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Essential Facts About Health Care Revenue Cycle Management:

April 2, 2015 | 11:47 am
Published by | Krunal Popat

When it comes to your revenue cycle management, special attention must be paid to this most important part of the financial element of your practice. All too often, this aspect gets overlooked because of the workload involved or sometimes because all the nuances are not fully understood. However, for many practices there may be hundreds, if not thousands of dollars that go unclaimed or glossed over because not enough attention is paid to the billing. In order to change it around, physician and their staff must put in more focus to streamline and make their medical billing more efficient and cost effective.

Organization plus Technology equals Success

The practices that tend to succeed when it comes to their revenue cycle management services are the ones where the staff has been fully trained and uses the latest in software systems. However, your staff must come first in terms of training in using basic and advanced functions of software, otherwise the software aspect will not make any real difference. The focus must be on having a well-trained, experienced staff using the best software systems.

The Responsibility of the Patient

With all the changes to the health care system in the past few years, the patient is paying more in out of pocket expenses than ever before. With this increased responsibility also comes verification of their insurance and collecting the out of pocket expenses up front to ensure that everything is being paid. This will mean improving your collection through expert customer service. Practices that do the best at upfront collections are the ones that actually excel when working with customers, so this is an effort which can pay many folds when it comes to building your reputation and controlling the bottom line.

Fewer Fee-for-Service Reimbursement Opportunities

This old practice is slipping away in recent years as Medicare and other large-scale payers are heading towards a value-based payment model. In terms of overall accountability, the healthcare industry is currently changing towards a new system in which doctors will have to keep up or fall out of the new standards. The Physicians Quality Reporting System is one of the initiatives that are taking hold and for those who do not participate they may find their patient-base shrinking over time. It takes more than just providing good care these days, it means demonstrating that care to others in order to attract new patients.

Outsourcing Medical Billing Services

You can avoid many of the issues with your healthcare revenue cycle management services by simply outsourcing it to an experienced, independent company. Given the nature of the market today, it has actually become less expensive to outsource these services so that doctors do not have to hire individuals to do this type of work for them. This is good news since the rules and regulations of the industry change frequently and can be difficult for many practices to keep up. However, an independent company builds its reputation on keeping up with the latest changes which in turn can benefit your practice. Overall, having outside physician billing services can be a real boon to your efforts in revenue cycle management. With just a little more diligence, you can greatly improve the overall efficiency of your billing so that your practice can enjoy greater cash flow.