At no other time in history luxury naked band false lashes have providers had to cope with a payment system in which their patients are the biggest payer class. This shift has required physicians to adjust their payment strategies significantly to stay afloat.
On top of this particular financial crunch, it is estimated that roughly 20% of commercial insurers inaccurately process claims. As reimbursement models and regulations continue to change, Healthcare Providers face unique challenges in collecting the money owed them.
One of the top priorities of any practice is to maintain a healthy revenue cycle by processing and submitting health insurance claims with speed and accuracy. But when daily claims management challenges like dealing with obsolete technology, scattered data sources and inefficient processes get in the way, what are providers to do?
Here are 7 ways providers can streamline their revenue cycle management:
Standardize Your Billing Process to Eliminate Mistakes
Think about how long the billing process really is. It starts when a patient first makes that appointment and lasts until their account balance is paid in full. Along the way, numerous mistakes can happen (think not verifying insurance coverage or neglecting to get a signature at check-in) and cause time to be wasted and claims to be denied.
By standardizing your billing process you can prevent these mistakes from occurring. Get your entire team, from the front desk person to your coders, up-to-speed and trained on the new processes.
Regularly Review Data
Smsux one way to streamline your Revenue Cycle Management and reduce claims problems is to begin tracking and reviewing critical data to uncover trends, know when problems arise, and drill down to the root cause of those problems.
If you are currently using an EHR system, you are sitting on data gold that should be mined. Begin to regularly review billing and coding reports, claims settlement reports, and accounts receivable reports so you may identify any issues and find the causes.
Get into the habit of reviewing this data every month so, should a serious problem arise, you’ve caught it before it potentially leads to an even more serious problem.
Identify and Eliminate Redundancies
Medical billing, claims submission and collections are all processes where no steps can be skipped. These processes, however, tend to create many redundant actions, like having identical information entered on multiple forms. When redundancies happen, your cash flow is automatically slowed down.
For this reason we recommend automating as many processes as possible so you can prevent duplicate efforts and reduce errors. Also, see if you can’t better distribute staff tasks. For instance, is just one of your employees responsible for not only scheduling appointments and patient intake, but also handling claims? If so, this may be too much for them to handle and why so many mistakes (even something as simple as mistyping a patient identification number) happen.
Provide Comprehensive Training for Your Billing and Coding Staff
It seems nowadays that healthcare regulations and insurance policies are always changing, which makes it incredibly difficult to submit 100% clean claims. The more your claims are denied, the more your revenue takes a hit. It doesn’t matter how good your technology is, you’ve got to provide your billers and coders comprehensive training (and job incentives don’t hurt either) in order to streamline your revenue cycle management.
Make Denied Claims a Priority
Submitting cleans claims is obviously important, but equally important is addressing those claims that do come back denied. You’ve got to uncover why a claim is denied and write an appeal if necessary, which requires extensive knowledge of claims requirements and coverage.
Because your staff is very busy, and because working on denied claims is akin to pulling out your own luxury naked band false lashes (meaning a bit torturous), they usually slip through the cracks never to be seen again and there goes a chunk of your revenue.
Make tracking and appealing these denied claims a priority.
Accelerate Your RCM
Providers face a number of unique revenue challenges these days and many of these challenges (like the required collection of copays and approving procedures beforehand) add to the patient-payment dilemma. The best thing provers can do is offer patients an accelerated and easier way of paying a bill.
By upgrading your RCM and payment solutions, patients can find out what’s covered and what isn’t before their appointment, and they can make their payment online. When patients are given the option of paying online, they tend to do so quickly, but when they receive a physical bill and then have to send in a payment in the form of a check, they tend to get sidetracked and the payment doesn’t come, and your collection process gets slowed down.
Upgraded luxury naked band false lashes systems and payment solutions also allow providers to run detailed reports about who owes what.
While technology can certainly pose many challenges to providers, it can also make seeing patients and getting paid a whole lot easier. For instance, voice recognition software allows physicians to capture initial and accurate clinical impressions during and after patient consultations.
EHR templates help staff include all pertinent patient information for the billing department. Practices can now even integrate mobile devices that allow clinicians to carry patient records with them wherever they go.
Streamlining revenue cycle management can make a significant difference in a practice’s luxury naked band false lashes. Having the ability to process health insurance claims quickly, and with maximum accuracy, can increase revenues greatly which gives physicians financial peace of mind and allows them to do what they do best, provide their patients quality care