With good revenue cycle management, a medical practice can make sure it is focused on the right priorities. When patients receive services from the practice, revenue management ensures that the practice gets paid appropriately. Without good management, the practice might not be able to keep providing services to patients that they might otherwise not receive. But the focus isn't just on bringing in payments; it's also about getting the payments quickly. Using the three steps outline here can make this happen quickly and efficiently.
The primary step in revenue cycle management is gathering information. Office managers often consider taking the time to get insurance information while on the phone is not a good utilization of resources. But the reality is that getting insurance information ahead of the appointment saves time and actually results in quicker revenue. This permits the office to verify the information before the patient even arrives. Without this work ahead of time, the office can slow considerably as the information has to be verified while the patient waits. Clearly, the primary focus should be on collecting all of the information from the client ahead of time.
The next thing to do is have office staffs verify that the information is correct and that the patient is covered. Many times claims are denied solely due to the fact that the insurance doesn't provide coverage for the provided treatments. When almost two thirds of first pass denials are only based on lack of coverage, this is a staggering thing to think about. When a little work ahead of time will keep patients from receiving unauthorized treatments, it will significantly improve the revenue for the practice.
The third step is to invest in web based electronic medical records software. A little investment in this type of program can ensure that data collected is stored safely and securely. An extra benefit is that at any time all medical records can be pulled up as well as contact and insurance information on any patient. This can ensure that should a claim be denied it can immediately be re-submitted for payment with the appropriate information.
All parties in a medical practice benefit when the practice uses good methodologies to ensure payments are timely and accurate. The greatest benefits go to the patients who no longer have to worry about whether the insurance will pay. The other benefit goes to the business that gets payments for the services and can keep operating. And it all comes down to following the three steps outlined here that result in payments and fewer insurance problems.
The primary step in revenue cycle management is gathering information. Office managers often consider taking the time to get insurance information while on the phone is not a good utilization of resources. But the reality is that getting insurance information ahead of the appointment saves time and actually results in quicker revenue. This permits the office to verify the information before the patient even arrives. Without this work ahead of time, the office can slow considerably as the information has to be verified while the patient waits. Clearly, the primary focus should be on collecting all of the information from the client ahead of time.
The next thing to do is have office staffs verify that the information is correct and that the patient is covered. Many times claims are denied solely due to the fact that the insurance doesn't provide coverage for the provided treatments. When almost two thirds of first pass denials are only based on lack of coverage, this is a staggering thing to think about. When a little work ahead of time will keep patients from receiving unauthorized treatments, it will significantly improve the revenue for the practice.
The third step is to invest in web based electronic medical records software. A little investment in this type of program can ensure that data collected is stored safely and securely. An extra benefit is that at any time all medical records can be pulled up as well as contact and insurance information on any patient. This can ensure that should a claim be denied it can immediately be re-submitted for payment with the appropriate information.
All parties in a medical practice benefit when the practice uses good methodologies to ensure payments are timely and accurate. The greatest benefits go to the patients who no longer have to worry about whether the insurance will pay. The other benefit goes to the business that gets payments for the services and can keep operating. And it all comes down to following the three steps outlined here that result in payments and fewer insurance problems.
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