition to this, billers should make every possible effort to minimize the claims denial rate. No doubt, claim denials have become a common phenomenon in every medical practice. But if it exceeds the specified limits, healthcare providers may face a financial crisis. Therefore, your billing staff should be dedicated to their work. For example, they should double-check the provided information to ensure the submission of clean claims.
- Implement Effective Denial Management System
It’s a fact that medical practitioners lose a significant amount of their hard-earned revenue just because of the rejected/denied claims. Therefore, physicians should never neglect the importance of a proper denial management system. Because it’s harder to appeal a denied claim as compared to the submission of the clean claim at the very first attempt.
Medical billers should follow an organized pattern to deal with the claim denials. First of all, they should analyze the rejected/denied claims to identify the reasons for the denial. Then they should rectify and resubmit the claim in a timely manner. Because effective management denied claims speeds up the reimbursement process.
Medcare MSO is a renowned medical billing company in the United States. Which has been providing optimized revenue cycle management services to ensure the financial stability of your medical practice.