Revenue cycle management is a medical practice's most important goal. In a nutshell, managing revenues will help the practice get paid for each of the services it does for patients. This is critical to staying in business and being able to provide what clients need for their health and well being. But the focus isn't just on receiving payments; it's also about getting the payments quickly. Utilizing the three steps outline here can make this happen quickly and efficiently.
When thinking about successful revenue cycle management, the first thing to do is gather information and data from clients. The usual office manager doesn't think of data collection during phone calls as an appropriate use of time. However, when it comes to getting paid in a timely way, collecting this information before the appointment is critical and actually saves time. With this information, staffers can quickly and easily verify coverage well before the date of the appointment. Without this work ahead of time, the office can slow considerably as the information has to be verified while the patient waits. This makes it obvious that the primary focus should be on data collection.
The second step is to actually take the time to verify every patient's eligibility. This will stop many claim denials which happen just because the treatment isn't covered by the patient's insurance plan. Statistics prove that the first-pass denials are typically around 7 percent and of that 7 percent almost two-thirds are just denied because the patient was eligible. When a little work ahead of time will keep patients from receiving unauthorized treatments, it will greatly improve the revenue for the practice.
Another critical step is working to implement a web based electronic medical records software. A little investment in this kind of program can ensure that data collected is stored safely and securely. It also means that the practice can always have immediate access to billing and insurance information as well as health information for each patient. When a claim gets denied, it's a simple matter to access the appropriate information and send the claim back to the insurer immediately.
When a medical practice institutes sound methods of ensuring it gets paid in a timely manner, everyone benefits. The greatest benefits go to the patients who no longer have to worry about if the insurance will pay. And the staff makes sure that the business gets payment for the services it provides and can keep providing services. By following the three steps here, providers can get paid and lessen the hassles that insurance denials can cause.
When thinking about successful revenue cycle management, the first thing to do is gather information and data from clients. The usual office manager doesn't think of data collection during phone calls as an appropriate use of time. However, when it comes to getting paid in a timely way, collecting this information before the appointment is critical and actually saves time. With this information, staffers can quickly and easily verify coverage well before the date of the appointment. Without this work ahead of time, the office can slow considerably as the information has to be verified while the patient waits. This makes it obvious that the primary focus should be on data collection.
The second step is to actually take the time to verify every patient's eligibility. This will stop many claim denials which happen just because the treatment isn't covered by the patient's insurance plan. Statistics prove that the first-pass denials are typically around 7 percent and of that 7 percent almost two-thirds are just denied because the patient was eligible. When a little work ahead of time will keep patients from receiving unauthorized treatments, it will greatly improve the revenue for the practice.
Another critical step is working to implement a web based electronic medical records software. A little investment in this kind of program can ensure that data collected is stored safely and securely. It also means that the practice can always have immediate access to billing and insurance information as well as health information for each patient. When a claim gets denied, it's a simple matter to access the appropriate information and send the claim back to the insurer immediately.
When a medical practice institutes sound methods of ensuring it gets paid in a timely manner, everyone benefits. The greatest benefits go to the patients who no longer have to worry about if the insurance will pay. And the staff makes sure that the business gets payment for the services it provides and can keep providing services. By following the three steps here, providers can get paid and lessen the hassles that insurance denials can cause.
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