Whether you are part of a big hospital or run your very own practice, revenue cycle management crops up as the need of the hour. If you are not already aware, taking control of the revenue cycle works in innumerable ways. Right from reducing the frequency of rejected claims to decreasing lags in payments, an efficient and monitored revenue cycle brings more money into the practice.
So, did you know that physician revenue cycle management kicks in right from the time patients schedule an appointment with a physician? Right! The cycle is quite extensive. It includes:
- Pre-registration and registration
- Charge capture or the process by which physicians convert the claim codes for patient services into charges to bring in revenues.
- Submission of claims
- Processing of remittance
- Following up with a patient’s insurance
- And, finally, patient collections.
Unfortunately, a lot could go wrong in the revenue cycle process, and a simple slip-up could cost you big losses. One of the easiest ways to improve physician billing practices is by entrusting reputable and expert revenue cycle management services like 3Gen Consulting. Partnering with expert services streamlines the revenue-generating process and takes the burden of revenue captures off your shoulder. Regardless, knowing how to optimize the revenue cycle and prevent missteps that could result in major financial losses is always important.
Wondering how to improve revenue cycle processes in your own physician practice? Let’s read:
5 ways to optimize revenue cycle efficiently
1. Improving the front end of the revenue cycle
Thinking what it might be? Of course, scheduling the patient. One of the easiest ways to maximize revenue cycles is by ensuring that a good number of patients walk through your door. There are two ways to streamline patient appointments.
- Offer easy and hassle-free ways for patients to schedule appointments on their own
- Keep pushing out reminders via texts and messages to lessen the frequency of no-shows.
The leading revenue cycle management companies, like 3Gen Consulting, advocate using check sheets or script guides to secure all vital patient information. From acquiring information about the type of insurance a patient holds to educating patients about the paperwork and information they must bring along for their appointments, scheduling patients is the right start to the revenue cycle. Hence, always ensure that you have the necessary insurance and demographic information of the patients prior to their scheduled appointments.
2. Always verify the payment processes ahead of time
Introducing a simple and accessible payment process encourages patients to clear their medical bills promptly. Hence, training the staff to collect details such as the patient’s insurance, the preferred mode of payment, and all up-to-date information is vital. Physician practices should also allow patients the option to pay online. It is super convenient and motivates patients to make timely payments.
3. Claims scrubbing
It is a no-brainer that inaccurate medical codes and incomplete patient details can increase the chances of claim denials by leaps and bounds. Claims scrubbing, however, refers to the process of reviewing the claims before it is submitted to the insurers. Thinking of manually reviewing the claims? Well, it is a long and tedious process. This explains why modern physician practices resort to proficient revenue cycle management services to accelerate claims processing. Companies like 3Gen Consulting are home to experts who vet patient details, medical codes, and other essential details before submitting claims for remittance.
4. Proactively manage claim denials
Franky, claim denials are not inevitable. However, the number of denials can be reduced through careful analysis and planning. There are ample reasons why claims are denied, some of which include the following:
- Incomplete and inaccurate insurance information
- Lack of authorization
- Coding errors
- Failed charge capturing of diagnosis, tests, procedures, etc.
Thus, outsourcing your physician revenue cycle management to expert organizations like 3Gen Consulting can lessen claim denials by large. Also, tracking the claim denials is just as essential. Sadly, most denied claims go missing in the shuffle and are rarely resubmitted. Result? A major financial setback and loss of revenue for physicians. Instead, staff should constantly work on tracking denials to analyze the trends and types of denials.
Professional revenue cycle management services regularly flag and rework the denied claims to resubmit and keep the revenues for physician practices incoming.
5. Follow up on claims
Following up on denied claims is not the only obvious. It is critical to arm your staff with the right plans to track patients who fail to make timely payments. Extend multiple options for your patients. For example, ask if setting up payment plans will be of any help. Also, ask if paying the bills in advance is feasible. Remember, introducing flexibility in payments can help you increase the revenues you collect.
Thus, improve your revenue cycle by adhering to the ways mentioned above. If you are looking for assistance and proficient revenue cycle management services, 3Gen Consulting has rightly got you covered. Now streamline and optimize your revenues without any hassle.
