Revenue cycle management, when done right, is something that has an incredibly powerful and positive effect on the success of your practice.
The Benefits of Revenue Cycle Management
For starters, by streamlining your medical billing and collections processes, you can expect to see an increase in revenue and a decrease in your days in AR. But the benefits go far beyond just helping you make more money.
They also mean a better experience for your patients!
This begins by allowing you to focus on patient care because you know your billing and other administrative concerns are covered. Additionally, it improves the patient experience by streamlining their entire experience, including paperwork and billing.
How to Improve Revenue Cycle Management
Now that you know more about the benefits of revenue cycle management, let’s now move on to discussing how you can improve RCM at your practice.
Consolidate
Whenever possible, consolidating your systems can significantly improve RCM. For example, your payment systems, accounting systems, and other financial infrastructure.
Automation
In addition to consolidation, automation is another powerful practice that can improve revenue cycle management.
There are a variety of workflow automation systems beneficial for healthcare practices, including ones that will help:
- Electronic confirmation of scheduled patient appointments
- Verification of insurance and benefits prior to a patient’s appointment
- Verify and correct patient information
- Ability to capture patient’s credit card information for processing after claims adjudicate
- Updating outdated or incorrect information
- Automatically add coded comments
- Migrate patient files
Notably, automation significantly improves the front-end tasks that eat up a lot of time and also leave plenty of room for error. It’s also these front-end errors that often lead to denied or delayed claims. Once there are systems in place to minimize the possibility of front-end errors, RCM immediately improves.
Offer different payment methods
It may seem like it will complicate things if you offer multiple payment methods. But in fact, it tends to have the opposite effect! The easier it is for your patients to pay, the quicker they can pay and the faster you can complete the revenue cycle with that patient.
Investing in staff, training, and outsourcing
When you invest in your staff, their training, and even outsourcing revenue cycle management, your investment can be paid back to you in spades. When you invest in staff RCM training, for example, they will learn firsthand how to improve the systems that make their jobs easier, improve patient experience, and contribute to the overall success of the practice.
We often meet with practitioners and clinic owners looking for RCM systems to help their overwhelmed staff. If your staff is frustrated with a lack of support and the overwhelming amount of paperwork and other administrative tasks, this is a big sign outsourcing your revenue cycle management is the right move for you.
Learn More About Outsourcing Revenue Cycle Management
We’ve covered several ways to improve your revenue cycle management in this post. But now, it’s time to take the most important step: booking a call with RevStream Services to learn more about outsourcing your RCM.
In the healthcare industry, the revenue cycle begins when a patient file is created and does not end until complete payment is made. Our process is tailored to simplify each step of the cycle and ensure a faster turnaround time that simultaneously results in a better experience for DOL workers and providers.
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