Maximize revenue and streamline your practice's financial workflow with tevixMD. Improve your revenue cycle management and get paid faster. Try it now.

1. How to Fix Rejections to Improve
Revenue Cycle Management in
Healthcare
The Revenue Cycle Management (RCM) process provides value to
healthcare providers by ensuring that the entire encounter with a patient is
effectively managed, from initial inquiry through final payment. This implies
that accurate information is gathered and documented, patients are only
billed for services rendered, third-party payers are contacted on time, and
payments are collected.
At its core, the revenue cycle is a complex commercial relationship with
patients with several touchpoints. Mismanagement of these operations
can reduce patient and clinical satisfaction and harm the organization's
reputation through unnecessary denials and bad debt.

2. Failure to appropriately prioritize RCM and revenue collection initiatives,
regardless of the size of a practice, hospital, or health system, can stall
growth, increase operational risk, and create an unclear financial future.
3 Ways to Fix Rejections To Improve Revenue Cycle Management in
Healthcare
1) Automate Patient Eligibility Verification
Automation is key to increasing productivity in your organization and
patient eligibility is an activity that can be automated by an AI solution.
Verifying patients are eligible for treatment ahead of time can reduce
claims rejections and eliminate a key pain point in your billing process.
Automating tedious and repetitive office tasks give the staff more time to
focus their attention on tasks that require a human touch which can
improve patient satisfaction and improve staff morale.
2) Verify Payment Processes Up Front
When a patient schedules an appointment, the staff gathers current
information to verify insurance eligibility and payment method. You may
also have a portal available for patients to enter their information which
will allow patients to make their payment. Transparency for what a patient
owes and multiple methods for patients to pay will provide greater success
at obtaining payment up front. Generally, the simpler and more accessible
your payment method is, the better your patients will respond.
3) Outsource Medical Billing
Another option for your medical billing is to outsource it. Many healthcare
providers can improve their revenue cycle management by outsourcing to
billing experts who are incented to capture more charges & manage
rejections which results in the provider being paid faster.
Are you looking for experts who can help you fix rejections to improve
revenue cycle management in healthcare? Request a discussion today
with tevixMD.