For many, it feels as if healthcare revenue cycle management becomes more complicated every year. With new medical codes, regulations, and guidelines released every year, it can be challenging to catch up and stay ahead of the curve. Healthcare facilities are established to care for patients and improve the lives of the individuals in their community. Still, if you are not paying close attention to your healthcare RCM cycle, you’ll find it difficult to help anyone with any efficiency. However, there are steps that you can take today to improve your billing processes and stay afloat while maintaining a high standard of patient care.
RevWerx offers customized solutions for revenue cycle management and billing implementation for facilities and practices of all shapes, sizes, and demographics. We understand that billing department functions aren’t one size fits all, and we love to work with our clients to find fresh and efficient ways to help them grow. From audits and reporting to claims management, we strive to find the absolute best solutions for you. We like for our clients to think of us as a billing department, not a billing company. To find out more about what we do and how we can help, visit us online or call us at 833.309.0138 to speak with a member of our acclaimed team.
Healthcare Revenue Cycle Management Solutions
An important thing to recognize is that regardless of individual experience, any RCM healthcare process can be improved. There is always room to increase a billing department’s efficiency and accuracy.
- Improve your collections process. There are many ways to go about increasing the rate at which you receive payment for treatment. Offer incentives for paying in advance – a small discount can go a long way. Offering multiple payment methods can also be helpful. Ensure that your patients can pay online, in person, over the phone, and from medical savings accounts. Follow up on insurance claims the moment you receive word that they’ve been denied.
- Simplify your billing processes wherever possible. This one may seem obvious, but it’s absolutely worth some critical thought. How many hands does billing documentation pass through? Can you employ more digital tools to speed the process up? How efficiently do you handle documentation, and can you consolidate the steps to improve that?
- Pre-authorize patient insurance information. Waiting on insurance verification can halt your entire billing department and waste valuable time. An excellent way to mitigate this problem is to verify insurance information up-front. You can even do this before a given appointment. This can help your facility reduce the frequency of denied and aging claims.
- Monitor every aspect. It’s more important than anything else to ensure that someone knows exactly what’s going on in your billing department. Healthcare RCM relies on proper documentation, and when mistakes happen, an entire organization can suffer. Ensure that documentation is at the forefront of your priorities.
Healthcare RCM with a Partner
It can be nearly impossible to improve your revenue cycle management with only an inside perspective. An extra set of eyes can be vital to identifying problems in any billing department. Some of the improvement ideas listed above can be nearly impossible for a smaller organization or facility. With a trained billing partner, however, someone can keep watch while you focus on your patients.
RevWerx would love to help you streamline your RCM healthcare processes. We know that it’s difficult to go alone, but luckily, you don’t have to. Our RCM services can assist you every step of the way as you improve your billing department and grow your business. For more information about what we can do for you, call us at 833.309.0138 or visit us online to complete our secure form.