Across the world, many healthcare providers are using Revenue Cycle Management to improve their medical billing process. Doctors, physicians, and other healthcare providers are looking at ways to improve their payment delivery time using the RCM methods. Revenue Cycle Management consists of a complex set of the process starting from the first point of contact with the payment that is when the patient schedules an appointment to the time of payment. Front end office tasks like scheduling an appointment and checking insurance and eligibility of the patient, to clinical care tasks to back-end tasks like claim submission, receiving payment, and managing denied claims are all integral parts of the Revenue Cycle Management in healthcare. The extent to which these steps are properly and effectively managed determines how quickly you receive the medical payment on time.
Medical insurance is a complex process that can hamper the process of getting paid from the patients and providers on time. If the medical provider is unable to create a system that carries out the medical billing process smoothly it can lead to untimely and late payments. Fortunately, there are measures that you can take to strengthen your Revenue Cycle Management Services process and speed up the payment process by reducing the portion in your accounts receivable.
Develop a Standard Operating Procedure
By developing and maintaining an efficient standard operating procedure can help manage the claim and ensure that they are submitted within one to two days. By following a standard operating procedure the turnover time for the claim could be shortened which in turn can speed up the payment process. Maintaining a standard operation procedure also means that the claims are checked for any human error to ensure that claims are accurate and free of error which can lead to healthy cash flow for the medical providers.
Ensure a smooth workflow
A smooth workflow is essential to ensure that your Revenue Cycle Workflow is running effectively. Your workflow is a chain of steps you perform to ensure the medical billing process runs smoothly. The workflow consists of all activities from the front desk processes like documenting the claims properly, confirming co-payment and checking insurance, to all the back end processes like ensuring timely submission and collection of payments. The fact that the whole workflow cycle (RCM) operates in a sequential manner, where one process affects the next process, a small mistake in any of the steps can unbalance the whole workflow and ruin the effectiveness. This, in turn, can affect the speed of getting payments as well.
Therefore, it is important to form a cohesive revenue workflow by improving the efficiency of the front and back-office processes in medical billing. This enhances the revenue cycle management by creating effective communication and maintaining effective oversight of the billing activities.
Use of Advanced Technology
For an organization to stay relevant and ahead of others in the competition, it is important to incorporate modern technology in their health care operations. Many medical practitioners have successfully incorporated technology into their healthcare process. However, very few of them know how technology can enhance financial performance in healthcare.
Many processes in the revenue cycle management are quite conventional and monotonous. Technology can be used to speed up processes in RCM that take up a significant amount of time by automating the process. Front end processes like scheduling appointments can be time-consuming but by using technology patients can be allowed to schedule their own time suing automated online portals. Similarly, by incorporating certain software in the revenue cycle management you can speed up the claim submission process. Technology can play a huge role in bring effectiveness in the RCM. By smart use of technology, you can ensure that the payments are being collected on time.
Recruiting Skilled Staff
Another factor that should be taken into account is to have well-skilled and experienced staff to carry out the billing process. How skilled your staff is indirectly determined how effective your revenue practices are going to be. Your billing team is an important stakeholder and you must be recruiting certified and professional billers and coders and also providing periodic training to your staff. A trained team will ensure maximum revue generation and also help avoid an audit.
Praising your staff and rewarding them will help increase staff loyalty and instill a sense of confidence in them. This can lead your staff to be more empowered to take on rough situations without panicking and lead to fewer errors in the billing process and speed up the whole workflow which means you can get your medical payment on time.
Additionally, experienced staff will have the expertise to use advanced techniques and a shortcut to ensure there are no hurdles in any process. An experienced staff that has an eye for details will be able to detect errors in the billing process. By finding the source of such errors the provider can increase the efficiency of the medical billing system. The less the errors, the fast the revenue-generating process which means the faster you get paid.
Revenue Cycle Management is a great process to ensure timely payments of medical bills if utilized effectively. The way you carry out your RCM practices indicates how financially healthy you are. So, now it’s time to follow the above-given measures if you weren’t already to effectively deal with collecting payments from patients and get paid on time.