Please Call for a Free Consult: 714.648.0977
January 2019
S M T W T F S
« Dec 2018
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31

Archives

Category

Tags

Posts from 2019-01-05

Revenue Cycle Management: Everything You Need to Know

Revenue Cycle Management: Everything You Need to Know

What is revenue cycle management exactly? Read on to learn everything important you need to know about revenue cycle management.

Keyword(s): revenue cycle management

In every branch of the healthcare industry, administrative costs are quickly rising. If you haven't put in place a solid revenue cycle management process, you're going to struggle to keep the lights on. Understanding the process will require making a few mistakes but will help you to keep money flowing into your practice.

Here's everything you need to know about the process.

Understanding Revenue Cycle Management

Revenue cycle management in the healthcare field is an important process to keeping your business running. If you don't manage your revenue carefully, you can quickly spend beyond your means and run into problems. If you overspend beyond your bills or beyond your payroll, you can run into trouble generating revenue, breaking down your cycle.

As your business manages claims, processes payments, and works to generate revenue, each part of this process requires adequate attention. With software the help manages your practice or at least handle your billing, you can keep track of the comings and goings at your office.

In a broad range, the healthcare revenue cycle will manage elements like your patients' eligibility for insurance and collecting their co-pay. Every claim needs to be coded correctly and claims need to be tracked accurately. When you collect claims and follow up on the ones that are denied, you can ensure that you're accurately juggling your revenue.

Every element of the collection process helps contribute to the revenue that you can use to provide more services. This, in turn, will require more collection efforts and the cycle will continue.

Training is a Hurdle

In the revenue cycle, you need to ensure that you have adequate staff. If you run a small practice, you may struggle to keep on top of your patient billing. If you don't bill people on time, you can't expect to get paid on time.

If your staff hasn't been trained properly, you'll find that could be a hurdle to optimizing your revenue. The money that flows in and out of your practice is much like a supply chain in that if one person fails to do their job, the rest of the chain could suffer failure.

If your staff isn't properly trained to look for errors in their claims or to understand the depth of medical coding, that could lead to poor data entry. When patient information is entered wrong, the bill for the patient may never arrive. You could end up with some costly mistakes if you don't carefully manage your supply chain or let your employees know why their mistakes matter.

Communication is Important

Communication can make or break any business. In the context of a revenue cycle, you need your staff to be communicating clearly even on the busiest of days in your office. When everyone knows their role and how they rely on one another, they can help the revenue cycle roll on.

Your office managers and physicians need to be in regular communication. They need to feel comfortable talking to one another about financial reports and what's going on in your office.

When everyone in your office understands the important details about collections, revenue, and how their actions matter, they'll help lead you to success. If your basic accounts receivables data isn't in on time, you could be lagging behind on payments and your whole workflow could be upended.

Communication requires a strong workflow. You need your intake to check for your patient eligibility and the copay situation before your patient arrives in your office. This will help you work smoothly.

Your staff needs to be able to follow up on your claims quickly and promptly. If you don't have a workflow established, you could end up dropping tasks or ending up with delays. The more errors that your office incurs, the more money you could be losing.

Finding The Right Solution

When you're searching for revenue cycle management solutions, you're going to have to look at the nitty gritty details of what your solutions can offer. The results that you're searching for should be one that relies on efficiency.

In order to become financially efficient, you need tools that will help you to optimize your revenue cycle. Every tool that you use should be putting you one step closer to increasing revenue for your office.

Billing is a headache for every medical office under the sun. There are a lot of pitfalls in the healthcare industry and a lot of mistakes that can be made.

When you're managing employees and trying to find a tool, you need one that's easy to use and doesn't take too long for your office to train on. Without the right processes in place, you could be losing some revenue from your office. However, don't let that drive you to put things off and wait too long to solve your billing issues.

Expect a learning curve when it comes to managing your revenue cycle, but find be sure you find a company who offers great customer service. They'll be able to guide you through any difficulty you have in using their tools.

Revenue Cycle Management Requires Buy-In

In order to achieve the revenue cycle management that you need in your office, you need everyone to buy in at the same time. You need to have a steady management process where you work together to get over problems.

IF you're considering outsourcing your medical billing, follow our guide to ensure that you choose the right company and everyone runs smoothly.