Revenue Cycle Management (RCM) is an integral part of any medical organization. Since the healthcare industry is always evolving, hospitals and medical providers need to make changes to their revenue cycle practically every single year. Even minor adjustments in internal processes can allow you to pinpoint issues like inefficiencies and unnecessary expenses. The stronger your RCM is, the more successful your organization will be as a result. Continue reading for a few tips in improving your revenue cycle management this year.
Improve Your Registration Process
Are you looking for a way to reduce your total number of rejected claims? If so, consider your patient registration process. Do you have a specific list of steps to ensure the correct registration of a patient? All too often, staff members won’t verify a patient’s insurance coverage. As a result, a large percentage of claims are rejected because of bad eligibility. Your staff members who register patients should verify patient and contact information right away. Since people frequently change insurance companies/plans, it is important to verify their current coverage so you can limit the amount of denied claims.
Monitor Time in AR
How many days on average is your accounts receivable? Lowering your days in AR should encourage you to make your practice’s RCM protocols as efficient as possible. Not only will this lead to decreasing the time you are receiving your monies, but the mitigation of denials will make your organization more profitable. By decreasing the total number of days a bill is sitting in account receivable, you will, in turn, reduce the overall cost to collect.
Use Technology to Your Advantage
We live in a digital age where we rely on technology for what seems like just about everything. When it comes to your organization’s RCM, you should utilize technology to analyze your data to draw any conclusions. This information will allow you to make conclusions about your RCM’s performance. Also, take advantage of credentialing software, which allows you to manage a provider’s information and background better. On top of that, be sure to utilize medical billing tools because they allow your organization to operate more efficiently. It allows you to stay organized because information can quickly be recorded and then access later.
Contact MedHelp, Inc. Today and Let Us Give Your Organization the Revenue Cycle Solutions It Needs with an A/R or Physician Analysis!
MedHelp, Inc. Uncommon Transparency. Uncompromising Service.Call MedHelp, Inc. today at 443 524-4455 or toll-free at 1-800-275-6011 or visit us at www.medhelpinc.comand let our team assist you in choosing the right solution.