Medical billing is a complex and complicated that can, at times, seem overwhelming. By optimizing your medical billing process, however, you can help ensure that your medical practice is moving as smoothly as possible. There are a number of drivers, including the ACA, intricate ICD-10 coding, and consumer-driven health plans, that make an already-complex medical billing cycle even more difficult to maneuver as they interact with one another. The various processes must only interact with one another, but need to flow together smoothly as they impact on one another. Below you can find seven things an effective revenue cycle management model should focus on helping medical practices with.
Strengthen cash flow opportunities
This includes not only bringing people in for the first time but also bringing people back to your medical practice for follow-up visits and any other needs that they might have in the industry. Healthcare is the ultimate customer service profession, and patients who do not receive optimum care from the moment they set foot through the door, including at the front desk, may be unwilling to return to a healthcare provider. Efficient patient care also helps to improve cash flow. Know how long is necessary in order to see a patient, and schedule accordingly while still leaving room in your schedule for referrals and urgent care cases.
Improve the patient verification and processing of pertinent account information
From insurance to medical history, there are a number of factors that must be taken into account in order to streamline the patient care experience. Taking care of these things smoothly and quickly helps to ensure better quality of patient care and makes it easier to maneuver through the medical billing systems.
Optimize charge capture, including improved timelines for charge postings
Thanks to technological improvements over the last several years, it's easier than ever to ensure that patients are charged quickly and efficiently and that claims are sent to their insurance companies as smoothly as possible.
Shorten times from discharge to final bill
The sooner patients receive that final bill, the sooner they can make arrangements to pay it, or start paying for it. Getting that bill in the hands of their insurance company quickly gives you more time to reprocess if a claim is denied.
Reduce the volume of claim denials and Account Receivables (A/R) days outstanding
It can be difficult to properly code all of the information so that insurance companies will send through their payments as quickly as possible. This is not only beneficial to the patient, but it is also beneficial to you. You want to make sure that claims are being processed as smoothly as possible and that all information is correct on your end to help optimize the process.
Optimize the capacity and efficiency of medical billing services
You want to take the best possible advantage of whatever medical billing service you're using. You want a system that works for you without going overboard with services that you don't utilize.
Ensure a quality patient experience while minimizing revenue cycle gaps
It can be difficult to balance quality of patient care with filling out your schedule so that you can ensure maximum revenue, but finding that balance can make all the difference in the efficiency of a healthcare practice.