Smart Tips For Improving Revenue Cycle Management
- 1. www.med-miles.com SMART TIPS FOR IMPROVING REVENUE CYCLE MANAGEMENT
- 2. Making improvements in revenue cycle management can seem like a lofty, costly, and time-consuming goal. As such, it's critical that healthcare facilities and their financial departments find ways to make revenue cycle management (RCM) more efficient to improve cash flow and remain stable. THESE SMART TIPS CAN HELP
- 3. When it comes to your front office staff, they are a critical asset in the RCM process. Train and hire good people to gather the right information and give patients a clear understanding of their financial obligations and payment options (if necessary). When there is more direct visibility, patient participation will increase, as will the likelihood of paying bills and claims. 1. TRAIN YOUR STAFF
- 4. The latest medical coding compliance technology can identify and correct processes that can lead to denied claims before claims go to payers. Robust coding processes and contract compliance automation systems help hospitals get ahead of coding and medical necessity denials. 2. GET YOUR CODING UP TO SPEED
- 5. There is a difference between rejections and denials. While rejections are generally a lost cause unless the account is reworked or appealed, denials offer a glimmer of hope. The payer may just need authorization, updated coding, or additional information. Addressing any denied claims within 24 hours of receipt increases the potential that the claim ends up being paid. 3. REVIEW DENIED CLAIMS QUICKLY
- 6. There is a need for digital solutions in the form of revenue cycle management software and online patient portals to streamline patient communication and payments. With RCM's cloud-based software, medical providers have a unique opportunity to consolidate filing in one convenient location. 4. USE SOFTWARE SOLUTIONS TO STREAMLINE RCM
- 7. Outsourcing RCM can help hospitals gain control of revenues and streamline business processes while bringing them closer to their patients. Companies that specialize in RCM often have tech expertise and can use their capabilities in data analytics, automation and artificial intelligence to improve and automate a hospital’s RCM processes. 5. CONSIDER OUTSOURCING