Revenue Cycle Management (RCM) is not just merely handling your Medical Billing and coding, it gets deeper into streamlining your work process by focused attention towards achieving revenue goals. RCM also aims towards identifying revenue leakage points to fix them at once. However, having an efficient Revenue Cycle Management System is crucial to witness targeted results. This article is aimed to guide you to improve your Revenue Cycle Management.
RCM is a comprehensive process of handling the various scopes of services at different levels by different staff. While a single claim travels through different stages of Revenue Cycle Management, maintaining the quality aspect of the claim at each stage gets challenging. The challenge deteriorates further more if the RCM services are not efficient and streamlined. Efficiency in RCM services determines the quality of claims and increase in revenue flow. The importance of Revenue Cycle Management to improve your financial system cannot be stressed enough as it plays a vital role in the financial growth of the Medical Billing Company.
How To Improve Efficiency In Revenue Cycle Management?
- Insurance Eligibility Verification
- Quality Billing and Coding
- Timely Denial Management and AR Follow up
- Workforce Collaboration
- Physician Credentialing and re – Credentialing
- Process Audit at regular intervals
- Keep your team a top of the regular process and related updates
- Constant refresher and re-training for your Billing and Coding staff
- Streamlined Monthly Reporting structure
- Analyze and fix loop holes with corrective measures immediately
Guide To Improve Your Revenue Through Efficient RCM
Build up Workforce Collaboration
As listed above RCM is a tedious process consuming time and need expertise in handling each and every scope with utmost care. The connect between each scope reiterates the requirement of having our staff involved to be equally connected in handling each claim from the start till the closure of the claim with a full reimbursement. Any glitches at any point for a claim processing stem may put the entire effort and time spent on the claim at other scopes of services can get affected. Therefore it is critical that the staffs involved realize the requirement and worked inter-connectedly to reduce the chances of denials at all levels.
Regular Audits To Analyze And Curb Denial Root Cause
Claims denials may seem inevitable, however, it can be controlled to a greater extend by having some checkpoints at each level. Internal audits can help analyze the reason for repeated errors in claim processing and work towards fixing them up. There can be various reasons why a claim is denied, a regular audit will help understand and notify the related team or staff to educate and eliminate the chances of repetition. Reducing denials can be the first step towards improved revenue.
Monthly Reporting To Project Paid vs Claim Percentage
As a business entity it is crucial that you have an effective reporting system to monitor your growth trends, loopholes, Percentage of worked vs paid and denied claims. Revenue Cycle Management does not only mean medical billing and claims submission, it gets further to the financial status of the business set up. Having a close look at your monthly report should fetch you the current status of your payment received and outstanding. So you can focus your directions towards catching up with the missed revenue.
Having An Experienced Billing Partner
Experience and expertise in handling each scope of Revenue Cycle Management plays important role in fetching expected results for your billing company. However, finding and retaining experienced staff may seem to be challenging at times. However, with a Medical Billing Outsourcing Company handling your revenue cycle management you do not need to stress yourself on those areas. Recent researches have confirmed offshore outsourcing to be the best choice for a Medical Billing Company in the US to stay afloat during this ongoing critical situation.
About e-care
e-care is one of the leading Medical Billing Companies providing complete Revenue Cycle Management Services for more than 2 decades. With more than 100+ clients across various states in the US and being a multi-specialty billing company, e-care can provide dedicated and focused billing services to all our clients. To know more about our ASC billing expertise log on to www.ecareindia.com