Have you optimized your revenue cycle and ready for future challenges.doc

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Have you optimized your Revenue Cycle and Ready for Future Challenges?
Financial success of medical practices can be ensured with proactive
management of the revenue cycle. It can help them avoid lost revenue
opportunities, prevent frauds, reduce rejected claims and support compliance
efforts.
Revenue cycle should be structured for optimizing yield and reducing the cost for
payment collections. It should provide timely insight into the core processes and
issues related to payer performance. Health systems can use this information to
address areas that result in minimal cash flow. It can also be used for avoiding
unwarranted payer delays.
 As per current trends, hospitals lose around three to five percent of their
net revenue due to lack of adequate RCM processes

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With the right RCM solution, it becomes easy to enhance long term viability and
financial health of a practice. It also leads to the following:
 Cleaner claims
 Improved efficiency throughout the practice
 High quality patient information
 Enhanced protection of reputation
Hospitals and private practices are making an attempt to combat issues related
to dipping profits, fewer patients and rising debt with investment in RCM
technology. However, they need to have the required infrastructure in place for
measuring and monitoring results through leading indicators across their revenue
cycle. They need to focus on certain areas, including the following.

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Enhancing patient experience: Practices should offer a stress-free experience to
patients during the registration and appointment scheduling procedure. This will
set a positive tone and help enhance patient experience.
Improvising clinical documentation: Keeping precise clinical records is vital for
maximizing reimbursement. Providers can introduce a clinical documentation
improvement program that will help them enhance billing procedures and
strengthen their revenue cycle.
Maximizing collectability: Practices need to develop better capabilities to
measure how reimbursement for each payment model will get impacted by
clinical outcomes. Collaboration between departments will have to be
strengthened to link quality and outcomes, minimize denials and enhance
reimbursement.

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If the process of revenue cycle is not executed in an appropriate manner, it can
have serious financial ramifications. Providers will need to follow the steps
mentioned below to identify performance improvement opportunities. This will
help them prepare for the future challenges.
 Assess current state of the revenue cycle
 Identify key challenges associated with RCM
 Find strategic solutions
 Finalize the best technology or processes required for tackling the
challenges

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RCM can be quite complex to handle if providers focus more on cost cutting
rather than improving the revenue cycle. The right mix of people, process and
technology is necessary to manage this cycle efficiently. Many practices hire
billing companies like MedicalBillersandCoders.com to manage their revenue
cycle. MBC has a strong team of experienced coders and billers who are well-
trained in handling RCM challenges for hospitals and practices.
Considering the payments cuts, stringent healthcare reforms and regulations are
to be introduced in the near future. Providers will need to spend on staff, training
and technology. This will be vital to ensure that each part of the revenue cycle
works efficiently.

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Have you optimized your revenue cycle and ready for future challenges.doc

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