Whether you are part of a physician group or run your very own practice, revenue cycle management crops up as the need of the hour. If you are not already aware, taking control of the revenue cycle works in innumerable ways. Right from reducing the frequency of rejected claims to decreasing lags in payments, an efficient and monitored revenue cycle brings more money into the practice.
Did you know that physician revenue cycle management kicks in right from the time patients schedule an appointment with a physician? Right! The cycle is quite extensive. It includes:
Pre-registration and registration
Medical Coding
Charge capture or the process by which physicians convert the claim codes for patient services into charges to bring in revenues.
Submission of claims
Processing of remittance
Following up with a patient’s insurance
And, finally, patient collections.
Unfortunately, a lot could go wrong in the revenue cycle process, and a simple slip-up could cost you big losses. One of the easiest ways to improve physician billing practices is by entrusting a reputable and expert revenue cycle management services company like 3Gen Consulting. Partnering with experts will help physicians streamline the revenue-generating process and take the burden of revenue cycle off your shoulder. Regardless, knowing how to optimize the revenue cycle and prevent errors that could result in major financial losses is always important.
Wondering how to improve revenue cycle processes in your own physician practice? Let’s read:
5 ways to optimize revenue cycle efficiently
1. Improving the front end of the revenue cycle
Wondering what this may be? Managing patient data on the front-end. One of the easiest ways to maximize revenue cycle outcomes is by ensuring that the patient experience right from the time they schedule an appointment is a good one. Here are some ways to streamline the front-end process.
Offer easy and hassle-free ways for patients to schedule appointments on their own.
Capture patient data while they schedule appointments.
Verify eligibility and obtain prior authorizations before appointments.
Keep pushing out reminders via texts and messages to lessen the frequency of no-shows.
Verify the data that was provided on the day of the appointment.
From acquiring information about the type of insurance a patient holds to educating patients about the paperwork and information they must bring along for their appointments, scheduling patients is the right start to the revenue cycle management process. Hence, always ensure that you have the necessary insurance and demographic information of the patients prior to their scheduled appointments.
2. Always verify the payment processes ahead of time
Introducing a simple and accessible payment process encourages patients to clear their medical bills promptly. Hence, training the staff to collect details such as the patient’s insurance, the preferred mode of payment, and all up-to-date information is vital. Physician practices should also allow patients the option to pay online. It is super convenient and motivates patients to make timely payments.
3. Claims scrubbing
It is a no-brainer that inaccurate medical codes and incomplete patient details can increase the chances of claim denials by leaps and bounds. Claims scrubbing, however, refers to the process of reviewing the claims before it is submitted to the insurers. Thinking of manually reviewing the claims? Well, it is a long and tedious process. This explains why modern physician practices resort to proficient revenue cycle management services to accelerate claims processing. Companies like 3Gen Consulting are home to experts who vet patient details, medical codes, and other essential details before submitting claims for remittance.
4. Proactively manage claim denials
Frankly, claim denials are avoidable. The number of denials can be reduced through careful analysis and planning. There are ample reasons why claims are denied, some of which include the following:
Incomplete and inaccurate insurance information
Lack of authorization
Coding errors
Failed charge capturing of diagnosis, tests, procedures, etc.
Sadly, most denied claims go missing in the shuffle and are rarely resubmitted. Result? A major financial setback and loss of revenue for physicians. Instead, staff should constantly work on tracking denials to analyze the trends and types of denials. Outsourcing your physician revenue cycle management to expert organizations like 3Gen Consulting can help with that. They will identify the claim denials, analyze trends, resolve the denial reasons for long-term success and resubmit corrected claims to ensure practices don’t face a major setback with their revenue cycle management services.
5. Follow up on claims
It is critical to not only follow up with payers to ensure timely reimbursement, but also with patients. Setting regular follow-up schedules will help. For patients with high invoice amounts, practices can extend multiple payment options. For example, ask if setting up payment plans will be of any help. Also, ask if paying the bills in advance is feasible. Remember, introducing flexibility in payments can help you increase the revenues you collect.
Thus, improve your revenue cycle by adhering to the ways mentioned above. If you are looking for assistance and proficient revenue cycle management services, 3Gen Consulting can help. Streamline and optimize your revenue cycle without any hassle.
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