Strategies to Optimize
Physicians can improve revenue cycle management by ensuring a patient-friendly payment experience and leveraging external medical billing expertise.
According to a survey by McKinsey & Company, revenue cycle inefficiencies accounted for about $400 billion or 15 percent of $2.7 trillion spent on healthcare in 2013. These figures have most likely increased since then, leading more and more providers to rely on physician billing companies to address claim denials and improve their bottom line.
Here are some reliable strategies that can help
physicians optimize revenue cycle management in 2017: Proper clinical documentation: One of the best ways to improve revenue integrity is by maintaining complete and accurate clinical documentation. Under
documentation is critical for proper payment and reduced denials. Efficient medical coding services are available to help physicians ensure specificity in documentation. Expert coders can guide their clients in meeting these higher specificity requirements. Leverage analytics: The healthcare industry is realizing the importance of leveraging data analytics to identify areas of organizational strength and opportunity. Medical billing analytics and business intelligence tools can give physicians’ offices an idea of where they stand in relation to competition. This will
management. Communicate effectively with patients: With increased out-of-pocket costs, patients expect proper information from providers about their financial responsibilities and payment options. Educating them about these matters will improve patient satisfaction and collections. Forward-thinking healthcare organizations communicate with patients early in the encounter, provide estimates, and offer convenient methods for payment. Better denials management: The top reasons that payers give for claim denial are: patient ineligibility, duplicate claim, missing/invalid data, service not covered, no proper medical documentation, medical coding errors, authorization/precertification, coordination of benefits, and untimely filing.
Denials badly erode a practice’s bottom line. The revenue cycle staff needs provide insights on how the practice can prevent errors and better manage processes to prevent denials. Outsourcing: Partnering with a reliable medical billing company could provide the answer to all revenue cycle issues. The services they provide include: Patient registration and demographic collections, eligibility verification, A/R follow-up) Billing and reconciling of accounts Medical coding Management of all work flows at the site of service/remotely Provider based medical billing A/R management Custom reports The right physician billing company works with its clients to enhance billing operations with proper planning and preparation. Even as uncertainty clouds the healthcare industry in 2017, choosing a reliable partner can improve cash collections, reduce receivable balances and write-offs, and increase patient and physician satisfaction.
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