Revenue Cycle Management (RCM) is needed in order to make a medical practice as profitable as possible. A primary reason why many practices struggle with their RCM is because they are so focused on their patients, but do not put nearly the same kind of attention on the revenue numbers. Keep reading and discover a few common problems medical practices run into with their revenue cycle management and a few solutions that will make them more profitable over time.
Not Continuously Following Up With A/R
Many medical practices make the mistake of not taking the time to follow up with accounts receivable. By not doing so, they are missing out on potential revenue sources. It is imperative always to follow up accordingly. A practice should want their outstanding balances to be as low as possible as well as the total number of write-offs.
Insufficient Training for Members Of Staff
The members of a medical staff need to be trained, so they fully understand their role within the organization. Everyone plays an important role in the revenue cycle for it to be a success. For instance, the persons who are in charge of billings need to know how to do tasks like collect copayments and follow up with patients for outstanding balances. A practice needs to invest the time, energy, and money into its employees to ensure that everyone is properly trained. A weak link in the cycle can disrupt the revenue cycle and cause a practice from reaching its full economic potential.
The Lead Physician Is Not Fully Engaged In the Process
The lead physician of a medical practice needs to be actively involved in the revenue cycle management process. It does not matter if there is a competent office manager; the lead physician needs to be involved to go over revenues, collections and billings. Although you want there to be a system of checks and balances within your practices revenue cycle, it needs to begin from the top, which is the lead physician. They may decide to change a process, and everyone must be on the same page and be board with it. Otherwise, it can ultimately lead to delays and potentially revenue losses.
Contact MedHelp, Inc. Today and Let Us Give Your Organization the Revenue Cycle Solutions It Needs!
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