A Few Ways Physicians Can Tweak Their Revenue Cycle To Get The Most Out Of It !

Presented by,MedicalBillingStar

Revenue Cycle Management ; Are you doing

it right ?

Are you earning what you deserve ?

Do you have a financial plan for the future ?

Are you optimizing every process of your RCM to get the best results ?

It is okay if you’ve answered in the negative. Here are a few simple ways you can manage and leverage your revenue cycle.

Break it down into bite sized pieces !

Categorize your revenue cycle into

front-end.

middle –end.

back end.

Your revenue cycle begins as soon as your patient walks into your practice.

Front End RCM Includes :

Appointment scheduling

Copays and deductibles

Insurance verification

And optimization of tools used for front end management.

Have you missed an appointment off –late ?

Structure your appointment scheduling today to avoid revenue losses

If your practice handles a diverse patient population, categorize and group them. And meet them on a specific day.

Set metrics for the number of days a patient can wait to be seen and the number of hours you want to work .

Clearly demarcate the number of hours you spend in office.

Don’t leave money on the desk !

Copays can account for more than 20% of revenue in an office.

Call you patients prior to the appointment and inform them about their financial responsibilities.

Offer multiple payment options.

Have you performed a thorough check?

50% of claims are rejected due to inefficient insurance eligibility checks.

Perform a thorough eligibility check prior to a patient’s visit.

Perform HIPAA compliancy audits to verify your transactions are in line with HIPAA norms.

Charge capture.

Maintenance of CDM (Charge Description Master).

Health information management .

The Mid Point

Mid level RCM includes :

Enter exact charges...

Create and utilize dashboards to ensure services and supply charges are accurately entered.

Integrate your clinical documentation with your billing system to avoid time consuming workarounds.

Maintaining your CDM…

Update your Charge Description Master regularly.

Ensure your billers, research and update coding, compliance and cost information.

Health information management the key to avoid denied claims !

It is necessary that clinical care is documented accurately and regularly to support claims.

Verify regularly that the codification of patient care is in compliance with monetary and regulatory guidelines.

Implement tools to automate HIM and facilitate automated edits and diagnosis related grouping to save on time.

Backend revenue cycle management: Where all the

action takes place !

Backend RCM includes…

Billing

Claims processing

Adjustment posting

AR calling

Denial Management

This is where you need to focus on revenue maximization !

Rule based editing of claims can reduce denial and pending AR.

Cross verified payment posting will give you a clear reflection of your collections.

Implement quality monitoring and standards to ensure a streamlined AR calling process.

Encourage bidirectional communication between the payer and your biller.

Have an effective denial management in place.

Arrange denied claims into buckets and prioritize according to the value of the claim and the days in AR.

We have a specialized team available 24/7 for revenue maximization services.

Have sophisticated claim editing tools, extensive contract management system and denial management tools to optimize and automate your revenue cycle.

Send detailed financial reports and dashboards .

Want expert help ? Call MedicalBillingStar !

Thank you !

Drop your queries on

Revenue Cycle Maximization Services

and

Avail Free Annual Fiscal Practice Check up by dialing toll free @ 1-877-272-1572

Or visit us http://www.medicalbillingstar.com