Is your healthcare practice maximizing revenue collection? With the reducing reimbursement rates and higher patient deductibles, among other challenges, ensuring that your practice isn’t leaving lots of revenue on the table can’t be stressed enough. That’s why you need to consider the best practices to up your revenue cycle management (RCM). Among the measures that continue to attract favor is outsourcing revenue cycle management to third parties. With the best practices, you can improve the cash flow and revenue, enhancing your operations. Let’s look at some of the best practices you can put in place as you strive to supercharge your RCM.
Tech advancements continue to revolutionize varying fields, RCM included. Investing in technology helps to streamline and automate tasks. With up-to-date tech, you’ll easily keep up with the changes, including diagnostic codes and payer requirements. You don’t want to keep dealing with denied claims. This could be avoided by ensuring that you submit correct information, an area that technology addresses. You won’t have to deal with resources-draining tasks. This includes investigations to establish why your unpaid claims keep pilling, correcting mistakes, and resubmitting. With top-class tech, you’ll streamline and automate various functions, improving your RCM.
Among the damaging concepts that affect cash flow and revenue in healthcare are deadlines. You’ll be dealing with a pile of unpaid claims if your processes don’t include a strategy to avoid missing deadlines. Put in place practices in line with various parties. For instance, know private insurers with shorter deadlines like 90 days. This will help you put measures in place to avoid missing such tight time-frames. Missing a deadline means that you’ll be forced to write off such claims.
Focus on patients
Most patients are intimidated by the medical billing process. It is not hard to see why; the process can be frustrating and confusing, especially with the medical terminology. Your RCM can deliver better results if you focus on patients. Developing healthier relationships with patients translates to smooth processes. Your interactions should be geared towards understanding the billing process. This makes it easier for patients to reimburse you for the services rendered, reducing unpaid bills.
Do you establish the patient’s responsibility before rendering services? If they are late or can’t manage their financial responsibility, your revenue cycle is slowed. A proactive approach helps to keep the cash flow at its best. For instance, ensure that you’ve collected the deductibles before delivering healthcare services. It doesn’t have to be a painful experience for the patient. Measures such as providing a payment plan make the process more manageable. With such an approach, you’ll avoid extra costs. For instance, you won’t need more staff to follow up with patients with outstanding bills.
Revisit the revenue capture aspect
If your RCM isn’t efficiently capturing revenues for services delivered, you are leaving a lot on the table. Outpatient services and the pharmacy department are some of the areas that need more attention. Proper documentation should be emphasized. This ensures that you aren’t missing charges. It also minimizes errors, especially in reporting of units, enhancing your RCM.
Unpaid bills, denied claims, delayed processes due to errors, to mention a few concerns, affect your revenue and cash flows. Optimizing your RCM shouldn’t be taken lightly. It doesn’t have to be overwhelming. Today, you can work with professional revenue cycle management services. Outsourcing allows you to focus on your primary tasks while ensuring that your RCM is at its best.