What are suggestions for physicians to improve their revenue cycle management?

Revenue cycle management is evolving dynamically as part of an increasingly value-based approach to care and in an era of digital innovation, with providers ranging from single physician general practitioners to large hospital systems. Hospitals and practitioners must adapt to RCM quickly. Healthcare revenue cycle management solutions are reshapes as the healthcare industry partially shifts to a value-based approach rather than a fee-based one.  

Addressing the roadblocks to a successful revenue cycle is impossible without first identifying all the common inefficiencies that contribute to those roadblocks. So, here are some suggestions for doctors to improve their revenue cycle management.   

Adoption of Updated Coding Practices  

Adoption of coding practices will increase revenues and reduce insurance carrier claim denials. Achieving optimal coding compliance helps healthcare facilities prevent disruptions to medical flow and avoid regulatory penalties. Managing these processes in-house is difficult, but outsourcing them to professionals and experts like MHRCM, who offer end-to-end clinical management services, including a one-stop revenue cycle management solution, can improve revenue performance. You can significantly improve and ensure compliance.  

Use policies and procedures 

Putting the patient at the center of the process maximizing RCM Healthcare practices recognize the need for better patient relationship management. When staff actively work to improve patient satisfaction and build positive relationships, their practices build patient loyalty.  

Staff should educate patients, both verbally and in writing, about their financial responsibilities, payment options, and what to expect from their visit. Many patients find the medical billing process confusing, intimidating, and frustrating, and the more they interact with staff about it, the more likely they are to reimburse their providers.  

Post Payment  

If possible, set up electronic funds transfer with the payer. In such a referral process, employees only need to process exception reports. Payment postings are more accurate when payer contracts and tariffs are integrated into the system. Your healthcare provider should set up an automatic depreciation amount. This saves you time cleaning up small account balances.  

The total payment received should be reconciled with the total payment posted to the system for each batch. Zero payments, partial payments, and underpayments should be identified and whether they are the result of erroneous or declined payments. Such accounts should be handled through the denial management process.   

Monitoring Payment Trends  

It is the practitioner's responsibility to monitor changes in  payer policies and fees. Luckily, the Internet is a great resource, and by visiting the appropriate billing-related website, you can easily find relevant updates online. For example, proposed changes to Medicare tariffs are available on the website and online in the Gazette.  

The public will generally have the opportunity to comment on the proposed changes and help influence the final rule. Private payers often follow Medicare's lead, but not always. It is important to monitor reimbursement trends from both government and commercial payers. If a payer proposes changing the redemption rate or redemption method for their best-selling code, exercise extreme caution and calculate the potential impact of the proposed change.    

Leveraging Technology   

In addition to the many advances in commercial and consumer technology, there are also several developments created to manage improved revenue cycle management.  

• Artificial intelligence systems or computer-based coding software systems. Various solutions are available, but it's important to choose the one that works best for your business.  

• This includes more than just software or A.I. physical therapy billing company experts who understand these technologies and use them to support healthcare organizations and providers.   

Outsourcing Medical Claims   

Of course, one of the easiest ways to improve your medical claims process is to leave it to the professionals. This is also how many other organizations improve their own revenue cycle management. Partnering with a revenue manager is simple, efficient and completely off the hook. Revenue cycle managers look for ways to improve process efficiency to earn more commission and get paid faster. Hiring an expert is never a bad idea if you're looking for ways to get better!   

Conclusion   

Revenue cycle management is critical to a successful healthcare organization. Without an efficient billing department, you could miss out on thousands of dollars in reimbursements, patient payments, and other revenue streams that you rely on to keep your care going. MHRCM is adept at understanding and executing superior revenue cycle management services for overall business success. For business collaborations, do call us now.