A few ways physicians can tweak their revenue cycle to get the most out of it for 2013 !
A Few Ways Physicians CanTweak Their Revenue CycleTo Get The Most Out Of It ! Presented by, MedicalBillingStar
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.
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.
Front End RCM Includes : Appointment scheduling Copays and deductibles Insurance verificationAnd optimization of tools used for front end management.
Have you missed an appointment off –late ?Structure your appointment scheduling today to avoid revenue losses
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.
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.
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.
The Mid Point Mid level RCM includes : Charge capture. Maintenance of CDM (Charge Description Master). Health information management .
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.
Maintaining your CDM… Update your Charge Description Master regularly. Ensure your billers, research and update coding, compliance and cost information.
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.
Backend revenue cyclemanagement: Where all the action takes place ! Backend RCM includes… Billing Claims processing Adjustment posting AR calling Denial Management
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.
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.
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 .
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