26 Nov Manage your Revenue Cycle Effectively in the New Year
In a medical practice, it is essential to stay on top of revenue management to ensure a healthy bottom line and to keep the practice going.
Revenue cycle management has come a long way, thanks to medical billing technology and modern hospital or medical practice management. Here are 3 simple steps to manage your revenue cycle more effectively in 2019.
Patients should be able to pay easily
Patients always look for convenience. If you wish to improve the patient-experience, make it easier for patients to pay. The best way to ensure smoother payments is to inform them upfront about the billing procedures and how much they are expected to pay. You can keep credit card records to speed up the payment process.
It is essential to track your staff’s performance to ensure that all billing and revenue related functions are being carried out accurately and on time. An easy way to track this is to check the claim denial rate, the cost to collect and patient service revenue. Such figures will help you determine if your revenue management is happening the way it should.