The revenue cycle at any practice lays the foundation for providers to offer care to their patients. From the moment a patient schedules a visit with a physician at your practice, to the time their bill is paid, the revenue cycle is a complicated billing structure that ultimately fuels a medical practice. The development and fine-tuning of your revenue cycle will determine the growth and future of your practice and must be handled by the right people to maximize results and minimize bumps along the way. Improving Revenue Cycle Management (RCM) is the quickest way to improve your billing cycle and add thousands to your bottom line.
Keys to Improving Your Revenue Cycle Management:
1) Must-Have Software
The right software can make a difference in so many different areas of your practice. The right Electronic Health Record will help your physicians optimize their workflow. The right patient portal will help your patients stay informed and engaged in their care. And the right software for Revenue Cycle Management will encourage growth on your bottom line. Finding a trusted vendor of medical billing software will enable your practice to understand the ins and outs of their revenue cycle, offer patients simpler ways to comprehend and pay their medical expenses, and improve clean claims. The issue is that it can be difficult to identify which software would be the right fit to improve your Revenue Cycle Management. It is important to find a software partner that has experience improving clean claims, managing difficult collections and is available to answer questions for your team when they come up. At the end of the day, your practice must be using top-of-the-line billing software to improve their Revenue Cycle Management and grow their bottom line.
2) Quality Claims Management
For providers who have an in-house Revenue Cycle Management structure, claims and denial management is an area that often needs help. Even when a provider puts their best foot forward, it can be impossible to achieve the claims and reimbursement results you’re striving for. The solution to this problem is to outsource Revenue Cycle Management to a partner that offers quality claims and denial management. This partner will help code, submit, and track your claim to ensure a timely reimbursement from the payer. An experienced partner will have the time and resources to stay up to date on the latest coding changes, coding your claim accurately the first time. If a claim does slip through the cracks, they will tack those claims to stop any potential denials in their track, earning your practice its quickest payment possible.
3) Dedicated Billing Professionals
A frustrating consequence of working with a low-standard Revenue Cycle Management vendor is that when problems arise, you are left to speak with a different individual or someone who does not know your practice from the next. A quality vendor of Revenue Cycle Management services will partner your practice with a dedicated billing professional who is available to answer any questions that come up. Not only this, but their team of billing experts is dedicated to helping your practice reach new heights in clean claims, patient payments, and the collection of difficult payments.
4) A Vendor Who Cares
Instead of feeling left behind and in the dust by your Revenue Cycle Management vendor, your practice should be working with a team that cares. They should do their best to understand the unique billing workflow of your practice and adjust their software and services accordingly. Not only this, but they need to be accessible and fluent in the field. Your vendor should be available during normal practice hours via a US-based customer support team. Together, you and your vendor can problem solve and improve your practice’s Revenue Cycle Management.
To learn more about how your practice can improve their Revenue Cycle Management and grow their bottom line by thousands, click here.