Looking to improve the Revenue Cycle Management or RCM in your business? In this article, we share 7 strategies that any small practice can implement to improve its revenue management. Let’s dive in.
1. Automation Of The Workflow
Workflow automation is one of the best ways to ensure accurate and error-free Revenue cycle management. With the help of an automated process, highly repetitive tasks such as eligibility verification, claim status follow-up, and patient statement creation can be done much more efficiently. Not only will this free up staff, but also it will allow for a much more effective data-collection process.
2. Patient Preference Prioritization
Always maintain a transparent and communicative patient/provider relationship. Also, make sure never to leave your patients in the dark when it comes to payments. Provide patients with clear explanations of what to expect from their bills. That will allow them to feel more in control of the care strategy and avoid any chances of unnecessary surprises. In addition, implementing a functioning online payment scheme can work in favor of the younger crowd.
3. Utilization Of Data Analytics
Financial data and the gathered revenue cycle analytics are key to making a visible revenue cycle which can allow a clearer picture of the operation. With this information, the responsible parties can make much more calculated decisions. Here the analytics will also show if the staff is focused on the things that they should focus on. This can help managers to do better labor division.
4. Denial Management
It’s a well-known fact that not all claims will be approved by the insurance carrier. Missing information, eligibility issues, incorrect coding, and late fillings are the most common denial causes. So by implementing a properly streamlined claim process, most of these denial causes can be easily avoided. Moreover, with good denial management, the responsible party can track claim denials to see if there are any consistent mistakes.
5. Up-Front Payment Collection
Here the best cause of action is to collect patient payment information upfront when booking the appointment rather than waiting until the appointment is over. Make sure to collect information such as insurance data or credit card information and keep them on file for services not covered by the insurance plan.
6. Do Constant Checks And Updates
Checking the RCM daily and updating every change is the optimal way to make sure things are going smoothly. Take a preventive approach by checking on and updating technological processes regularly, as it can optimize revenue cycle management to the fullest. Also constant revisits and updates will ensure that all the records are up-to-date and complete.
Revenue cycle management optimization can be a difficult task to take on by yourself. If you or the institute that you are working on don’t have the necessary experience to manage RCM, outsourcing is the best option. Since good RCM can save time and resources and improve patient experience, it is crucial that you arrange the proper workforce by partnering up with a third party. Need help with optimizing your RCM process? Our experts can help you guide through the process to help you take your healthcare business to the next level. Contact us for more details.