The bottom line benefits from improving revenue cycle management, regardless of whether you're part of a large hospital or run a private practice. Your practice's efficiency will increase as you reduce rejected claims, shorten the payment lag, and streamline your payment processes.
Here are five tips for making healthcare revenue cycle management companies more efficient.
Streamline appointment scheduling
Getting the accurate number of patients through your door is the first step to optimizing revenue cycle efficiency. Patients can schedule their appointments, and reminders can help reduce no-shows by making it easier for them to do so. Your medical practice's revenue can be improved by combining these factors.
Revenue cycle management can be improved by upgrading practice management software. You should find a PM system with self-scheduling and automated reminders, especially text/SMS messages, to help patients show up on time.
Verify patient eligibility automatically
Getting patient eligibility off your staff's plate and over to an AI is a good way to improve efficiency in your practice. You can reduce claims rejections and eliminate a common billing pain point by verifying that patients are eligible for treatment before they begin.
Office productivity is affected by automation. Your workers can spend more time working on tasks that require a human touch when they skip boring and repetitive tasks. Moreover, as their work becomes more meaningful, their morale generally improves.
Process claims in a modern manner
Before claims are submitted to insurers, claims are scrubbed to ensure accuracy, correctness, and completeness.
It is another task well-suited to automation, increasing the chances of getting paid on time.
Scrubbing claims used to be a lengthy and laborious manual task, but modern software has made the process nearly instantaneous. Claims submitted by your practice that your in-house clearinghouse hasn't been vetted should never be raised.
Managing denials of claims
The likelihood of denied claims can be minimized through careful planning. 99% of first-pass acceptance rates can be achieved by outsourcing revenue cycle management.
Whatever revenue cycle management approach you choose, that's an exceptional benchmark.
Denied claims should also be followed up on. Denied claims are often lost in the shuffle and never resubmitted, so medical offices lose revenue. Your revenue cycle won't be disrupted if your PM software automatically flags denied claims for review and resubmission.
KPIs improve revenue cycle management
Revenue cycle efficiency can only be gauged by measuring Key Performance Indicators. The following five KPIs are worth tracking:
- Collected reimbursements
- The ratio of net collections
- Accounts receivable time spent on claims
- The ratio of first-pass acceptance
- Denial rate
Monitoring these statistics (and more) on a single dashboard will allow you to track your progress as you optimize your revenue cycle and improve your bottom line.