Here’s How You Can Understand and Improve Your Revenue Cycle Management
Health care industry is faced with several challenges such as tightening margins and declining cash flows. What with increasing bad debts, maintaining a steady stream of income has become one of the primary concerns of medical practices and physicians!
Vital Role played by Revenue Cycle Management (RCM) in Medical Practices
Properly managing the revenue cycle of your practice is the foundation upon which financial stability is built. RCM is considered one of the crucial factors that determine the financial well-being of practices. With practitioners being trained to manage patients’ health and being occupied most of the time in treating patients, there is no wonder they lack the financial background essential for managing RCM efficiently. On the other hand, rising costs and demands necessitate greater emphasis on productivity and waste reduction – here’s where the need for effective RCM is felt.
Beginning at the time a patient schedules a visit and extending till you obtain reimbursement for services provided, revenue cycle process needs to be managed efficiently. Including several components that may complicate the entire process, it requires building business side of the practice and improving effectiveness in order to boost profitability and revenue of the practice.
Ways of Improving RCM
Coding & Denial Management
o Accurate coding is essential to avoid denials and delayed reimbursements – it is necessary to avoid claim resubmission and appeals process as far as possible
Right Collection Process
o Although every practice will have its own collection process in place, it is necessary to explore better and more effective processes that facilitate collection from insurance providers and patients – it is essential to have a cohesive collection strategy that is measurable
Front office staff
o Office staff must be capable of running your practice efficiently-practices need to work out the costs of internal billing staff and check whether they are within allowable limits-cost of outsourcing must be compared
Audit & Compliance
o Practices must have proper programs in place for determining whether procedures and policies are being followed -compliance needs must be properly adhered to
Significance of Taking the Right Steps
Healthcare sector is constantly evolving; technological advancements and innovations are on the rise. Not to mention the frequent barrage of payor and governmental regulations. It is imperative to take the right steps toward understanding and enhancing RCM. Outsourcing proves to be most efficient choice for several busy practices with resource constraints.
Numinatrans has been providing effective and reliable medical billing services to health care facilities and physician practices since more than a decade. You may contact us for improving your practice RCM. Visit us on https://www.numinatrans.com/
How to Bolster Patient Payment through Technology?
The importance of improving and maintaining patient payment collections is proving increasingly more crucial for medical practices and health care institutions all over the world. One of the most important aspects involved in boosting patient payments is the digital systems utilized for facilitating the collection process
Role of Technology in Improving Patient Payments
Technology has its own impacts on medical billing and coding processes. Having attained the modern electronic and virtual billing processes, such as, for example, a Fully-Verified system, health care organizations are better placed to generate error free billing and collecting patient payments in a far more efficient manner than before.
Payment processing and handling process could be complicated and involve expertise – most of the billing processes are based on the concept that patients need to pay for services provided. Technology, when used efficiently, has the potential to improve payment drastically by offering several options that suit to patient preferences and needs.
Benefits of Using Technology in Payment Collection
Health care organizations the world over have been seeking ways to simplify financial and clinical processes. Integrated billing system is one effective way toward achieving this. A few benefits of using technology in the form of integrated billing system are listed below:
- Increased front office efficiency: Using a medical billing software integrated with EMR ensures seamless transmission of the medical practice’s documentation to the billing company – this eliminates entering patient data twice
- Reduction in Coding errors: Errors are almost eliminated, paving the way for better scheduling, co-pay collection, and claims management – clean claims are generated
- Better Reimbursement: With issues such as incorrect coding, incorrect demographic data entered, and other errors eliminated, accurate billing process is achieved, thus leading to improved reimbursements
- Better Financial data access and Improved Reporting Features: Billing being directly connected with documentation enables access to robust financial data – easy viewing of reports is made possible
- Easy access to documentation attachments: Scanning all pertinent information into patient chart is made possible by using billing software integration
Patient portals offer easy and convenient options to patients for carrying on transactions, make payments online, and boost revenue cycles.