Revenue cycle management tips

A Few Ways Physicians Can Tweak Their Revenue Cycle To Get The Most Out Of It !

Presented by, MedicalBillingStar

Revenue Cycle Management ; Are you doing it right ?  Are you earning what you deserve ?

 Do you have a financial plan for the future ?

 Are you optimizing every process of your RCM to get the best results ?

It is okay if you’ve answered in the negative. Here are a few simple ways you can manage and leverage your revenue cycle.

Break it down into bite sized pieces !

Categorize your revenue cycle into front-end. middle –end. back end.

Your revenue cycle begins as soon as your patient walks into your practice.

Front End RCM Includes : Appointment scheduling

Copays and deductibles

Insurance verification

And optimization of tools used for front end management.

Have you missed an appointment off – late ?

ďƒ˜Structure your appointment scheduling today to avoid revenue losses

 If your practice handles a diverse patient population, categorize and group them. And meet them on a specific day.

 Set metrics for the number of days a patient can wait to be seen and the number of hours you want to work .

 Clearly demarcate the number of hours you spend in office.

Don’t leave money on the desk !

 Copays can account for more than 20% of revenue in an office.

 Call you patients prior to the appointment and inform them about their financial responsibilities.

 Offer multiple payment options.

Have you performed a thorough check?

 50% of claims are rejected due to inefficient insurance eligibility checks.  Perform a thorough eligibility check prior to a patient’s visit.  Perform HIPAA compliancy audits to verify your transactions are in line with HIPAA norms.

The Mid Point Mid level RCM includes :

 Charge capture.

 Maintenance of CDM (Charge Description Master).

 Health information management .

Enter exact charges...

ďƒ˜ Create and utilize dashboards to ensure services and supply charges are accurately entered.

ďƒ˜ Integrate your clinical documentation with your billing system to avoid time consuming workarounds.

Maintaining your CDM…

 Update your Charge Description Master regularly.

 Ensure your billers, research and update coding, compliance and cost information.

Health information management the key to avoid denied claims !

ďƒ˜It is necessary that clinical care is documented accurately and regularly to support claims. ďƒ˜Verify regularly that the codification of patient care is in compliance with monetary and regulatory guidelines. ďƒ˜Implement tools to automate HIM and facilitate automated edits and diagnosis related grouping to save on time.

Backend revenue cycle management: Where all the action takes place !

Backend RCM includes…  Billing  Claims processing  Adjustment posting  AR calling  Denial Management

This is where you need to focus on revenue maximization !  Rule based editing of claims can reduce denial and pending AR.

 Cross verified payment posting will give you a clear reflection of your collections.

 Implement quality monitoring and standards to ensure a streamlined AR calling process.

 Encourage bidirectional communication between the payer and your biller.

 Have an effective denial management in place.

 Arrange denied claims into buckets and prioritize according to the value of the claim and the days in AR.

Want expert help ? Call MedicalBillingStar !  We have a specialized team available 24/7 for revenue maximization services.

 Have sophisticated claim editing tools, extensive contract management system and denial management tools to optimize and automate your revenue cycle.

 Send detailed dashboards .

financial

reports

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Thank you !

Drop your queries on Revenue Cycle Maximization Services and Avail Free Annual Fiscal Practice Check up by dialing toll free @ 1-877-272-1572 Or visit us http://www.medicalbillingstar.com