The payer landscape is changing, and with those changes comes the need for providers to modify how they handle their revenue management. It also means that creating an efficient process to oversee the management of revenue streams is an important part of any practice.
Make Sure Claims are Coded Right the First Time
Claim denials are listed as the number one issue in medical revenue cycle management. Improperly coded claims are a big portion of these denials, and this can be avoided when you ensure all items are coded correctly the first time. This avoids payment delays, outright denials, and unnecessary collections activity. From providing proper and thorough training to implementing a strong electronic health record system, practice managers can help prevent costly errors and delays that are a result of improper coding.
You Can’t Manage What You Don’t Measure
When you identify which areas can provide pertinent reporting and measurement data and focus on any areas of concern, you will be able to uncover problem trends and work on their potential solutions. Tracking key data allows management to oversee the process from start to finish and address potential outliers easily and quickly.
Communicate Key Issues
While upper-level administrators may not have time to get into the small details of issues, they appreciate being kept apprised of situations that arise that may affect revenue streams. Notifying the appropriate individuals of issues as they arise enables people to address things before they become a huge problem, resulting in a reduction in potentially lost income. Communication is important in every part of the revenue management process.
Update Your Processes
When was the last time you reviewed the processes that you use in your office daily? If it has been quite some time, you may want to take a hard look at everything you are doing and determine if there are any processes or procedures that can be streamlined or eliminated altogether. Inefficient or outdated processes can be a big revenue reducer, as they result in either wasted time or redundant errors. These poor processes could have been rectified with frequent reviews, helping to ensure that all your processes are as effective as possible.
Combine Front and Back End Revenue Cycle Management
Breaking down the barriers between front and back end revenue management can result in more successful collection practices. From registering a patient to sending them their first statement, keeping the patient themselves engaged in the process and aware of what happens at every step can aid payment collection and give clients a better understanding of what their financial responsibilities will be after their visit. This prompts more timely payments as well as a focus on ensuring that their health care has been properly handled by their insurance company, which can save practice managers time that would have been wasted on error correction.
Medical revenue cycle management has many opportunities for a practice to improve and can be handled efficiently, improving overall revenue collection and creating a financially strong practice.
