Would it surprise you to know it takes the effort of your entire practice for your revenue cycle management to be effective? The truth is, if your entire practice isn’t on board with improving your RCM practices, your odds of success are slim. But it doesn’t need to be this way! Today, we’ll tell you why your entire practice is important when it comes to revenue cycle management, and we’ll also tell you how to start improving your RCM practices right away.
So, if you’re ready to find out why it isn’t only when you bill your patients that RCM really matters, this is one post you can’t afford to miss.
Let’s break down the patient experience into four specific steps to highlight some of the opportunities for improving revenue cycle management practice-wide.
Before their first visit
Prior to a patient even making an appointment, it’s helpful to collect their information (including billing information) at the point of initial contact. To make this as easy and straightforward as possible, ensure all of the necessary forms are easily accessible for them online. Then, once information is received verify their insurance.
Prior to each appointment
Once that patient has completed all of the necessary intake paperwork, there are other ways to improve your RCM and continue doing so before each of their appointments. For starters, you can reduce no-shows and cancellations by sending automatic appointment reminders via text or email.
Additionally, make sure to collect a patient’s copay/coinsurance before every single appointment and follow through each time. Be sure your whole team is on board with enforcing this practice, too.
During treatment
We know how challenging documentation can be for healthcare providers. In fact, it’s often where a lot of mistakes are made. The good news is, though, it’s also one of the areas with the most opportunity for improvement.
A good place to start? Make sure every provider in your practice is up to date on the best practices for documentation and coding specific to the services you offer.
(Take a look at this post to learn more about AMA CPT changes in 2022)
Following treatment
Of course, we can’t forget the importance of proper RCM practices following a patient’s treatment at your practice.
Make it a practice-wide policy to bill as quickly as possible. This shortens the gap between treatment and payment, speeding up the revenue cycle. It also means it’s up to your practice to provide the patient with a bill as fast as possible. Make sure the team members who are responsible for this paperwork are well-versed on how to quickly (and accurately) create it.
Finally, it’s time to start following up on late payments more proactively! Understandably, it’s not your goal (or a smart move) to send every patient who is late on their payments to collections. Instead, follow up (politely) and often, explaining exactly how much they are owing and how they can pay.
Other Ways to Improve Your RCM
These are some great places to start that will empower your entire practice to improve your RCM practices. Another option to consider is outsourcing your RCM services to the pros.
With RevStream’s Revenue Cycle Management services, you can automate complicated systems that once weighed down your practice.
Our proven solutions help you maximize cash flow, improve claim acceptance rates, reduce the cost to collect, and so much more – all while remaining in compliance with strict security standards.
Ready to begin? Click here to book a call with our friendly team.