While the primary focus of any healthcare organization is quality patient care, the revenue cycle management process is also vitally important. With each complex component of the healthcare system, there is an equally complex revenue cycle management process that is woven through it. From the first point of contact through the completed payment, providers need a healthy revenue cycle to be able to grow their practice and continue helping patients. Below are the best practices to improve revenue cycle management within your organization.
Revenue Cycle Management Best Practices:
Invest in Quality Technology
Quality technology helps us work faster and more effectively. With the right tools, we can accomplish more in our day and in less time. Your medical billing software should be just as advanced as your EHR or PM software. High-tech medical billing technology can help improve revenue cycle management by improving claims and denials management. It will also streamline the billing process to lead to faster payments.
Payment Collection Before Visit
Providers should have technology that enables them to collect patient responsibility balances before a visit. With an integrated solution, your staff can collect credit card payments when a patient checks in for their visit. This will prevent staff from having to chase down payment down the road.
Automated Prior Authorizations/Eligibility
Prior authorization and eligibility verifications are essential to revenue cycle management in 2021. This tool enables you to protect your payment. With this feature, you can verify coverage in seconds. Doing this before services are rendered will prevent patients from receiving care for which they are not covered. When this happens, the bill falls into the lap of the patient, making it harder to collect down the road. Prior authorization prevents this from happening, improving the billing process for you and your patient.
Streamlined Charge Capture
Your practice should find solutions to streamline the charge capture process. Tools like AI-assisted charge capture can help your practice work faster and better. Accurate predictions enable your team to breeze through charges without compromising their accuracy or integrity. In fact, a quality AI-assisted charge capture solution can help your team submit charges that are more likely to lead to a timely payment than without.
Improved Claims Management
Claims management and clean claims are essential to improving revenue cycle management. By partnering with the right vendor, your team can gain access to incredible claims management services. For example, claims scrubbing is the process by which your vendor reviews each claim before submission to ensure they are in the best shape for approval. They then track this claim through the submission process to stop any denial in their track.
By implementing these revenue cycle management best practices, you can increase your revenue, decrease denials, decrease administrative burden, and spend more time with your patients. Outsourcing revenue cycle management is the most effective way to implement every one of these solutions. To learn more about a quality vendor of software and services that is ready to help you, click here.