Here are 13 ways you can tweak your revenue cycle to get the maximum out of it !
1. Assess your revenue cycle based on five major components. Existing workflow and revenue, future process, key competency needs, key performance indicators and compliance thresholds.
2. Set targets for each department and follow the time-tested carrot and stick approach.
3. Have a specific strategy to collect self-pays and reduce self pay balances. Having an electronic remittance option will enable patients to pay after office hours, easily.
4. Analyze your payer contracts and contracted allowables. There are some insurers who may be paying way below, or not paying your most used CPT codes at all !
5. Pending claims should be worked on and followed up every single day. This will ensure that the window doesn’t close on any claim. To, prioritize begin with the claims that are of the highest value.
6. Inform your patients beforehand, the documents they need to bring in, and if money has to be paid at the front-desk, notify the exact amount and payment options.
7. Implementing a new technology is a major expenditure and according to a recent study contributes to 68% of a practice’s costs and can initially affect your cash flow adversely. Phase out the implantation, review and correct the pitfalls, of each stage.
8. Conduct training programs and workshops regularly. Educate your staff on regulations, State laws and guidelines. Small oversights can lead to big consequences.
9. Analyze your billing procedures against CMS norms, ratio of adjustments and collections and the reimbursement amount and policies of each insurer.
10. Send prompt appeal letters. Some practices never appeal denied claims and it can lead to not just a dent in your revenue cycle but mar the credibility of your medical practice.
11. Sit with your coders and discuss about bundled and unbundled claims and on how to code to get maximum results. Analyze if your coders have missed out on procedures or codes.
12. Enroll your staff with trade organizations, healthcare educational resources and forums to keep themselves abreast with the latest buzz !
13. Make it a point to run quick audits every month.
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