In the healthcare world, revenue cycle management can be a big headache if efficient processes and systems aren’t in place. From denials to inaccuracies to mismatched codes and backlogged collections, there are lots of spinning wheels to keep moving forward. And when any single wheel grinds to a halt, the whole cycle feels its effects.
Does getting caught up in the minutia of each step of the cycle sound anxiety-inducing? There’s no need to fret because we’ve gathered together 3 tips to help you take a comprehensive look at your current revenue cycle management and improve it.
1. Take a look at your denials.
Do you know why you’re consistently receiving denials after filing claims? Assess your current denials to figure out what is clogging up your system. Reviewing denials will help you instate processes to improve inaccuracies and match each patient’s information with their correct codes. Eliminating denials before they even occur frees up lots of time and cash that will expedite your revenue cycle. Are you aware of the current number of active working files that your staff is responsible for and is each member assigned their own? These are simple processes you can transform into habits to reduce the number of denials you have to deal with.
2. Improve your price transparency.
Price transparency is an integral part of increasing patient satisfaction. This can enormously improve your medical billing and collections process. Being transparent about your pricing and offering flexible payment options, including digital payment options like automated billing or mobile payments, may also help you see an uptick in collections. Patient satisfaction is a big part of conducting efficient revenue cycle management. After all, they are the ones who pay you, so you should probably keep price transparency top of mind.
3. Invest in Revenue Cycle Management software.
If you don’t already have Revenue Cycle Management (RCM) software in use, you should definitely put it on your docket of things to look into and implement. RCM software helps you easily visualize your entire revenue cycle, check-in on the status of your claims, denials, billing, collections, and more.
While revenue cycle management isn’t something that’s outward-facing, it’s an absolutely essential part of your healthcare organization and should be prioritized. Better revenue cycle management means more cash, faster, for your practice. And that’s nothing small to dismiss. Are you interested in learning more about how to improve your revenue cycle? Give Frost-Arnett a call at 1 (615) 395-6746.