30 Jul 5 Steps to Efficient Revenue Cycle Management
Efficient revenue cycle management is vital to the financial health of any healthcare practice. The revenue cycle includes a patient’s account in your system from creation to payment. In the revenue cycle each step affects the another. Missing or errors in one step can affect your claims and payment, negatively affecting your bottom line.
Here are the 5 vital steps of an efficient revenue management cycle.
• Insurance Eligibility Verification should always be done at the time of the patient check-in. This may seem simple yet it is important to verify in the beginning that the patient has insurance coverage. The amount of the co-payment to be collected should also be indicated.
• Daily Claims Submission is critical for regular cash flow and preventing claims from piling up.
• Prompt Follow-Up of unpaid claims is crucial to prevent revenue leakage. Determine the reason for the rejection, correct it and file claims on time.
• Monthly Reporting could be the single most important step here. It allows you to assess your practice’s finances so that you can a do a course correction as soon as possible, if required.
• Outsourcing Medical billing and Revenue Cycle Management could be a single step but it can improve the overall health of your practice. Professionals at revenue cycle management and medical billing services can take the entire burden off your hands and execute all the tasks efficiently so that you can focus on patient care.
These five areas can improve your bottom line significantly and ensure good financial health for your practice.