Hospitals and providers miss out on millions of dollars of revenue every year due to inefficient revenue cycle management practices. Administration, medical coding & billing, and many more pieces of the healthcare practice work together to drive the practice’s growth. A slight error or malpractice can greatly disturb the complete revenue cycle. If it continues, it will become difficult for the practice to survive in this competitive healthcare industry environment. We have laid out the recommended 5 successful revenue cycle management strategies as suggestions to follow.
5 Successful Revenue Cycle Management Strategies
1 – Automate Clinical Documentation
Providers who want to eradicate the root cause of claim denials should look into clinical documentation. This is the place where most errors arise because it is highly dependent on manual data entry is unlikely to be error-free. There is always a chance of error when it comes to clinical documentation but we can significantly reduce the error ratio by automating our clinical documentation. So, if you want to keep your revenue cycle smooth, then it is highly recommended that you use integrated practice management systems and electronic health records software to automate the clinical documentation process. A comprehensive practice management solution reduces the data entry burden and makes clinical documentation smoother and much cleaner.
2 – Billing Transparency
Your administrative and clinical staff should be open and transparent about medical billing. It is wise to train your administrative staff to effectively communicate medical billing information to patients so they can have prior knowledge of treatment cost. This in turn will simplify the collection process and help to maintain the revenue cycle of your practice. One extra tip is to have maximum payment options at your facility so your patients can easily pay their bills. Be open to taking cash, check and also give credit card payment option to your patients. All of these efforts will improve the reimbursement rate and keep the revenue cycle smooth.
3 – Real-Time Claims Monitoring
Providers should closely monitor the claim submission to reimbursement process so they can point out any errors quickly and then take steps to rectify it as soon as possible to ensure timely payments. Whether you have outsourced your billing to a medical billing company or have an in-house staff there to perform this job, real-time monitoring is essential in both scenarios so you get paid in a timely manner and keep your RCM efficient.
4 – Comply with HIPAA and HITECH Regulations
Hospitals and providers must always maintain HIPAA and HITECH compliance. It is recommended that you invest enough resources to safeguard confidential patient information. This investment not only maintains the trustworthiness of your practice, but will save you from heavy penalties that are imposed for failing to comply with these regulations. HIPAA and HITECH compliance is essential to keeping the revenue cycle of your practice smooth.
5 – Verify Patient Eligibility
Many providers out there don’t fully check patient eligibility and insurance coverage before treatment begins which in turn makes the collection process difficult and disturbs the complete revenue cycle of the practice. It is wise to choose a practice management system and EHR that offers real-time patient eligibility verification so you can save your practice from dealing with such hassles.
talkEHR is a comprehensive free EHR with an integrated practice management system, eligibility verification, and billing all included. This advanced EHR software from MTBC is equipped with all the essential features to efficiently manage the revenue cycle of any practice. Try the best EHR today!