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A few ways physicians can tweak their revenue cycle to get the most out of it for 2013 !
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A few ways physicians can tweak their revenue cycle to get the most out of it for 2013 !

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Are you managing your revenue cycle right ? Do a quick rain check. For more info visit us http://www.medicalbillingstar.com/revenue-cycle-management.html

Are you managing your revenue cycle right ? Do a quick rain check. For more info visit us http://www.medicalbillingstar.com/revenue-cycle-management.html

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  • 1. A Few Ways Physicians CanTweak Their Revenue CycleTo Get The Most Out Of It ! Presented by, MedicalBillingStar
  • 2. Revenue Cycle Management ; Are you doing it right ? Are you earning what you deserve ? Do you have a financial plan for the future ? Are you optimizing every process of your RCM to get the best results ?It is okay if you’ve answered in the negative. Hereare a few simple ways you can manage andleverage your revenue cycle.
  • 3. Break it down into bite sized pieces ! Categorize your revenue cycle into front-end. middle –end. back end.Your revenue cycle begins as soon as your patient walks into your practice.
  • 4. Front End RCM Includes : Appointment scheduling Copays and deductibles Insurance verificationAnd optimization of tools used for front end management.
  • 5. Have you missed an appointment off –late ?Structure your appointment scheduling today to avoid revenue losses
  • 6.  If your practice handles a diverse patient population, categorize and group them. And meet them on a specific day. Set metrics for the number of days a patient can wait to be seen and the number of hours you want to work . Clearly demarcate the number of hours you spend in office.
  • 7. Don’t leave money on the desk ! Copays can account for more than 20% of revenue in an office. Call you patients prior to the appointment and inform them about their financial responsibilities. Offer multiple payment options.
  • 8. Have you performed a thoroughcheck? 50% of claims are rejected due to inefficient insurance eligibility checks. Perform a thorough eligibility check prior to a patient’s visit. Perform HIPAA compliancy audits to verify your transactions are in line with HIPAA norms.
  • 9. The Mid Point Mid level RCM includes :  Charge capture. Maintenance of CDM (Charge Description Master).  Health information management .
  • 10. Enter exact charges... Create and utilize dashboards to ensure services and supply charges are accurately entered. Integrate your clinical documentation with your billing system to avoid time consuming workarounds.
  • 11. Maintaining your CDM… Update your Charge Description Master regularly. Ensure your billers, research and update coding, compliance and cost information.
  • 12. Health information management the key to avoid denied claims !  It is necessary that clinical care is documented accurately and regularly to support claims.  Verify regularly that the codification of patient care is in compliance with monetary and regulatory guidelines.  Implement tools to automate HIM and facilitate automated edits and diagnosis related grouping to save on time.
  • 13. Backend revenue cyclemanagement: Where all the action takes place ! Backend RCM includes…  Billing  Claims processing  Adjustment posting  AR calling  Denial Management
  • 14. This is where you need to focus on revenue maximization ! Rule based editing of claims can reduce denial and pending AR. Cross verified payment posting will give you a clear reflection of your collections. Implement quality monitoring and standards to ensure a streamlined AR calling process.
  • 15.  Encourage bidirectional communication between the payer and your biller. Have an effective denial management in place. Arrange denied claims into buckets and prioritize according to the value of the claim and the days in AR.
  • 16. Want expert help ? Call MedicalBillingStar ! We have a specialized team available 24/7 for revenue maximization services. Have sophisticated claim editing tools, extensive contract management system and denial management tools to optimize and automate your revenue cycle. Send detailed financial reports and dashboards .
  • 17. Thank you ! Drop your queries on Revenue Cycle Maximization Services andAvail Free Annual Fiscal Practice Check up by dialing toll free @ 1-877-272-1572 Or visit us http://www.medicalbillingstar.com